11090 183rd Circle NW, Elk River, MN 55330

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Building Details:

11090 183rd Circle NW is located in Elk River, MN.

The Pines Town Offices is a newer office condominium project located two blocks east of Highway 169 and Main Street in Elk River, just to the north of the Home Depot.

One entire building consisting of three contiguous units (A, B, & C; 4,726 SF total) is available for sale. Two of the units are currently occupied by a single tenant through July of 2015. The third unit consisting of 1,400 SF is available for an owner occupant, or is available for lease.

This represents a great opportunity for a buyer occupy the 1,400 SF unit and enjoy income from the 3,326 SF that is leased. Alternatively, a buyer could lease the 1,400 SF unit to a new tenant have have a fully leased investment property.

Financial Summary: Expense

2013 Taxes: $17,434
2013 Association Dues (3 units): $10,800 Annually

Financial Summary: Income

Current Annual Rents, Units A&B: $36,000
ProFroma Rent for 3rd Unit: $15,680 Annually

Gross ProForma Operating Income: $51,680
Gross Actual Expense: $28,234
Net Operating Income (NOI): $23,446
ProForma CAP Rate: 6.2%