For Sale: Detroit Lakes MLS# 7082979
Active
NEW!
$950,000
Multi-family: Fourplex
11 br • 7 ba • Built 1949
6,892 sqft • 0.43 acres
Detroit Lakes schools
MLS# 7082979
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Property Description
This one-of-a-kind 4-plex is perfectly situated within the 1st block of the Detroit Lake City Beach and The Heartland State Trail, directly across the street from People’s Park and just up the street from Zorbaz, not to mention Kent Freeman Arena, The Becker County Fairgrounds, MN Flyers Gymnastics, and more — offering unbeatable convenience and appeal for tenants. Extensive renovations have been completed on multiple units in recent years, featuring modern appliances, updated flooring, kitchen remodels, bathroom updates, new lighting, and thoughtful insulation improvements. The property continues to benefit from strong rental performance and has established itself as a reliable source of income. The 5-bed/3-bath unit is fully furnished and turnkey for immediate occupancy. The 2-bed unit will be vacant and available at the end of the month. Whether you’re an investor looking for steady cash flow or someone seeking to live in a unique multi-family property with strong upside and increasing value in a high-demand area for future development, this is truly a standout opportunity.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$950,000
Price per sq ft:
$138
Property Type:
Multi-family
City:
Detroit Lakes
Garage Spaces:
2
County:
Becker
Year Built:
1949
State:
MN
Property Style:
Fourplex
Zip Code:
56501
Subdivision Name:
Iversons Add
Interior
Bedrooms:
11
Bathrooms:
7
Finished Area:
6,892 ft2
Living Area:
6,892 ft2
Refrigerators:
Four
Basement Details:
- Partial
- Partially Finished
Exterior
Stories:
Two
Garage Spaces:
2
Garage Size:
384 ft2
Foundation Size:
3,048 ft2
Fencing:
Partial, Vinyl
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Baseboard
- Fireplace(s)
- Forced Air
Parking Features:
- Concrete
- Detached Garage
Road Frontage:
- City Street
- Curbs
- Sidewalks
- Storm Sewer
Exterior Material:
Frame
Roof Details:
Asphalt
Rooms
Laundry:
In Unit
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.43
Geolocation:
46.808256, -95.849853
Lot Dimensions:
150 x 125
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Medium
Schools
School District:
22
District Phone:
2188479271
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
None
Annual Fuel Expense:
None
Annual Insurance Expense:
$3,000
Annual Maintenance Expense:
$2,000
Annual Trash Expense:
$1,063
Annual Water/Sewer Expense:
$1,924
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$8,584
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$8,584
Income
Annual Gross Income:
$88,200
Units
Total Units:
4
Miscellaneous
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water/Connected
Power Company Name:
City of Detroit Lakes
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of The Real Estate Company of Detroit Lakes.
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.