Home › 220 E 7th Street, Albert Lea, MN 56007 (MLS# 7104298)

220 E 7th Street, Albert Lea, MN 56007 (MLS# 7104298)

$249,900
220 E 7th Street
Albert Lea, MN 56007
MLS# 7104298
4 beds  |  4 baths  |  2800 sqft
220 E 7th Street, Albert Lea, MN 56007
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Property Description
Exceptional 3 Bedroom 4 Bath 4-Plex located on the corner of 7th Street and James Ave. The fourth unit is a commercial space that is currently a laundry service. It was formally a salon and could be converted back to a salon or another apartment. This property has been rented continuously with a solid rental history. Significant remodeling occurred on the property since it was purchased including new roof, medal siding, electric services, mini-splits, paint and some flooring. The property is licensed through the city and the rent is just under $3000/month. The tenants are responsible for paying their own utilities. There is ample parking on the large gravel parking lot and the 3-stall garage. This turn key property is definitely one to look at.

Details
Maps
Contract Information
Status: Active
Contingency: None
Current Price: 249900
Original List Price: 249900
ListPrice: 249900
List Date: 2026-07-03
Owner is an Agent?: No
Auction?: No
General Property Information
# Carport Spaces: 1
Lot Measurement: Square Feet
Multiple PIDs?: No
Owner Occupied: No
Waterfront YN: No
Year Built: 1949
Yearly/Seasonal: Yearly
Bedrooms: 4
Baths Total: 4
Main Floor Total SqFt: 1400
Above Ground SqFt: 2800
Total SqFt: 2800
Foundation Size: 1400
Lot Size SqFt: 7000
Style: (MF) Four Plex
Total Finished Sqft: 2800.00
Garage Stalls: 2
Lot Dimensions: 50x140
Assessment Pending: No
Location Tax and Other Information
House Number: 220
Street Direction Prefix: E
Street Name: 7th
Street Suffix: Street
Postal City: Albert Lea
County: Freeborn
State: MN
Zip Code: 56007
Assessments
Assessment Balance: 13183
Tax With Assessments: 5652
Basement
Foundation Dimensions: 28x50
Building Information
Finished SqFt Above Ground: 2800
Income and Expenses
Annual Caretaker Expense: 600
Annual Electric Expense: 1800
Annual Gross Expenses: 14200
Annual Gross Income: 34920
Annual Insurance Expense: 2500
Annual Maintenance Expense: 500
Annual Net Income: 15690
Annual Repair Expense: 500
Annual Trash Expense: 700
Annual Water/Sewer Expense: 1168
Total Annual Expenses: 14200
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
DP Resource: Yes
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Garage Dimensions: 22x28
Garage Square Feet: 616
Unit 1
Furnished?: No
Lease Expiration Date: 2026-07-31
Leased?: Yes
Level: Main Level
Unit Number: 1
1/4 Baths: 1
Annual Rent: 8340
Finished SqFt: 625
Monthly Rent: 695
No. of Units Like This: 1
Total Baths: 1
Total Bedrooms: 1
Total Rooms: 3
Unit 2
Furnished?: No
Lease Expiration Date: 2027-05-31
Leased?: Yes
Level: Main Level
Unit Number: 2
3/4 Baths: 1
Annual Rent: 7500
Finished SqFt: 625
Monthly Rent: 625
No. of Units Like This: 1
Total Baths: 1
Total Bedrooms: 1
Total Rooms: 3
Unit 3
Furnished?: No
Lease Expiration Date: 2027-05-31
Leased?: Yes
Level: 2nd Level
Unit Number: 3
Annual Rent: 9540
Finished SqFt: 625
Full Baths: 1
Monthly Rent: 795
No. of Units Like This: 1
Total Baths: 1
Total Bedrooms: 1
Total Rooms: 4
Unit 4
Furnished?: No
Lease Expiration Date: 2027-03-31
Leased?: Yes
Level: 2nd Level
Unit Number: 4
Annual Rent: 9540
Finished SqFt: 625
Full Baths: 1
Monthly Rent: 795
No. of Units Like This: 1
Total Baths: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Details
Total Units: 4
Property Features
Accessible: None
Basement: None
Construction Status: Previously Owned
Exterior: Metal
Foundation: Slab
Fuel: Electric
Heating: Baseboard
Owner Pays: Common Area Maintenance; Grounds Care; Sewer; Snow Removal; Taxes; Trash Collection; Water
Parking Characteristics: Carport; Gravel Lot
Rental License Type: Standard
Sewer: City Sewer/Connected
Stories: Two
Tenant Pays: Electricity
Unit 2 Cooling: Ductless Mini-Split
Unit 3 Cooling: Ductless Mini-Split
Unit 4 Cooling: Ductless Mini-Split
Water: City Water/Connected

Listing Office: Keller Williams Premier Realty

Last Updated: July - 07 - 2026

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.

Wednesday 8th of July 2026 10:48 PM

218-998-4400

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