For Sale: Akeley MLS# 7083985
Active
NEW!
$399,000
Commercial: 1 Story
8 br • 8 ba • Built 1997
0.5 acres
Walker-Hackensack-Akeley schools
MLS# 7083985
Ask the Agent℠
Ask the Agent℠
Thank You!
An agent will be in contact with you soon to answer your question.
Property Description
Investment opportunity in the heart of Akeley! This well-maintained 8-unit apartment complex offers an excellent chance to own a fully occupied income-producing property in one of northern Minnesota's most desirable lake regions. Situated on a convenient half-acre city lot, the property features eight 1-bedroom, 1-bath units with updated flooring, spacious layouts, city water and sewer, separate electric service, and ample off-street parking.
Tenants enjoy easy access to downtown Akeley, Walker, Leech Lake, and the area's endless outdoor recreation opportunities including boating, fishing, ATV trails, snowmobiling, hunting, and public land access. The property is located just minutes from local restaurants, shopping, parks, and area employers, making it an attractive housing option year-round.
The building consists of approximately 7, 200 finished square feet and has demonstrated strong rental demand with stable occupancy. Utilities are separately metered for electric, while the property benefits from low-maintenance vinyl siding and a straightforward management structure.
Whether you're looking to expand your investment portfolio or acquire a turnkey multifamily asset in a growing recreational market, this property delivers immediate cash flow and long-term upside potential.
Financial information available upon request.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$399,000
Property Type:
Commercial
City:
Akeley
Garage Spaces:
0
County:
Hubbard
Year Built:
1997
State:
MN
Property Style:
1 Story
Zip Code:
56433
Subdivision Name:
Orignal Townsite/Akeley
Interior
Bedrooms:
8
Bathrooms:
8
Ceiling Height:
8-10
Flooring:
Carpet, Concrete Slab, Luxury Vinyl Plank, Vinyl
Refrigerators:
One Per Unit
Appliances Included:
- Dishwasher
- Electric Water Heater
- Range
- Refrigerator
Basement Details:
None
Exterior
Stories:
One
Garage Spaces:
0
Air Conditioning:
Window Unit(s)
Foundation Size:
7,200 ft2
Foundation Dimensions:
60x60
Handicap Accessible:
Other
Road Responsibility:
Public Maintained Road
Heating System:
Baseboard
Parking Features:
- Gravel
- Guest Parking
- On-Street Parking Only
Unit Amenities:
- Ceiling Fan(s)
- Main Floor Primary Bedroom
Road Frontage:
- Paved Streets
- Unpaved Streets
Exterior Material:
- Block
- Concrete
Roof Details:
- Age Over 8 Years
- Metal
- Pitched
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.5
Geolocation:
47.002769, -94.728178
Inclusions:
Building, Business, Land, Leases
Lot Dimensions:
165 x 132 x 165 x 132
Zoning:
Business/Commercial
Lot Description:
Cleared
Schools
School District:
113
District Phone:
2185474201
Expenses
Tenant Expenses:
Electricity, Heat, Hot Water
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$5,068
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$5,068
Income
Annual Gross Income:
$66,000
Rent
Annual Net Income:
$24,000
Units
Total Units:
8
Miscellaneous
Current Use:
Commercial
Fuel System:
Electric
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
Power Company Name:
Minnesota Power
Mortgage Calculator
Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter
the price of the home, your down payment and loan term. Property taxes are based on the last
known value for this property or 0.012 of property
price when data is unavailable. Your interest rate and insurance rates will vary based on
credit score, loan type, etc.
This amortization schedule shows how much of your monthly payment will go towards the principle and how
much will go towards the interest.
| Month | Principal | Interest | P&I | Balance |
|---|---|---|---|---|
| Year | Principal | Interest | P&I | Balance |
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 Coldwell Banker Realty.
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.