Albert Lea is in a convenient location at the crossroads of Interstates 90 and 35; Interstate 90 is the longest of the U.S. Interstate Highways. Located approximately 90 miles south of the Twin Cities and 63 miles west of Rochester, MN makes it an easily-accessible Midwest market. Known as The Land Between the Lakes , Albert Lea recently became home to a wind farm with 122 wind turbines. Major employment industries in Albert Lea are: Medical, Education, Pork/Food Processing and Manufacturing. The complex consists of three buildings, the largest of which has a newer gable roof installed over a flat roof. The owner has invested a lot of money in new appliances, coin-op washers and dryers, and new carpet in the units, as well as newer carpet in the hallways. Blacktop work was completed during the summer of 2011 at approximately $21,000. Attached garages and a courtyard are some nice amenities that this complex offers. Exterior highlights include security lighting and off street parking with a few additional garages available. Low-maintenance exterior is stucco and vinyl. On-site coin laundry & tenant storage in each building. Buildings consist of 1 & 2 BR units, most of which have new carpet and appliances. Some units have balconies (some covered w/extra storage). Tenants pay water & sewer. Management is on-site daily.Albert Lea appraised November 2011 at $2,400,000. CAP rates in the Twin Cities seem to be in the range of 6.5% to 7% for similar properties. These rates have declined 13.9% in the past year, down to 6.7%. I currently have a bank that seems interested in financing this property at 4.25%, fixed for 5 years. Seller is licensed Broker.
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