905 E 5th Street, Blue Earth, MN 56013

Property Description

The Oaks Apartments are located in an "Opportunity Zone." The Oaks offers a 9.1 Cap Rate, a 5.4 GRM, 10% Cash on Cash 1st year with a 1.25 DSCR loan at a 51% operating expense ratio. There are eleven units with a mix of two studio, three one bedroom, five two bedroom, and one three bedroom apartments. The units are well maintained with all repair and maintenance issues addressed promptly and professionally. The Oaks Apartments offers a low vacancy and turn over rate. There are a few legacy tenants. There is plenty of parking for residents and guests. The coin operated washer and dryer on site are owned by the seller and included in the sale. Low maintenance vinyl and stone exterior with a metal roof. The Oaks runs like a well oiled machine! The Oaks Apartments was formerly the Beacon Motel. It was repourposed in the early 2000's. It has a metal roof and vinyl siding. Each unit pays their own natural gas and electric billing with individual metering. Each unit has an electric breaker panel and dedicated furnace. Ten of the units have central air. The owner pays water/sewer, water softener rental and salt delivery, garbage, common gas and electric. There is one set of coin operated washer and dryer. They are owned by the seller and included with the sale. The laundry room is set up for two washing machines and two dryers. The owner pays for hot water. There are two water heaters. One is gas and one is electric.