Amazing investor opportunity in the heart of downtown Lake Elmo- two exceptional duplexes on one parcel! Duplex #1 faces Lake Emo Ave & Duplex #2 is behind on 35th St. Four convenient off-street parking spaces for tenants. All four units are 1 bed/1 bath with long-term tenants in place, paying month to month. Rent is currently below market rate. Tenants pay gas/electric/heat and garbage. Owner pays water/sewer, maintenance, taxes and insurance. Zoning is mixed use, opening up greater opportunity for buyer's use of property. Lake Elmo is growing, and downtown boasts a coffee shop and other wonderful small businesses, restaurants and gift shop- This is the place to be! Buyers must show proof of funds if paying with cash or an investor funding pre-approval letter prior to scheduling a showing. Approximate annual expenses: taxes - $5556; lawn - $1650; snow - $540; water/sewer - $600; insurance - $2897.
Closed
$512,500
3524 Lake Elmo Ave N, Lake Elmo, MN 55042
4beds
4baths
1,575sqft
Multi Family
Built in 1890
-- sqft lot
$-- Zestimate®
$325/sqft
$2,862 Estimated rent
Home value
Not available
Estimated sales range
Not available
$2,862/mo
Zestimate® history
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$3,178/mo
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Gift shopMixed use
Zillow last checked:
Listing updated:
Listed by:
Bridge Realty, LLC
Bought with:
Gretchen Nelson
Lakes Sotheby's International Realty
Source: NorthstarMLS as distributed by MLS GRID,MLS#: 6411135
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 4
Heating
- Forced Air
Features
- Basement: Block,Unfinished,Walk-Out Access
Interior area
- Total structure area: 1,575
- Total interior livable area: 1,575 sqft
- Finished area above ground: 1,575
- Finished area below ground: 0
Property
Parking
- Parking features: Other, Open
- Has uncovered spaces: Yes
Accessibility
- Accessibility features: None
Features
- Levels: Two
Lot
- Size: 8,629 Square Feet
- Dimensions: 59 x 146 x 55 x 164
Details
- Foundation area: 828
- Parcel number: 1302921230037
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Foundation: Slab, Stone
- Roof: Age Over 8 Years,Asphalt
Condition
- New construction: No
- Year built: 1890
Utilities & green energy
- Gas: Natural Gas
- Sewer: City Sewer/Connected
- Water: City Water/Connected
Community & HOA
Community
- Subdivision: County Auditors 08
Location
- Region: Lake Elmo
Financial & listing details
- Price per square foot: $325/sqft
- Tax assessed value: $496,700
- Annual tax amount: $4,832
- Date on market: 8/3/2023
- Cumulative days on market: 9 days
- Tenant pays: All Utilities, Trash Collection
- Road surface type: Paved
Price history
| Date | Event | Price |
|---|---|---|
| 8/25/2023 | Sold | $512,500-6.8%$325/sqft |
Source:  NorthstarMLS as distributed by MLS GRID #6411135 Report a problem | ||
| 8/12/2023 | Pending sale | $550,000$349/sqft |
Source: NorthstarMLS as distributed by MLS GRID #6411135 Report a problem | ||
| 8/3/2023 | Listed for sale | $550,000$349/sqft |
Source: NorthstarMLS as distributed by MLS GRID #6411135 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $5,724 +19.1% | $496,700 +10.6% |
| 2024 | $4,806 -13.5% | $449,200 +6.5% |
| 2023 | $5,556 -0.5% | $421,700 +20% |
| 2022 | $5,584 +14.2% | $351,500 |
| 2021 | $4,890 -1.1% | $351,500 +8.3% |
| 2020 | $4,942 | $324,500 |
| 2019 | $4,942 | $324,500 +15.6% |
| 2018 | $4,942 +7.6% | $280,600 +4.9% |
| 2017 | $4,594 +0.8% | $267,600 +4.4% |
| 2016 | $4,558 +58.4% | $256,400 +6.2% |
| 2015 | $2,878 | $241,400 +17.2% |
| 2013 | $2,878 +2.6% | $206,000 -4.3% |
| 2012 | $2,804 | $215,300 -4.2% |
| 2011 | $2,804 -1.8% | $224,800 -18.3% |
| 2010 | $2,856 -4.9% | $275,100 |
| 2009 | $3,004 -6.7% | -- |
| 2008 | $3,218 -3% | -- |
| 2007 | $3,316 +7% | -- |
| 2006 | $3,100 +10.4% | -- |
| 2005 | $2,807 +10.6% | -- |
| 2004 | $2,537 -5.3% | -- |
| 2003 | $2,679 -2.9% | -- |
| 2002 | $2,758 -13.1% | -- |
| 2001 | $3,172 | -- |
Find assessor info on the county website
Neighborhood: 55042
Nearby homes
- $232,6002 bd1 ba1.1k sqft3514 Lake Elmo Ave N, Lake Elmo, MN 55042Off Market
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- $528,9003 bd3 ba2k sqft11094 35th St N, Lake Elmo, MN 55042Off Market
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- $317,6003 bd2 ba1.4k sqft11082 34th St N, Lake Elmo, MN 55042Off Market
Nearby schools
GreatSchools rating
- 7/10Lake Elmo Elementary SchoolGrades: PK-5Distance: 0.2 mi
- 7/10Oak-Land Middle SchoolGrades: 6-8Distance: 2.8 mi
- 10/10Stillwater Area High SchoolGrades: 9-12Distance: 2.6 mi
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- Minnesota
- Washington County
- Lake Elmo
- 55042
- 3524 Lake Elmo Ave N
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