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  • $243,500

    401 1st Ave SE, Pelican Rapids, MN 56572

    5beds
    3baths
    3,280sqft
    Triplex
    Built in 1959
    -- sqft lot
    $243,500 Zestimate®
    $74/sqft
    $1,540 Estimated rent

    Home value

    $243,500

    $226,000 - $261,000

    $1,540/mo

    Zestimate® history
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    $1,459/mo

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    $1,459/mo

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    What's special

    Investment opportunity in Pelican Rapids with great rental history! This completely occupied triplex features a recently UPDATED 3 Bed one bath unit and an efficiency unit on the main level, along with a lower level walkout 2 Bed 1 bath unit. See financial remarks for rents and expenses! Owner bills back for Utilities. Shared Laundry in the basement. There are 2 Tuck-under garage stalls along with street and paved driveway parking. Furnace replaced 3 years ago and shingles replaced within 7 years. City corner lot has frontage on 3 streets. Don't miss out on this great opportunity achieving a 11.4 Cap Rate! Call today for more details and to schedule a private showing.

    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.

    Zillow last checked:

    Listing updated:

    Listed by:

    Christopher Howard Nord 218-234-1357,

    The Real Estate Company of Detroit Lakes

    Bought with:

    Grant Briard

    The Real Estate Company of Detroit Lakes

    Source: NorthstarMLS as distributed by MLS GRID,MLS#: 6321000MLS Logo

    Facts & features

    Interior

    Bedrooms & bathrooms
    • Bedrooms: 5
    • Bathrooms: 3
    Heating
    • Baseboard, Forced Air
    Appliances
    • Laundry: In Basement, Common Area, Lower Level, Laundry Room
    Features
    • Basement: Partially Finished,Walk-Out Access
    Interior area
    • Total structure area: 3,280
    • Total interior livable area: 3,280 sqft
    • Finished area above ground: 2,048
    • Finished area below ground: 1,232

    Property

    Parking
    • Total spaces: 2
    • Parking features: Attached, Asphalt, Shared Garage/Stall, Tuckunder Garage
    • Attached garage spaces: 2
    Accessibility
    • Accessibility features: Accessible Approach with Ramp
    Features
    • Levels: One
    • Patio & porch: Deck, Patio
    Lot
    • Size: 0.29 Acres
    • Dimensions: 105 x 120
    • Features: Corner Lot, Tree Coverage - Medium
    • Topography: Sloped
    Details
    • Foundation area: 2048
    • Parcel number: 76000990506001
    • Zoning description: Residential-Multi-Family

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Triplex
    Materials
    • Frame
    • Foundation: Slab
    • Roof: Age Over 8 Years,Asphalt
    Condition
    • New construction: No
    • Year built: 1959

    Utilities & green energy

    • Gas: Electric, Natural Gas
    • Sewer: City Sewer/Connected
    • Water: City Water/Connected

    Community & HOA

    Community
    • Subdivision: Frazees 4th Add
    Location
    • Region: Pelican Rapids

    Financial & listing details

    • Price per square foot: $74/sqft
    • Tax assessed value: $232,600
    • Annual tax amount: $2,610
    • Date on market: 1/6/2023
    • Cumulative days on market: 531 days
    • Tenant pays: All Utilities, Snow Removal, Trash Collection, Water/Sewer
    • Road surface type: Paved

    Price history

    DateEventPrice
    2/17/2026Listing removed$1,500
    Source: Zillow Rentals Report a problem
    1/14/2026Listed for rent$1,500
    Source: Zillow Rentals Report a problem
    7/14/2023Sold$212,500-2.3%$65/sqft
    Source: NorthstarMLS as distributed by MLS GRID #6321000 Report a problem
    6/20/2023Pending sale$217,500$66/sqft
    Source: NorthstarMLS as distributed by MLS GRID #6321000 Report a problem
    1/6/2023Listed for sale$217,500$66/sqft
    Source: NorthstarMLS as distributed by MLS GRID #6321000 Report a problem
    1/5/2023Listing removed--
    Source: NorthstarMLS as distributed by MLS GRID #6140042 Report a problem
    6/14/2022Listed for sale$217,500$66/sqft
    Source: NorthstarMLS as distributed by MLS GRID #6140042 Report a problem
    5/9/2022Listing removed--
    Source: MWMMLS #20-35345 Report a problem
    1/5/2022Listed for sale$217,500+17.6%$66/sqft
    Source: MWMMLS #20-35345 Report a problem
    4/19/2021Sold$185,000+0.5%$56/sqft
    Source: NorthstarMLS as distributed by MLS GRID #6077874 Report a problem
    11/19/2020Price change$184,000-0.5%$56/sqft
    Source: The Real Estate Company of Detroit Lakes #20-31937 Report a problem
    9/29/2020Listed for sale$184,900+34.5%$56/sqft
    Source: The Real Estate Company of Detroit Lakes #20-31937 Report a problem
    1/29/2011Listing removed$137,500$42/sqft
    Source: Jack Chivers Realty LLC #20-2181 Report a problem
    1/27/2011Listed for sale$137,500$42/sqft
    Source: Jack Chivers Realty LLC #20-2181 Report a problem

    Public tax history

    YearProperty taxesTax assessment
    2025$3,335 +15.9%$232,600 -2.8%
    2024$2,878 +6.5%$239,400 +26.5%
    2023$2,702 +0.8%$189,300 +23.3%
    2022$2,680 +7.9%$153,500
    2021$2,484 +0.1%--
    2020$2,482 +19.5%$162,600 +14.9%
    2018$2,077 -8.3%$141,500 +5.4%
    2017$2,266 +18.6%$134,200 +7.2%
    2016$1,910 $125,200
    2015$1,910 +1.5%--
    2014$1,882 $116,800
    2013-- --
    2012-- --
    2011$1,460 -3.6%--
    2010$1,515 --
    Find assessor info on the county website

    Neighborhood: 56572

    Nearby schools

    GreatSchools rating
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