Farmington, MN 55024,4345 220th ST W
Farmington, MN 55024,4345 220th ST W
Farmington, MN 55024,4345 220th ST W
45
$750,000
$600,000
25.0%
Est.Price: ?

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1.24 Acres Lot

4345 220th ST W Farmington, MN 55024

Est. payment /mo
SOLD DATE : 06/21/2023

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Key Details

Sold Price $750,000

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

Subdivision Replat W View Acres 1St Add

MLS Listing ID 6337529

Sold Date 06/21/23

Year Built 1983

Annual Tax Amount $37,096

Tax Year 2022

Contingent None

Lot Size 1.240 Acres

Acres 1.24

Lot Dimensions 232x232

Property Description

Once in a life time opportunity to buy a 24 unit complex. This is a USDA loan program complex which means the buyer would be purchasing the current partnership that owns the complex and would have to keep the partnership until 2034 when the mortgage is paid off and you would have complete control over the buildings and rent. Currently the federal government controls the rent which is between $620-772 for a one bedroom and $655-$812 for a two bedroom. There is a reserve fund that will also go with the partnership. Current balance is $180,000 and can only be used to improve the buildings and complex. After the 2034 the funds become the property of the owner.

Location

State MN

County Dakota

Zoning Residential-Multi-Family

Interior

Heating Baseboard

Cooling Wall Unit(s)

Fireplace No

Exterior

Parking Features Assigned, Asphalt, Paved

Utilities Available Electric Separate, Heating Separate

Present Use Residential

Building

Foundation 12470

Sewer City Sewer/Connected

Water City Water/Connected

Structure Type Brick/Stone,Wood Siding

Schools

School District Farmington

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Listed by Robert Siebenaler • WEICHERT REALTORS®-Carnel & Co.

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agent

J B

Real Estate Adviser | License ID: 40713539

+1(612) 607-3999

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