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Welch Suites 26370 County 7 Blvd

6 Unit Apartment Building $759,999 ($126,667/Unit) 6.45% Cap Rate Welch, MN 55089

Investment Highlights

  • The property is located in the heart of the Village of Welch which has year round activities
  • Very little maintenance required since it was all completely updated
  • Tastefully remodeled top to bottom with 4 units being all brand new everything and having quartz countertops and stainless steel appliances

Executive Summary

The building underwent a $450,000+ transformation. New electrical panels, wiring, light fixture, plumbing, wall covering, LVP flooring, paint, bathroom, siding, windows, concrete, 2 washer and 2 dryers for basement laundry, new well pressure tank, trim, solid core pine doors, new cabinets with quartz countertops, new forced air furnaces with rooftop ac units for each unit, new on demand boiler, and much more. The basement has tons of storage with 2 laundry hook ups to add coin operating machines in separate room, the main basement area is set up for supplies and storage for STRs, the far back part of the basement was set up as a man pad with roughed in 3/4 bathroom and kitchen with all electrical and plumbing ran. This is a must see to realize the potential and opportunities this property holds. The location couldn't be better for its versatile use. Only available due to other ventures being pursued by owners. Property is listed on Airbnb and has current bookings. Building can be viewed at welchsuites.com
Whether you're adding to or just starting your real estate portfolio this a versatile addition. The building has 3 long term rental units upstairs and 3 fully furnished short term rental units on the main level. The STR units have been approved by the township and the county and have brought many people to stay and enjoy all Welch has to offer. The skiing, hiking, biking, tubing, canoeing/kayaking, hunting, snowmobiling, trail riding and sight seeing. Very close proximity to Welch Mill Tubing, Cannon Valley Trial and Welch Village Ski Area. In addition to STR they also make great mid term rentals for seasonal workers and can be rented long term. The building underwent a complete transformation in 2021 full of updates on 5 of the 6 units. Units 1,2,3,6 all have been completely updated with new flooring, forced air hvac, kitchen cabinets with quartz countertops, stainless steel appliances, bathroom, plumbing, electrical, trim and solid core doors. Each unit has fiber internet.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $759,999
Price Per Unit $126,667
Sale Type Investment
Cap Rate 6.45%
No. Units 6
Property Type Multifamily
Property Subtype Apartment
Building Class B
Lot Size 0.17 AC
Building Size 6,000 SF
Average Occupancy 75%
No. Stories 2
Year Built/Renovated 1890/2022
Parking Ratio 0.67/1,000 SF

Amenities

  • Ventilation - Venting
  • Smoke Detector

Unit Amenities

  • Air Conditioning
  • Dishwasher
  • Microwave
  • Heating
  • High Speed Internet Access
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Tub/Shower
  • Wi-Fi
  • Island Kitchen
  • Loft Layout
  • Smoke Free

Site Amenities

  • Picnic Area
  • Waterfront
  • Walking/Biking Trails
  • Fiber Optic Internet

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+2 1 $2,500 654
2+1 2 $1,075 654 - 1,024
1+1 3 $1,500 480 - 626

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
46.028.1500
Land Assessment
$25,000 (2024)
Improvements Assessment
$366,200 (2024)
Total Assessment
$391,200 (2024)
  • Listing ID: 31736817

  • Date on Market: 5/8/2024

  • Last Updated:

  • Address: 26370 County 7 Blvd, Welch, MN 55089

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