144-164 Balcerzak Drive Mankato, MN

Overview

Description

Rare student housing opportunity. Its close proximity to MSU make this property a long term play for your portfolio. It consists of 5 duplexes with 5 bedrooms in each unit for a total of 50 bedrooms. In addition there is a single family home on its own parcel next to the duplexes. It has 2 bedrooms and is licensed for two unrelated tenants. The house has a full basement that was constructed in the year 2001 when the house was moved to this lot. The duplexes were also built in 2001 by Schauer Construction, a quality local builder. The units have 5 bedrooms and 2 bathrooms on two levels giving the tenants more space and separation. There is one parking stall for each tenant and they can park right in front of their unit eliminating long walks to their cars. The units were designed to eliminate interior common hallways and other interior common areas that normally cause a Landlord headaches and maintenance. The siding is maintenance free vinyl. The projected gross revenue for year 1 is $277, 800 based on signed leases starting August 1st, 2022 with the NOI $169, 000 based on an expense ratio of 35%. The current owner has done a lot of updating to the property that was needed to make this a turn key investment.