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2 Sample Finishes5 Property Overview6 Site7 Site Plans8 Floor Plans9 Aerial Photo
11 Rent Roll
13 Area Maps15 Contact
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We are pleased to announce the offering of a newly remodeled two unit condo in a beautiful Lake Minnetonka neighborhood! This property will be delivered at full occupancy for a true turnkey investment.
This luxury two unit condominium offers flexibility as a rental or future sale as individual properties. With a built-in increase in NOI and adjacent custom villa development, this property provides added value in the near term! Both units are finished with high quality materials, private laundry rooms, open floor plans and a modern updated kitchen. They are equipped with separate meters for water,gas and electricity and have new high efficiency mechanicals. Droughttolerant landscaping, energy efficient appliances and fixtures presentthe buyer with a low maintenance, environmentally friendly property.
The real estate is situated in a prime central Lake Minnetonka neighborhood within walking distance to Navarre providing shopping,grocery, entertainment, and dining, as well as a private beach. Beingone of only two multifamily properties in the neighborhood, tenantsare able to enjoy a true "ownership" type experience.
New construction multi unit projects such as this are a great find and, when available, lease at higher rates than competing older properties. Condominium and town home sales in the area have skyrocketted in recent years as baby boomers downsize and look for a maintenance free place to enjoy the best of Minnesota summers.
Don’t hesitate to contact us with any questions or to submit an offer!
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SUMMARIZED PRICING METRICS BUILDING DESCRIPTION PROPOSED FINANCINGPRICE: $815,000 NO. OF UNITS
2016
LOAN AMOUNT $652,000DOWN (20%): $163,000 YR. BUILT 1974 INTEREST RATE 4%GRM: 13.7 YR. RENOVATED MONTHLY PAYMENT $3,11CAP RATE: 6% ZONING LR-1B LTV 80%$/UNIT: $407,500 LOT SIZE (SQ FT) 20,276 AMORTIZATION (YEARS) 30$/SF: $252.32 GROSS SF 3,230 DSCR 1.33
ANNUALIZED OPERATING DATA ANNUALIZED EXPENSES
$6,174.44$1,286
3%
$1,220$1,500
GROSS SCHEDULED RENTAL INCOME LESS: VACANCYEFFECTIVE GROSS INCOME LESS: EXPENSES MISCELLANEOUS INCOMENET OPERATING INCOME
$61,764
-$1,852.92$59,911.08$10,180.44
$0$49,730.64
FIXED EXPENSESREAL ESTATE TAXES INSURANCE
CONTROLLABLE EXPENSESLAWN/SNOW REPAIRS & MAINTENANCE $750/UNIT
TOTAL EXPENSESDEBT SERVICEPRE-TAX CASH FLOW
-$37,356 $12,374.64 $11,481.96
EXPENSES/UNIT EXPENSES/SQ FT
$10,180.44$5,090.22
$3.15% OF EGI 17%
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PRINCIPAL REDUCTION TOTAL RETURN
BUILT-IN RETURN (YR 3)(Unit 2 Rent Escalation 4%/ YR)(Unit 1 at current market rate $2550)
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14.6% $23,056.60
17% $26,939.76
7.6%
UNIT # STATUS UNIT TYPE UNIT SIZEPRICE / SQ FT GROSS INCOME
# FLOORS / UNIT PARKING LAUNDRY
1,615 $1.58 $2,550 2 1 GAR/ 2 UNCOVERED PRIVATE1,615 $1.61 $2,597 2 PRIVATE
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2 LEASED 6B/3.5B 3,230 $1.60 $5,147 2 2 GAR/ 4 UNCOVERED 2 PRIVATE ROOM
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1 GAR/ 2 UNCOVEREDLEASED 3B/1.75BLEASED 3B/1.75B2
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NoHo Area Map
Area Attractions
Lord Fletchers Dairy QueenCoVLuce Line Trail Maynards
Big Island
Noerenberg Gardens
Subject Property
Lunds
Caribou Coffee
The Narrows
Culvers
Navarre Liquors
5650 N Fulcher Ave
5650 Fulcher Ave
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2 . 7 % C o o p e r a t i n g B r o k e r C o m p e n s a t i o nT h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s n o t a s u b s t i t u t e f o r a t h o r o u g h i n d e p e n d e n t d u e d i l i g e n c e i n v e s t i g a t i o n . O w n e r / D e v e l o p e r /A g e n t a r e n o t q u a l i f i e d t o d i s c u s s o r a d v i s e o n l e g a l , a c c o u n t i n g , o r o t h e rm a t t e r s o u t s i d e o f t h o s e p e r m i t t e d b y s t a t el a w. O w n e r / D e v e l o p e r / A g e n t h a v e n o t m a d ea n y i n v e s t i g a t i o n , a n d m a k e s n o w a r r a n t y o rr e p r e s e n t a t i o n , w i t h r e s p e c t t o t h e i n c o m eo r e x p e n s e s f o r t h e s u b j e c t p r o p e r t y , t h ef u t u r e p r o j e c t e d f i n a n c i a l p e r f o r m a n c e o f t h ep r o p e r t y .