$2,500,000
MLS# 7037372
16 beds | 16 baths | 1442 sqft
1 / 22
Property Description
55+ 1-Level rental community built in 2020. Hard to find investment opportunity. Community consists of 4 twin homes (8 units). Each unit has a separate PID to provide for residential v.s commercial property tax rate and ease of forming association if owner wanted to sell units individually. Units boast a great floorplan and are well appointed. Very stable and loyal tenant base that have been taking great care of their respective units. Conveniently located on a quiet cul-de-sac and close to local shopping and the Hwy 101/169 corridor.
Details
Contract Information
Owner is an Agent?: Yes
Auction?: No
Status: Active
Current Price: $2,500,000
Contingency: None
ListPrice: 2500000
List Date: 2026-03-16
Office/Member Info
Association: SPAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 16
Owner Occupied: No
Waterfront YN: No
Year Built: 2020
Yearly/Seasonal: Yearly
Zoning: Residential-Single Family
Lot Dimensions: 211x302x391x339
Acres: 1.78
Foundation Size: 1442
Garage Stalls: 2
For Sale or Lease: For Sale
Assessment Pending: No
Bedrooms: 16
Baths Total: 16
Location, Tax and Other Information
Legal Description: LOT 1-9, BLK 1, Mulvaney Point Twin Homes
Listing City: Elk River
Map Page: 34
Municipality: Elk River
School District: Elk River
School District Phone: 763-241-3400
Zip Plus 4: 2088
Property ID Number: 75009040105
Tax Year: 2026
Tax Amount: 30528
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: 55+ 1-Level rental community built in 2020. Hard to find investment opportunity. Community consists of 4 twin homes (8 units). Each unit has a separate PID to provide for residential v.s commercial property tax rate and ease of forming association if owner wanted to sell units individually. Units boast a great floorplan and are well appointed. Very stable and loyal tenant base that have been taking great care of their respective units. Conveniently located on a quiet cul-de-sac and close to local shopping and the Hwy 101/169 corridor.
Directions: Hwy 169 to East on Main St (Cty Rd 12). Left on Line Ave. Right on 183rd Circle to cul-de-sac.
Accessible
No Stairs External: 1
No Stairs Internal: 1
Additional Parcels Information
Property ID #2: 75009040110
Property ID #3: 75009040115,75009040120,75009040125,75009040130,75009040135,75009040145,75009040140
Air Conditioning
Central Air: 1
Amenities Unit
Ceiling Fan(s): 1
In-Ground Sprinkler: 1
Kitchen Center Island: 1
Main Floor Primary Bedroom: 1
Paneled Doors: 1
Patio: 1
Primary Bedroom Walk-In Closet: 1
Washer/Dryer Hookup: 1
Other: 1
Appliances
Air-To-Air Exchanger: 1
Dishwasher: 1
Disposal: 1
Dryer: 1
Microwave: 1
Range: 1
Refrigerator: 1
Washer: 1
Assessments
Assessment Balance: 0
Assessment Installment: 0
Tax With Assessments: 30528
Basement
None: 1
Building Information
Building Finished SqFt: 1442
Building SqFt: 1442
Ceiling Height: 8-10
Construction Status
Previously Owned: 1
Exterior
Brick/Stone: 1
Metal: 1
Vinyl: 1
Flooring
Carpet: 1
Luxury Vinyl Plank: 1
Foundation
Slab: 1
Fuel
Natural Gas: 1
Heating
Forced Air: 1
Lease Details
Land Leased: Not Applicable
Lot Description
Tree Coverage - Medium: 1
Miscellaneous Information
Homestead: No
Owner Pays
Common Area Maintenance: 1
Grounds Care: 1
HVAC Maintenance: 1
Insurance: 1
Lawn: 1
Maintenance/Repair: 1
Repairs: 1
Roof Maintenance: 1
Snow Removal: 1
Taxes: 1
Ownership
Fractional Ownership: No
Parking Characteristics
Garage Door Height: 7
Garage Door Width: 16
Garage Square Feet: 450
Insulated Garage: 1
Paved Lot: 1
Patio, Porch and Deck Features
Covered: 1
Patio: 1
Pool Description
None: 1
Public Survey Info
Range#: 26
Section#: 35
Township#: 33
Rental License Type
Standard: 1
Road Frontage
City Street: 1
Cul De Sac: 1
Paved Streets: 1
Road Responsibility
Public Maintained Road: 1
