UPDATED:
Key Details
Property Type Commercial
Sub Type Low Rise
Listing Status Active
Purchase Type For Sale
Subdivision East Rochester Add-Part Torrens
MLS Listing ID 6692410
Year Built 1961
Annual Tax Amount $7,880
Tax Year 2024
Contingent None
Lot Size 8,276 Sqft
Acres 0.19
Lot Dimensions 8111
Property Sub-Type Low Rise
Property Description
Located just one block from the Government Center and a short 5-minute walk to the Mayo Clinic, this property is ideally situated near schools, parks, and all the amenities downtown Rochester has to offer. The prime location ensures consistently high occupancy and strong tenant demand.
Many tenants have called this property home for 5+ years, with a couple of residents staying for over two decades, showcasing the stability and desirability of this asset.
This is a fantastic opportunity for investors looking to enhance income with minimal effort—simply installing RUBS (Ratio Utility Billing System) and completing modest updates could significantly increase revenue. Alternatively, continue operating as-is and enjoy steady, predictable returns from a well-performing asset. An added dog run in the back yard and/or furnished housing could be a couple of potential ways to increase revenue. This property recently passed the city rental license, so no repairs for a couple of years from the city.
Whether you're making your first investment or expanding a seasoned portfolio, this property offers location, long-term tenancy, and upside potential. Both buildings have a new roof in 2024. Zoned R3 and across the street from CDC zoning - central development core.
Location
State MN
County Olmsted
Zoning Residential-Multi-Family
Interior
Heating Boiler
Cooling Wall Unit(s)
Inclusions Rental License
Fireplace No
Appliance Range, Refrigerator
Exterior
Parking Features Asphalt, Parking Lot
Utilities Available Electric Separate, Heating Separate, Hot Water Common
Roof Type Age 8 Years or Less
Present Use Residential
Building
Foundation 3054
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone,Metal Siding
Schools
School District Rochester