For Sale: Elk River MLS# 6431730
Active Contingent
$1,400,000
Commercial: Other
Built 2022
Elk River schools
MLS# 6431730
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Property Description
6.79% Cap Rate. 2022 built Caribou Cabin with prime Hwy 10 frontage. Triple net lease with 8.5 years remaining of the initial 10-year term. 10% rent increase after year 5. Three additional 5-year options with 10% rent increases after the initial 10-year term.
Listing
Listing Status:
Active Contingent
Contingency:
Other
List Price:
$1,400,000
Property Type:
Commercial
City:
Elk River
County:
Sherburne
Year Built:
2022
State:
MN
Property Style:
Other
Zip Code:
55330
Subdivision Name:
Village Elk River
Exterior
Other Parking Spaces:
19
Air Conditioning:
Central Air
Foundation Size:
605 ft2
Handicap Accessible:
No Stairs Internal
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
Parking Lot
Road Frontage:
- City Street
- Paved Streets
Exterior Material:
- Brick/Stone
- Fiber Cement
- Metal Siding
- Wood Siding
Roof Details:
Metal
Lot & Land
Geolocation:
45.304468, -93.569648
Inclusions:
Building, Land, Leases
Lot Dimensions:
179 x 150 x 141 x 155
Zoning:
Business/Commercial
Lot Description:
Corner Lot
Schools
School District:
728
District Phone:
763-241-3400
Expenses
Annual Gross Expense:
None
Tenant Expenses:
All Utilities, Insurance, Grounds Care, Repairs, Other, Snow Removal, Taxes
Financial & Taxes
Tax Year:
2023
Annual Taxes:
$4,444
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$4,444
Income
Annual Gross Income:
$95,000
Rent
Annual Net Income:
$95,000
Units
Total Units:
1
Miscellaneous
Current Use:
Food Service
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
651-253-2144
Jason & Kim Stone
Branch Manager & Co-Branch Manager
Fairway Mortgage NMLS#1018649
Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
It would be our pleasure to assist you with your home purchase!
Listing provided by RMLS,
courtesy of Acuity Group.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.