Home › 1205 S Sibley Avenue, Litchfield, MN 55355 (MLS# 6321832)

1205 S Sibley Avenue, Litchfield, MN 55355 (MLS# 6321832)

$1,950,000
1205 S Sibley Avenue
Litchfield, MN 55355
MLS# 6321832
Status: Closed

1205 S Sibley Avenue, Litchfield, MN 55355
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Property Description
Beautifully renovated and cash-flowing multi-family building in Litchfield! On-site caretaker, local management and leasing, major capital improvements, recent renovations, and diverse unit mix make this the perfect hands-off investment opportunity. Comprised of two buildings, all 31 units at Lake Ripley Apartments are occupied by grade "A" tenants. Current owners have completed major renovations including, but not limited to: in-unit rehabs including flooring, fixtures, appliances, kitchens, and bathrooms; exterior rehab including full exterior paint, landscaping, and signage; capital expenditures including a new security system with online integration, new common areas with washers, dryers, and coin machines, sump pump, radon mitigation, and full electrical updates.

Details
Maps
Contract Information
Status: Closed
Off Market Date: 2023-06-05
Current Price: 1750000
Closed Date: 2023-07-05
Sales Close Price: 1750000
Contingency: None
ListPrice: 1950000
List Date: 2023-04-25
Owner is an Agent?: No
Auction?: No
General Property Information
Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 45
Owner Occupied: No
Year Built: 2010
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Foundation Size: 9480
For Sale or Lease: For Sale
Acres: 2.33
Lot Dimensions: 350x283
Assessment Pending: Unknown
Location Tax and Other Information
House Number: 1205
Street Direction Prefix: S
Street Name: Sibley
Street Suffix: Avenue
Postal City: Litchfield
County: Meeker
State: MN
Zip Code: 55355
Additional Parcels Information
Property ID #2: 270099001
Assessments
Tax With Assessments: 14304
Building Information
Building Finished SqFt: 14123
Income and Expenses
Annual Gross Expenses: 73070
Annual Gross Income: 236520
Annual Net Income: 163450
Total Annual Expenses: 73070
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Sale Options
Sale Includes: Building, Land, Rental License
Unit 1
No. of 1 Bedroom Units: 10
Unit 2
No. of 2 Bedroom Units: 7
Unit 3
No. of 3 Bedroom Units: 1
Unit Details
Total Units: 31
Unit Information
No. of Efficiency Units: 13
Property Features
Accessible: Doors 36"+; Lowered Switches/Controls; No Stairs Internal; Reduced Height Counters; Wheelchair Ramp; Other
Air Conditioning: Central Air; Wall Unit(s)
Amenities Shared: Coin-op Laundry Owned; Deck; Patio; Porch; Security Building
Appliances: Cooktop; Microwave; Range; Refrigerator
Assumable Loan: Not Assumable
Basement: Concrete Block; Partially Finished
CMU Style: Apartments/Multi Family
Construction Status: Previously Owned
Current Use: Other
Existing Financing: Conventional
Exterior: Brick/Stone; Vinyl; Wood
Financing Terms: Conventional
Fuel: Electric; Natural Gas
Heating: Forced Air
Loan Terms: Cash; Conventional
On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate
Owner Pays: Insurance; Janitorial Service; Janitorial Service; Lawn; Lawn; Maintenance/Repair; Snow Removal; Taxes; Trash Collection; Water
Parking Characteristics: Gravel Lot; Storage; Uncovered/Open
Rental License Type: Standard
Road Frontage: City Street
Roof: Age 8 Years or Less; Asphalt Shingles
Sewer: City Sewer/Connected
Stories: Two
Tenant Pays: Electricity; Fuel
Water: City Water/Connected

Listing Office: Lakes Sotheby's International Realty

Last Updated: August - 07 - 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.

Thursday 28th of May 2026 07:56 AM

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