$529,000
Red Lake Falls, MN 56750
MLS# 6680842
16 beds | 12 baths
Property Description
This is a great building and is ready to have the last four units finished off! Excellent tenants, great location, solid building and room to add a community center downstairs and keep expanding the patio area out back or upgrade the garages and bring another revenue stream in that way! We have a waiting list and new tenants looking all the time, you just need to finish what we started. The renovated units all have new windows, appliances, floors and bathrooms. We have low turnover (except 2 are mid term furnished rentals and stay consistently booked.) This is one you don't want to miss out on. We will keep working on the last units and update the price once they are finished and rented.
Details
Maps
Contract Information
Status: Active
Current Price: $529,000
Contingency: None
ListPrice: 529000
List Date: 2025-03-06
Owner is an Agent?: Yes
Auction?: No
General Property Information
Lot Measurement: Acres
Management Company Name: Green Isle Rentals LLC
Multiple PIDs?: No
Owner Occupied: No
Year Built: 1910
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Bedrooms: 16
Baths Total: 12
Foundation Size: 2400
Garage Stalls: 2
Management Company Phone: 218-689-3249
Power Company: Ottertail Power
For Sale or Lease: For Sale
Acres: 0.14
Lot Dimensions: 60ft x 150 ft
Location Tax and Other Information
House Number: 101
Street Name: Main
Street Suffix: Avenue
Street Direction Suffix: S
Postal City: Red Lake Falls
County: Red Lake
State: MN
Zip Code: 56750
Complex/Dev/Subdivision: Rlf-C&D Add
Assessments
Tax With Assessments: 3928
Basement
Foundation Dimensions: 30x80
Building Information
Building Finished SqFt: 10000
Ceiling Height: Varied Heights
Income and Expenses
Annual Electric Expense: 11940
Annual Fuel Expense: 2400
Annual Gross Expenses: 35460
Annual Gross Income: 83400
Annual Insurance Expense: 8000
Annual Maintenance Expense: 3500
Annual Net Income: 47940
Annual Repair Expense: 5000
Annual Trash Expense: 420
Annual Water/Sewer Expense: 4200
Total Annual Expenses: 35460
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Garage Dimensions: 20 x30
Garage Square Feet: 600
Sale Options
Sale Includes: Building, Business Assets, Business, Fixture/Equipment
Unit 1
Unit Number: 7 - Furni
Full Baths: 1
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 2
Level: Main Level
Unit Total SqFt: 320
Leased?: Yes
Lease Expiration Date: 2025-08-10
No. of 1 Bedroom Units: 6
Unit 10
Full Baths: 1
Leased?: No
Level: 3rd Level
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 2
Unit Number: 23 - Vaca
Unit Total SqFt: 350
Unit 11
Full Baths: 1
Leased?: No
Level: 2nd Level
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 3
Unit Number: 11 - Remo
Unit Total SqFt: 380
Unit 12
Full Baths: 1
Leased?: No
Level: 2nd Level
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 12 Remode
Unit Total SqFt: 350
Unit 2
No. of 2 Bedroom Units: 5
Full Baths: 1
Lease Expiration Date: 2026-01-31
Leased?: Yes
Level: Main Level
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 2
Unit Number: 4
Unit Total SqFt: 360
Unit 3
Full Baths: 1
Lease Expiration Date: 2025-04-29
Leased?: Yes
Level: Main Level
Total Bathrooms: 1
Total Bedrooms: 2
Total Rooms: 5
Unit Number: 6 - Vault
Unit Total SqFt: 1370
Unit 4
Full Baths: 1
Leased?: No
Level: Main Level
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 5 - VACAN
Unit Total SqFt: 560
Unit 5
Full Baths: 1
Lease Expiration Date: 2026-03-15
Leased?: Yes
Level: 2nd Level
Total Bathrooms: 1
Total Bedrooms: 2
Total Rooms: 4
Unit Number: 14 -
Unit Total SqFt: 520
Unit 6
Lease Expiration Date: 2025-05-06
Leased?: Yes
Level: 2nd Level
Three-Quarter Baths: 1
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 5
Unit Number: 15
Unit Total SqFt: 500
Unit 7
Full Baths: 1
Lease Expiration Date: 2025-05-03
Leased?: Yes
Level: 3rd Level
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 3
Unit Number: 21 - Furn
Unit Total SqFt: 380
Unit 8
Full Baths: 1
Lease Expiration Date: 2026-02-02
Leased?: Yes
Level: 3rd Level
Total Bathrooms: 1
Total Bedrooms: 2
Total Rooms: 5
Unit Number: 22
Unit Total SqFt: 580
Unit 9
Full Baths: 1
Lease Expiration Date: 2025-08-15
Leased?: Yes
Level: 3rd Level
Total Bathrooms: 1
Total Bedrooms: 2
Total Rooms: 5
Unit Number: 24 -
Unit Total SqFt: 720
Unit Details
Total Units: 12
Unit Information
No. of Efficiency Units: 1
Property Features
Accessible: None
Air Conditioning: Wall Unit(s); Window Unit(s)
Amenities Shared: Coin-op Laundry Owned; In-Ground Sprinkler System
Amenities Unit: Unspecified
Appliances: Cooktop; Energy Star Appliances; Freezer; Microwave; Range; Refrigerator
Assumable Loan: Information Coming
Basement: Full; Owner Access; Partially Finished; Storage Space
CMU Style: Apartments/Multi Family; High Rise
Construction Materials: Brick; Concrete; Frame
Construction Status: Previously Owned
Current Use: Commercial
Existing Financing: Conventional
Exterior: Brick/Stone
Flooring: Carpet; Luxury Vinyl Plank; Tile
Foundation: Brick/Mortar
Fuel: Electric; Natural Gas
Green Energy Efficient: Appliances
Heating: Baseboard; Boiler
Internet Options: Cable; Fiber Optic
Loan Terms: Cash; Conventional; Other
Location Description: Downtown; Free Standing
Lot Description: Corner Lot; Property Adjoins Public Land
Miscellaneous Information: Furnished Units
On Site Utilities: Electric Common; Heating Common; Hot Water Common
Owner Pays: All Utilities
Potential Use: Income
Rent Rate per Foot: Per Month
Rental License Type: Airbnb; Standard
Road Frontage: State Road
Road Responsibility: Public Maintained Road
Roof: Age Over 8 Years; Flat; Rubber
Sewer: City Sewer/Connected
Shared Rooms: Community Room
Stories: Three Or More
Tenant Pays: Broadband; Cable TV
Topography: Gently Rolling
Wall Description: Drywall
Water: City Water/Connected
Window Features: Double Pane Windows; ENERGY STAR Qualified Windows; Window Coverings
Listing Office: 123 For Sale Realty
Last Updated: December - 30 - 2025
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.