MN > Mound > Mound Shores
Mound, MN 55364,2009 Commerce BLVD
Mound, MN 55364,2009 Commerce BLVD
Mound, MN 55364,2009 Commerce BLVD
Mound, MN 55364,2009 Commerce BLVD
Mound, MN 55364,2009 Commerce BLVD
Mound, MN 55364,2009 Commerce BLVD
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Paul Ekstrom

Paul Ekstrom

+1(612) 749-8404
$ 2,650,000
Est. payment | /mo

0.57 Acres Lot

Save
$ 2,650,000
Est. payment | /mo
Save

0.57 Acres Lot

Key Details

Property Type Condo, Commercial

Sub Type Apartment,Low Rise,Other

Listing Status Active

Purchase Type For Sale

Subdivision Mound Shores

MLS Listing ID 6627694

Year Built 1963

Annual Tax Amount $28,383

Tax Year 2024

Contingent None

Lot Size 0.570 Acres

Acres 0.57

Lot Dimensions 172x143

Property Description

VALUE-ADD! 23-unit apartment property in growing western suburb of Lake Minnetonka. Charming side-by-side buildings with new pitched roofs, gutters, AC-Smith water heaters, and common area lights. New boilers in 2018, hot water baseboards individually controlled via in-unit thermostats. We just began rolling out RUBS, where tenants are responsible for heat, water/sewer, and trash use, 4 units so far and plan was to continue to 100% implementation as units turn. Separate electric with in-unit breakers paid directly by tenants.

2009 Commerce has 12 units and was built in 1963. 2017 Commerce has 11 units and was built in 1970. Eight studios with current average rent $818 (proforma $995), 15 one bedroom units with current average rent $905 (proforma $1,125). Many long-term residents. 11 units have been updated. Significant upside remaining; current ownership must sell as part of a 1031. Price and surety of close important. Neighboring properties provide potential for future development. Demand vs supply and demographics very strong.
Nearby Mound Westonka ranks #12 in MN. Main intersection of Commerce and Shoreline Drive including Jubilee (grocery), Walgreens, Carbone's Pizzeria Bar and Grille, Anytime Fitness, True Value Hardware, expanding park and plaza with connecting Dakota Rail Trail, public parking ramp and transit center, Ice Arena... and more, less than 0.5 miles away. Great opportunity!

Location

State MN

County Hennepin

Zoning Residential-Multi-Family

Rooms

Family Room Other

Basement Block, Crawl Space, Drainage System, Owner Access, Sump Pump, Unfinished

Interior

Heating Baseboard, Boiler, Hot Water, Radiant, Zoned

Cooling Window Unit(s)

Inclusions Building, Land, Leases

Fireplace No

Appliance Air-To-Air Exchanger, Exhaust Fan, Freezer, Gas Water Heater, Range, Refrigerator, Water Softener Owned

Exterior

Garage Guest Parking, Parking Lot, Paved, Unassigned, Open

Utilities Available Electric Separate, Heating Common, Hot Water Common

Roof Type Age 8 Years or Less,Asphalt,Pitched

Present Use Commercial,Other,Residential

Building

Lot Description Public Transit (w/in 6 blks), Infill Lot, Tree Coverage - Light, Underground Utilities

Story Two

Foundation 8000

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories Two

Structure Type Brick/Stone

Schools

School District Westonka

Listed by Charlie Hornig • Lakes Sotheby's International Realty
Paul Ekstrom

Broker | Owner | Team Leader | License ID: 40560749

+1(612) 749-8404 | paul@thepauleteam.com

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2009 Commerce BLVD