Property Description:
Great cash-flow in high demand neighborhood centered between Macalester College, St. Thomas and St. Kate's. True duplex with 2 car garage & 2 car pad works well for owner occupancy or 6 - 8 students. Unique layout allows for optional extra bedrooms and exceptional rent. Building has great rental history with respectful tenants looking for a quiet residence and is adjacent to owner occupied homes. Strict no party policy for past 15 years. Building rents quickly and easily with yard signage and online postings.
Quiet block with short walk to Widmers Grocery, Groveland Tap, Coffee shops, Movie theater, Groveland rec center & ice rink, River walk, Nativity school, college campuses and more.
First and second floors have some hdwd floors, 2BRs, large LR with fireplace, formal DRs with built in corner hutches that offer optional 3rd BRs. Upper unit has fully equipped galley kitchen with 3rd floor additional bath, bedroom & office spaces. New roof 2014. Separate utilities, boilers, hot water heaters. Registered student housing in City of St. Paul. June 2016 inspection & certificate of occupancy good for 6 years provides a turn key property.
Currently occupied through May 2017 with $41,000 gross annual income (monthly rents 1400/2020). 2017 expected increase to $45,300 gross income to meet current market (2017 est monthly rents 1575/2200). Tenants pay their own gas/elec. Owner pays water/trash/lawn care only.
Property has exterior stucco issue that is cosmetic in nature and thus priced accordingly. Underlying stucco in sound condition. A previous owner improperly redashed the stucco with a cosmetic layer that did not adhere properly, primarily on front and rear faces of the duplex. Current owner of 15 years has chosen to enjoy the property as is, for both owner occupancy and investment use, with no impediment to rental income. Contractor bid from Angies list with A+ rating has bid repair of stucco to be approximately 7k for the front face, OR 13k for both the front and rear faces, inclusive of estimated sandblasting cost.
For more information or a property viewing please call Linda Alter with ReMax Results at 651-248-6060