Welcome to Cannon Falls, Minnesota! Executive Summary This 2 acre parcel of land with frontage on US Highway 52 offers an investor a turn-key, cash flowing, mix-use property with great potential to increase revenue. The property features 11 residential rental units, 9 self-storage units, and one commercial office space for a total of 21 rentable units. The Cannon Country Apartments complex offers residents 2 acres of owned maple forest in a park-like setting along with dozens of acres of forest nearby. A number of the units have private patios overlooking the area and a community patio with BBQ and picnic tables is provided. A fire-pit is also onsite for residents to enjoy. A coin-operated laundromat and vending area is provided for residents and is a nice add-on sale for the owner. The ease of on-site self-storage is a nice feature as well. A tornado shelter is available in case of emergencies as well. Residents are given the code upon movein. The property is managed by a long-time on-site manager that has a base income + commissions based on signing renters. The property is totally turn key with a new roof in 2016, new storage units in 2017, and many other updates found throughout the offering memorandum. It is priced to sell at a very solid cap rap. Additional revenue could be gained through: -Adding more self-storage units to property. -Billboard or other revenue use of highway frontage. -Increasing rents and/or offering shorter lodging options.
2 new self-storage buildings on the west side of the property along with a new Class IV gravel road put in.
About Cannon Falls, Minnesota Cannon Falls is a city in Goodhue County, Minnesota, United States. The population was 4,083 at the 2010 census. Located along U.S. Route 52 to the southeast of the Twin Cities, Cannon Falls may be best known as the home of Pachyderm Studio, where many famous musicians have recorded their music. Nirvana is probably the best known band to use the site. The group recorded In Utero at the studio. Cannon Falls is named for the falls along the Cannon River and serves as the western trailhead for the Cannon Valley Trail. Two American presidents have visited the city. The first, Calvin Coolidge, visited in 1928 to dedicate the memorial erected in honor of Colonel Colvill. The second, Barack Obama, visited on August 15, 2011, to kick off the first day of his campaign for a second term. The city has a shortage of low income housing and is located 20 mins south of the Twin Cities and 30 mins north of Rochester, MN known around the world for the Mayo Clinic. The property is located apx 3 miles south of the city center directly on US Highway 52.
Property Features PID: 370174801 Address: 7874 365th Street Way, Cannon Falls, MN 55009. Located in Goodhue County, Leon Township 17-111-017 Size: Units: Zoning: 2 Acres 11 Residential units, 9 self-storage units, 1 Office unit Commercial Utilities: Heating/Cooling - Electric PTAC units, Main Home central air, forced air heat - LP Gas. Shared septic, Private well. No utilities are separated, all paid by owner. Taxes: $2850 (2017)
Property Updates The property is totally turn-key and has 100% residential occupancy. Recent updates include: To Property: - 2 10x40 (10x80 total) metal roofed self-storage buildings with lockable overhead garage doors. - Roof new in 2016-9 PTAC units for apartments. - 180 ft class IV gravel road built out for self-storage area. - New well-head in 2017 - Blacktop parking lot repaired and sealed. - Sewer line lined exiting building in basement. - Vending area and coin-operated laundromat new/remodeled. - LED lighting around property - 4 Kitchens built into units 6-9. Countertops, tile backsplashes with cabinets. - New plumbing fixtures (toilets, sinks, etc) in most units. To Rental Program: - All locks master keyed for easy access by manager/owner. - Licensed real estate professional has provided on-site training to live-in caretaker. Professional - leasing documents are in place for both residential and self-storage rentals. - Long-time caretaker in place with pride in ownership. - some units county HRA approved housing.. - No pets and no smoking in units. - Professional signage added to enhance pride in community, ease of renting.
2018 PROFIT AND LOSS BASED ON 2017 ACTUAL EXPENSES Revenue Rents Collected 95580 Security Deposit Revoked 1200 Laundry/Vending 2100 Total Revenue 98880 Expense Management 2925 NET OPERATING INCOME 72536 Utilities Electric 10800 LP Gas 2400 SSTS Pump 450 Rubbish 990 Pest Control 129 Maintenance 950 Repairs 575 Insurance 4215 Office Supplies 60 Taxes 2850 Total Expense 26344