115 S Rum River Drive, Princeton, MN 55371 (MLS# 6352222)
$1,375,000
Princeton, MN 55371
MLS# 6352222
Status: Closed
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Property Description
Welcome to Villa Manor! An iconic property located on Main Street. Only 2 owners in the last 30 years! You will see the pride of ownership as soon as you step in the front entry. This property has been professionally maintained to keep its old world charm. 3 commercial tenant son the main floor & 23 residential apartments up & down. A number of updates in the last few years inluding, boilers, front facade, unit upgrades, etc. A true turn-key rental property with an excellent rental history!
Details
Maps
Contract Information
Status: Closed
Off Market Date: 2023-05-05
Current Price: 1375000
Closed Date: 2023-06-05
Sales Close Price: 1375000
Contingency: None
ListPrice: 1375000
List Date: 2023-04-10
Owner is an Agent?: Yes
Auction?: No
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 12
Owner Occupied: No
Year Built: 1902
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 5280
Power Company: Princeton Public Utilities
For Sale or Lease: For Sale
Acres: 0.22
Lot Dimensions: 66x148
Location Tax and Other Information
House Number: 115
Street Direction Prefix: S
Street Name: Rum River
Street Suffix: Drive
Postal City: Princeton
County: Mille Lacs
State: MN
Zip Code: 55371
Complex/Dev/Subdivision: Damons Add
Assessments
Tax With Assessments: 15610
Building Information
Building Finished SqFt: 20500
Building SqFt: 21120
Income and Expenses
Annual Gross Income: 207528
Annual Insurance Expense: 4570
Annual Net Income: 101918
Total Annual Expenses: 97309
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Public Survey Info
Range#: 26
Section#: 33
Township#: 36
Sale Options
Sale Includes: Building, Leases
Unit 1
No. of 1 Bedroom Units: 14
Unit 2
No. of 2 Bedroom Units: 6
Unit 3
No. of 3 Bedroom Units: 1
Unit Details
Total Units: 26
Unit Information
No. of Efficiency Units: 2
Property Features
Accessible: None
Air Conditioning: Central Air; Window Unit(s)
Amenities Shared: Coin-op Laundry Owned; Fire Sprinkler System; Security Building
Appliances: Range; Refrigerator
CMU Style: Apartments and Retail
Construction Status: Previously Owned
Current Use: Office; Residential; Retail
Exterior: Brick/Stone
Financing Terms: Conventional
Fuel: Natural Gas
Heating: Boiler; Hot Water
Loan Terms: Cash; Conventional
On Site Utilities: Electric Separate; Hot Water Common
Owner Pays: Gas; Insurance; Maintenance/Repair; Snow Removal; Taxes; Trash Collection; Water
Parking Characteristics: Parking Lot
Rental License Type: Standard
Road Frontage: City Street
Road Responsibility: Public Maintained Road
Roof: Flat
Sewer: City Sewer/Connected
Stories: Three Or More
Tenant Pays: Cable TV; Electricity
Water: City Water/Connected
Listing Office: Premier Real Estate Services
Last Updated: August - 08 - 2025
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. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
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