2009 Commerce BLVD Active Save Request In-Person Tour Request Virtual Tour
Mound,MN 55364
Key Details
Property Type Condo, Commercial
Sub Type Apartment,Low Rise,Other
Listing Status Active
Purchase Type For Sale
Subdivision Mound Shores
MLS Listing ID 6627694
Year Built 1963
Annual Tax Amount $28,383
Tax Year 2024
Lot Size 0.570 Acres
Property Description
VALUE-ADD! 23-unit apartment property in growing western suburb of Lake Minnetonka. Charming side-by-side buildings with new pitched roofs, gutters, AC-Smith water heaters, and common area lights. New boilers in 2018, hot water baseboards individually controlled via in-unit thermostats. We just began rolling out RUBS, where tenants are responsible for heat, water/sewer, and trash use, 4 units so far and plan was to continue to 100% implementation as units turn. Separate electric with in-unit breakers paid directly by tenants.
2009 Commerce has 12 units and was built in 1963. 2017 Commerce has 11 units and was built in 1970. Eight studios with current average rent $818 (proforma $995), 15 one bedroom units with current average rent $905 (proforma $1,125). Many long-term residents. 11 units have been updated. Significant upside remaining; current ownership must sell as part of a 1031. Price and surety of close important. Neighboring properties provide potential for future development. Demand vs supply and demographics very strong.
Nearby Mound Westonka ranks #12 in MN. Main intersection of Commerce and Shoreline Drive including Jubilee (grocery), Walgreens, Carbone's Pizzeria Bar and Grille, Anytime Fitness, True Value Hardware, expanding park and plaza with connecting Dakota Rail Trail, public parking ramp and transit center, Ice Arena... and more, less than 0.5 miles away. Great opportunity!
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Rooms
Family Room Other
Interior
Heating Baseboard,Boiler,Hot Water,Radiant,Zoned
Cooling Window Unit(s)
Inclusions Building,Land,Leases
Exterior
Garage Guest Parking,Parking Lot,Paved,Unassigned,Open
Utilities Available Electric Separate,Heating Common,Hot Water Common
Roof Type Age 8 Years or Less,Asphalt,Pitched
Building
Lot Description Public Transit (w/in 6 blks),Infill Lot,Tree Coverage - Light,Underground Utilities
Story Two
Foundation 8000
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone
Schools
School District Westonka