I have a 12 unit, 3 story apartment building in a great location in Mosinee, WI. The building has a detached 12 car garage, one garage per apartment. The building was built in 2002. It has a steel roof. The building has included onsite laundry facilities (coin-operated). It also has storage rooms available for rent or owner/manager use. The building has about 6 feet of brick around the base, and the remaining part is vinyl siding. Both the apartment building and the garage have maintenance-free long-lasting steel roofs. The building itself is well built, with 2" of poured concrete between each floor, and concrete walls between each adjoining unit. The garage has vinyl siding. The building is located at 566 Cherry St. It's on the east side of Mosinee, and is only a few blocks from Highway 39/51. This location has proved most excellent, and I have had much interest from renters that are torn between Stevens Point and Wausau, for one reason or another. This building is the only (as far as I'm aware) nice rental building on the east side (and as near as it is to the highway). Occupancy has been very strong. I haven't had a single month with an opening. The location helps a ton with that, as does the fact that it's one of the very few (if not the only) clean and decent apartment on the east side. The details on the units are as follows: There are 10 two bedroom units (eight of them are about 750 sq ft, the other two of them are about 700 sq ft), there are also two one bedrooms units (they're about 550 sq ft). The garages are very good sized; there's room for a car/SUV plus a bunch of extra stuff in front of the vehicle. There are 3 rather large closets I've made available for tenant rental, and 2 small closets I've done the same with; these are located at various places throughout the building. In terms of valuation on the property, at a 9% cap rate it's worth $630,000. The GRM valuation is even better. Based on current rents, and a GRM of 9; the current value is $768,420! The price listed with this ad is based on local comparable properties, and a discussion with a real estate agent who did some leg work for me. So, why am I considering selling the place? I wouldn't be entirely happy to sell the place. It's had positive cash flow since the first month I bought it. If any of this is interesting or intriguing to you, go ahead and call or email. Even if this property is out of your ballpark in terms of price or experience, I'm more than happy to discuss rental real estate with you. I've learned an immense amount about all this in the last year, and I'm happy to share that knowledge with others. If you're already in the rental business, and you'd like to discuss this property or the business in general; go ahead and contact me as well. The more we network and learn, the better off we all are. If you think I'm an idiot, and none of this makes sense; go ahead and email me to let me know why (assuming you've some experience in this business, and you know what you're talking about). I've had a few realtors sniffing around, trying to get this as a listing. Should I decide to go that route I'll be upping the price to be more in line with the current cap rate valuation.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