Roof
Age 8 Years or Less: 1
Asphalt Shingles: 1
Pitched: 1
Sale Options
Sale Includes: Building, Land, Rental License
Sewer
City Sewer/Connected: 1
Stories
One: 1
Topography
Level: 1
Unit 1
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Unit Number: 11024
Monthly Rent: 2195
Full Baths: 1
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
Unit Details
Total Units: 8
Wall Description
Drywall: 1
Water
City Water/Connected: 1
Income and Expenses
Annual Gross Expenses: 53000
Annual Gross Income: 210720
Annual Insurance Expense: 9530
Annual Maintenance Expense: 7000
Annual Net Income: 157720
Annual Water/Sewer Expense: 1500
Total Annual Expenses: 53000
No. of Ranges
Six or More: 1
No. of Refrigerators
Six or More: 1
Tenant Pays
All Utilities: 1
Unit 2
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
No. of 2 Bedroom Units: 8
Unit Number: 11026
Full Baths: 1
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
Unit 3
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Unit Number: 11028
Full Baths: 1
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
Unit 4
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Unit Number: 11030
Full Baths: 1
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
Unit 5
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Unit Number: 11032
Full Baths: 1
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
Unit 6
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Unit Number: 11034
Full Baths: 1
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
Unit 7
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Unit Number: 11036
Full Baths: 1
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Total SqFt: 1442
On Site Utilities
Electric Separate: 1
Heating Separate: 1
Hot Water Separate: 1
CMU Style
Apartments/Multi Family: 1
Duplex Side by Side: 1
Low Rise: 1
Current Use
Residential: 1
Loan Terms
Cash: 1
Conventional: 1
Overhead Door Clearance
0-9 Feet: 1
Potential Use
Income: 1
Rent Rate per Foot
Gross: 1
Unit 8
Full Baths: 1
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: 1
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11038
Unit Total SqFt: 1442
Location Tax and Other Information
Postal City: Elk River
County: Sherburne
State: MN
Zip Code: 55330
Complex/Dev/Subdivision: Mulvaney Point Twin Homes
Property Features
Accessible: No Stairs External; No Stairs Internal
Air Conditioning: Central Air
Amenities Unit: Ceiling Fan(s); In-Ground Sprinkler; Kitchen Center Island; Main Floor Primary Bedroom; Paneled Doors; Patio; Primary Bedroom Walk-In Closet; Washer/Dryer Hookup; Other
Appliances: Air-To-Air Exchanger; Dishwasher; Disposal; Dryer; Microwave; Range; Refrigerator; Washer
Basement: None
CMU Style: Apartments/Multi Family; Duplex Side by Side; Low Rise
Construction Status: Previously Owned
Current Use: Residential
Exterior: Brick/Stone; Metal; Vinyl
Flooring: Carpet; Luxury Vinyl Plank
Foundation: Slab
Fuel: Natural Gas
Heating: Forced Air
Loan Terms: Cash; Conventional
Lot Description: Tree Coverage - Medium
On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate
Overhead Door Clearance: 0-9 Feet
Owner Pays: Common Area Maintenance; Grounds Care; HVAC Maintenance; Insurance; Lawn; Lawn; Maintenance/Repair; Repairs; Roof Maintenance; Snow Removal; Taxes
Parking Characteristics: Insulated Garage; Paved Lot
Pool Description: None
Potential Use: Income
Rent Rate per Foot: Gross
Rental License Type: Standard
Road Frontage: City Street; Cul De Sac; Paved Streets
Road Responsibility: Public Maintained Road
Roof: Age 8 Years or Less; Asphalt Shingles; Pitched
Sewer: City Sewer/Connected
Stories: One
Tenant Pays: All Utilities
Topography: Level
Wall Description: Drywall
Water: City Water/Connected
Listing Office: Acuity Group
Last Updated: May - 27 - 2026
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.