For Sale: Springfield MLS# 7129280
Active
NEW!
$300,000
Multi-family: Fourplex
6 br • 4 ba • Built 1970
2,400 sqft • 0.351 acres
Springfield schools
MLS# 7129280
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Property Description
Excellent investment opportunity in Springfield, Minnesota! This well-maintained four-unit apartment building offers a strong combination of current rental income, multiple unit configurations, garage space, and significant potential for increased revenue.
The property features two one-bedroom apartments and two two-bedroom apartments, with all four units currently occupied, providing an established income stream from day one.
A major advantage of this property is the four detached garage stalls. With thoughtful restructuring of the garage spaces and a review of how the garage and rental spaces are utilized, there is substantial upside potential to increase monthly revenue. A new owner may have the opportunity to better allocate or separately rent garage space and make adjustments to the existing rental structure, creating additional income beyond what the current rates are.
The property also includes coin-operated laundry, providing a convenient amenity for tenants and another source of potential income. Situated on a corner lot, the property offers good access, visibility, and off-street parking.
This is an attractive opportunity for an investor looking for a property with existing occupancy and cash flow today, while still offering room to improve and increase revenue over time. The combination of four rental units, four detached garage stalls, on-site laundry, and potential for restructuring makes this a property with both stability and upside.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$300,000
Price per sq ft:
$125
Property Type:
Multi-family
City:
Springfield
Garage Spaces:
4
County:
Brown
Year Built:
1970
State:
MN
Property Style:
Fourplex
Zip Code:
56087
Subdivision Name:
Van Dusen Add
Interior
Bedrooms:
6
Bathrooms:
4
Finished Area:
2,400 ft2
Living Area:
2,400 ft2
Refrigerators:
Four
Basement Details:
Finished
Exterior
Stories:
Split Entry (Bi-Level)
Garage Spaces:
4
Garage Dimensions:
20 X 12
Garage Size:
240 ft2
Garage Door Height:
8
Garage Door Width:
8
Foundation Size:
2,400 ft2
Foundation Dimensions:
40 X 60
Fencing:
None
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Baseboard
- Boiler
Parking Features:
- Detached Garage
- Gravel
- Multiple Garages
- Parking Lot
Shared Amenities:
- Coin-op Laundry Owned
- Laundry
Road Frontage:
- City Street
- Sidewalks
- Street Lights
Exterior Material:
- Block
- Brick
Pool:
None
Roof Details:
Asphalt
Rooms
Laundry:
- Common Area
- In Basement
- Laundry Room
- Lower Level
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.351
Geolocation:
44.242354, -94.972801
Lot Dimensions:
100 X 153
Zoning:
Residential-Multi-Family
Lot Description:
- Corner Lot
- Tree Coverage - Light
Farm
Topography:
Level
Schools
School District:
85
District Phone:
5077234283
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$1,995
Annual Fuel Expense:
None
Annual Insurance Expense:
$1,800
Annual Maintenance Expense:
$2,500
Annual Trash Expense:
None
Annual Water/Sewer Expense:
None
Tenant Expenses:
Electricity, Fuel
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$3,010
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$3,010
Income
Annual Gross Income:
$35,160
Misc. Annual Income:
$450
Misc. Monthly Income:
$40
Rent
Annual Net Income:
$25,160
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:
Brown County Rural Electric Association
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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 Kemp Real Estate.
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.