Welcome Apartments
6 Units
4755 Welcome Ave
Crystal, MN 55429
952.922.4405 tel. 952.922.8351 fax
4725 Excelsior Boulevard, Suite 500, Minneapolis, Minnesota 55416
www.mnbrokerage.com
All information obtained by Minnesota Brokerage Group is from sources judged to be reliable; however, no warranty or representation is made to its
accuracy or completeness. The property is subject to price change, prior sale or lease and/or withdrawal from the marked, all without notice.
PROPERTY DESCRIPTION
Welcome Avenue Apartments is a well-maintained 6-unit brick building with off-street parking
spaces for each tenant. The property, built in 1961, is equipped with a security entrance and is
surrounded by solid chain-link fencing. This fully-leased asset is comprised of two different floor
plans: 5 two-bedrooms and one 1-bedroom.
Each apartment is nicely appointed and features neutral décor throughout. All units are spacious
and light with large windows and include plenty of closet space. One of the units has been
completely remodeled. The kitchens in each unit are equipped with stainless steel double sinks,
white appliances, and have solid wood cabinets. All bathrooms are designed with vanities, tile
floors, and bath surrounds.
Crystal is located just west of Minneapolis in Hennepin County with easy access to Highway 100
and County Road 81. The City is committed to redevelopment, updating its infrastructure, and
maintaining the vitality and livability of its neighborhoods. Amenities include the Crystal Cove
Aquatic Center, Crystal Community Center, parks and trails, and the redeveloped Crystal Shopping
Center.
Marketable features
New boiler 2011(Lochinvar Knight)
New hallway carpet (2013)
Windows (2010)
Water heaters (2011)
Roof (pitched 2002)
SALES INFORMATION
SALES PRICE
$465,000
DOWN PAYMENT
$116,250
TERMS
CASH OR SUBMIT
Offering Summary
Property
Welcome Ave Apartments
4755 Welcome Ave
Address
Property Type
Crystal, MN 55429
3 - story brick
Units / Rents
1– 1 bedroom ($700)
4– 2 bedroom ($735)
Heating & Air Conditioning
1– 2 bedroom ($900)
High efficiency (Lochinvar Knight) 2011
Laundry
Parking
1 washer & 1 dryer – Owned
6 off street parking spaces
Year Built
Roofs
2016 Real Estate Taxes
PID Number
1961
Pitched
$7,362
09-118-2131 0012
Parcel Size
Notes
45.80 x 110.00
Please respect the owner’s desire that the management or
the employees at this property not be disturbed and that all
visits to the property be scheduled through Minnesota
Brokerage Group
Welcome Apartments
4755 Welcome Ave
Crystal, MN 55429
No. Units Type
6 Apartments
Present
1
1 BDR
$700
1
2 BDR
$900
4
2 BDR
Monthly Total
ANNUAL INCOME
Scheduled Gross Income
Vacancy Allowance
Laundry
Gross Operating Income
Present
3.0%
EXPENSES
Present
Real Estate Taxes '16
Insurance
Electricity
Gas
Trash
Water
Maintenance
Supplies
Caretaker
License & Permits
Miscellaneous
$735
$4,540
Courthouse
Owner
Owner
Owner
Owner
Owner
Broker Estimate
Broker Estimate
Owner
Broker Estimate
Broker Estimate
$54,480
1,634
600
$53,446
% GOI
7,362
2,195
420
2,884
840
4,841
2,672
534
1,200
200
200
13.8%
4.1%
0.8%
5.4%
1.6%
9.1%
5.0%
1.0%
2.2%
0.4%
0.4%
Total Expense
$23,349
43.7%
Net Operating Income
$30,097
BENEFIT ANALYSIS
Net Operating Income
Less Debt Service Payments
Cash Flow
Present
$30,097
22,090
$8,007
6.9%
SUGGESTED SALE TERMS
Price:
Terms:
$465,000
$348,750
4.00%
25
Downpayment:
First Mortgage
Interest
Amortization
$116,250
Price per unit
Times gross:
Capitalization rate:
This information is obtained from sources believed to be reliable, but is not guaranteed.
MINNESOTA BROKERAGE GROUP
4725 Excelsior Boulevard, Suite 500, Minneapolis, MN 952-922-4405 FAX 952-922-8351
25.0%
Present
$77,500
8.7
6.5%