Added 1 day ago

$2,650,000

11024-11038 183rd Circle NWElk River, MN 55330

Type: Commercial

2 Approx. Acres

2020 Year Built

Description

55+ 1-Level rental community built in 2020. Hard to find investment opportunity. Community consists of 4 twin homes (8 units). Each unit has a separate PID to provide for residential v.s commercial property tax rate and ease of forming association if owner wanted to sell units individually. Units boast a great floorplan and are well appointed. Very stable and loyal tenant base that have been taking great care of their respective units. Conveniently located on a quiet cul-de-sac and close to local shopping and the Hwy 101/169 corridor.

MLS ID: 7037372

Directions: Hwy 169 to East on Main St (Cty Rd 12). Left on Line Ave. Right on 183rd Circle to cul-de-sac.

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Property Details

Essential Details

MLS #: 7037372

Listing courtesy of: Acuity Group

Price: $2,650,000

Type: Commercial

Contingency: None

Foreclosure: No

Zoning: Residential-Single Family

Current Use: Residential

Total Units: 8

Annual Gross Income: $210,720

Net Operating Income: $157,720

Operating Expense: $53,000

Annual Insurance Expense: $9,530

Annual Maintenance Expense: $7,000

Annual Water/Sewer Expense: $1,500

Tenant Pays: All Utilities

Owner Pays: Common Area Maintenance, Grounds Care, HVAC Maintenance, Insurance, Repairs, Roof Maintenance, Snow Removal, Taxes

Overhead Door Clearance: 0-9 Feet

Parking Features: Attached Garage, Asphalt, Insulated Garage, Paved Lot

Garage Door Height: 7

Garage Door Width: 16

Garage SqFt: 450

Garage Spaces: 2

Building Details

Owner Occupied: No

AccessibilityFeatures: No Stairs External, No Stairs Internal

Roof: Age 8 Years or Less, Asphalt, Pitched

Heating: Forced Air

Cooling: Central Air

Year Built: 2020

Foundation Area: 1,442

Amenities - Unit: Ceiling Fan(s), Kitchen Center Island, Primary Bedroom Walk-In Closet, Main Floor Primary Bedroom, Other, Patio, Paneled Doors, In-Ground Sprinkler, Washer/Dryer Hookup

Sewer: City Sewer/Connected

Water Source: City Water/Connected

Number of Refrigerators: Six or More

Utilities: Electric Separate, Heating Separate, Hot Water Separate

Lot Details

Complex/Dev/Sub Name: Mulvaney Point Twin Homes

Lot Dimensions: 211x302x391x339

Road Frontage: City Street, Cul De Sac, Paved Streets

School Information

District: Elk River

District Number: 2241

District Phone: 7632413400

Community Information

County: Sherburne

Survey Range: 26

Survey Section: 35

Survey Township: 33

Taxes

Tax Year: 2026

Tax Amount: $30,528

Assessment Pending: No

Taxes w/Assessments: $30,528

This listing was last updated by Acuity Group on 3/16/2026 at 12:09 pm.

Information is deemed to be reliable, but is not guaranteed. Such information cannot be duplicated or distributed in any manner without the express written consent of the owning association. Data is deemed reliable but not guaranteed.

Records last updated at 3/18/2026 4:45 am.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity^SM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Castle Realty of Twin Cities are marked with the Broker Reciprocity^SM logo or the Broker Reciprocity^SM thumbnail logo (little black house) and detailed information about them includes the name of the listing brokers.

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