Welch Suites | 26370 County 7 Blvd
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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.
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 | Building Class | B |
Price Per Unit | $126,667 | Lot Size | 0.17 AC |
Sale Type | Investment | Building Size | 6,000 SF |
Cap Rate | 6.45% | Average Occupancy | 75% |
No. Units | 6 | No. Stories | 2 |
Property Type | Multifamily | Year Built/Renovated | 1890/2022 |
Property Subtype | Apartment | Parking Ratio | 0.67/1,000 SF |
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 |
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PROPERTY TAXES
Parcel Number | 46.028.1500 | Improvements Assessment | $366,200 (2024) |
Land Assessment | $25,000 (2024) | Total Assessment | $391,200 (2024) |
PROPERTY TAXES
Parcel Number
46.028.1500
Land Assessment
$25,000 (2024)
Improvements Assessment
$366,200 (2024)
Total Assessment
$391,200 (2024)
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Welch Suites | 26370 County 7 Blvd
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