Bear Island Land Company
Chapman Street Triplex

Northeastern MN commercial property near the BWCA

 

Listed By: Charlie & Anna
PROPERTY #1701
PRICE: $185,500
TERMS: cash, bank financing
ADDRESS: 415 - 417 East Chapman Street
PROPERTY DESCRIPTION: This attractive triplex in a prime central location has been meticulously maintained and cared for. Each unit features spacious living space with 2 bedrooms and 1 bath. Unit 1 features a large 3-season porch, private entrance, plus the ability to use the basement for extra storage, laundry, if desired. Unit 2 features a deck and shared entrance. Unit 3 features incredible city views and a shared entrance. The building has lots of character around every corner – original woodwork, hardwood floors plus many updates for renter’s enjoyment. Features include some new windows, separate electrical service for each unit and vinyl siding. Paved off-street parking plus a 2-stall garage is very attractive to renters and provides additional income. This building is one of the nicest apartment complexes in the city of Ely with an excellent rental history and very good income potential.

 

 
#BR
#BA
FLOOR
APX SQ FT
RENT
UNIT #1
2
1
1
1,284 feet
$650
UNIT #2
2
1
2
1,140 feet
$510
UNIT #3
2
1
3
1,140 feet
$500

 

APX YR HEAT EXPENSE: $3,000 APX YR MAINTENANCE EXPENSE: $100
APX INSURANCE EXPENSE: $600 TOTAL ANNUAL INCOME: $19,920 (gross)
APX FOUNDATION: 24' x 44'
STYLE: up and down
FLOORS: 3 floors
BUILT: unknown
ZONING: residential
BASEMENT: full, can be used for owners or include with Unit #1
HEATING: hot water, oil
UTILITIES: city water, city sewer, electricity
CONSTRUCTION: frame/wood
OUTSIDE FEATURES: decks, patio
FLOORS: wood, carpet
NEGOTIABLE ITEMS: range/oven, dishwasher, refrigerator
# OF STORIES: 3
PARKING: off-street, plus 2-stall detached garage, $20/stall per month
LEGAL DESCRIPTION: Lots 4 & 5, Block 15, Whiteside's Addition to Ely
APX LOT SIZE: 50' x 125'
APX ACREAGE: .15 acre
TAXES: $2,974.34 in 2008
CLASSIFICATION: Non-homestead
PARCEL CODE: 030-0370-01630

While all information and figures are believed to be reliable,
the providing broker cannot guarantee their accuracy.

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