13 LOUISIANA Ave

Back on the market! Here is a rare chance to own one of the few 4-plex, multifamily properties steps from the East Lake Tohopekaliga (Lake Toho) waterfront! This hidden gem is a single building comprised of (3) 2-bedroom, 1-bath units, and (1) 3-bedroom, 1-bath unit; it has a common-area lobby and laundry all under one roof. Lower units each have access to a covered patio, while the two upper units enjoy screened porches. All units are separately metered, have assigned parking and their own mailbox. Unit 15 is vacant and has new paint, brand new AC (inside & out) and new water heater. In 2022, Unit 19 received a new fridge and Unit 13 has a new range. The parking area received a facelift in 2022. Inspection report available. Building has a shared laundry room, equipped with a coin-operated washer and dryer (leased), which strategically offsets the common area utility costs. The laundry is separately metered and has a utility sink and dedicated folding area; and, a new water heater was installed last year. Three of the units are occupied by long-term tenants so rents are currently below market. Two units are on a mo-to-mo lease with new rents effective 1 Dec and third unit rent goes up 1 Jan (also converts to mo-to-mo); this will bring the new rent minimum to $63600/mo (with vacant unit renting for $1500/mo). Investors may want to consider making at least one of the units a STR since the area and numbers do support it. Location is one of the under-estimated features of this property. Not only is the building steps away from Lakeshore Blvd and all it's amenities (walking/biking trail, picnic areas, public parking, playground, splash pad, public restrooms, public beach and boat launch, etc), it's a 5-10 min drive to the hospital, grocery stores, shopping, restaurants, Saint Cloud High, 58-acre Peghorn Nature Park & trails, Extreme Sports skate park, and more! Roof will be needed - Seller may be willing to work out something as/if needed in terms of timing or inclusion into a deal. Assignable offers will not be entertained. Out of respect for both tenants and property, do not stop, disturb or go on the property without prior arrangement. Seller financing is available with the right terms no more than 5 years.