UPDATED:
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,550 sqft
Price per Sqft $108
Subdivision Ottman Sub
MLS Listing ID 6693134
Year Built 1920
Annual Tax Amount $4,250
Tax Year 2024
Contingent None
Lot Size 0.410 Acres
Acres 0.41
Lot Dimensions 540
Property Sub-Type Triplex
Property Description
Current rents are below market, with Unit A vacant, Unit B renting at $850/month, and Unit C at $750/month. Market rent projections show strong upside, with potential to achieve $1,900 for Unit A, $950 for Unit B, and $850 for Unit C.
Each unit is separately metered for gas and electric, and tenants are responsible for their own utilities, including internet. The owner currently covers water, sewer, and trash. Shared laundry is available in the basement, and there is a separate meter for both the mechanical room and laundry area. The property features a dual heating setup with both a boiler system and furnace as well as updated vinyl windows and metal siding and a new roof in 2017.
Recent updates include a new water heater within the past five years. The property has also recently been connected to city sewer and water—an essential infrastructure upgrade that supports continued growth in Oronoco.
This is a great opportunity for an owner-occupant to live in one unit while generating income from the others. It also makes for a smart first investment or a strong addition to an existing rental portfolio. With solid bones, recent improvements, and significant rent growth potential, this triplex offers excellent value-add potential. Implementation of a RUBS (Ratio Utility Billing System) could further optimize returns. Don't miss your chance to invest in a cash-flowing asset in a rapidly developing area.
Location
State MN
County Olmsted
Zoning Residential-Multi-Family
Rooms
Basement Full, Sump Pump
Interior
Heating Boiler, Forced Air
Fireplace No
Exterior
Parking Features Gravel, Parking Lot
Roof Type Architectural Shingle
Building
Story More Than 2 Stories
Foundation 1075
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories More Than 2 Stories
Structure Type Metal Siding
New Construction false
Schools
Elementary Schools Overland
Middle Schools Dakota
High Schools Century
School District Rochester
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Ingrid Friel
Residential Realtor | License ID: 40213017
Residential Realtor License ID: 40213017