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11024-11038 183rd Circle NW, Elk River, MN 55330

$2,500,000

Property Type: Commercial Bedrooms: 16 Baths: 16 Lot Size (sq. ft.): 77,537 Status: Active

Current Price: $2,500,000 List Date: 3/16/2026 Last Modified: 5/27/2026

Overview

Description

55+ 1-Level rental community built in 2020. Hard to find investment opportunity. Community consists of 4 twin homes (8 units). Each unit has a separate PID to provide for residential v.s commercial property tax rate and ease of forming association if owner wanted to sell units individually. Units boast a great floorplan and are well appointed. Very stable and loyal tenant base that have been taking great care of their respective units. Conveniently located on a quiet cul-de-sac and close to local shopping and the Hwy 101/169 corridor.

Listing Details MLS# 7037372

General Property Information

Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 16
Owner Occupied: No
Year Built: 2020
Yearly/Seasonal: Yearly
Zoning: Residential-Single Family
Foundation Size: 1442
Garage Stalls: 2
For Sale or Lease: For Sale
Acres: 1.78
Lot Dimensions: 211x302x391x339
Assessment Pending: No

Property Features

Accessible: No Stairs External; No Stairs Internal Air Conditioning: Central Air Amenities Unit: Ceiling Fan(s); In-Ground Sprinkler; Kitchen Center Island; Main Floor Primary Bedroom; Paneled Doors; Patio; Primary Bedroom Walk-In Closet; Washer/Dryer Hookup; Other Appliances: Air-To-Air Exchanger; Dishwasher; Disposal; Dryer; Microwave; Range; Refrigerator; Washer Basement: None CMU Style: Apartments/Multi Family; Duplex Side by Side; Low Rise Construction Status: Previously Owned Current Use: Residential Exterior: Brick/Stone; Metal; Vinyl Flooring: Carpet; Luxury Vinyl Plank Foundation: Slab Fuel: Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional Lot Description: Tree Coverage - Medium On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate Overhead Door Clearance: 0-9 Feet Owner Pays: Common Area Maintenance; Grounds Care; HVAC Maintenance; Insurance; Lawn; Lawn; Maintenance/Repair; Repairs; Roof Maintenance; Snow Removal; Taxes Parking Characteristics: Insulated Garage; Paved Lot Pool Description: None Potential Use: Income Rent Rate per Foot: Gross Rental License Type: Standard Road Frontage: City Street; Cul De Sac; Paved Streets Road Responsibility: Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles; Pitched Sewer: City Sewer/Connected Stories: One Tenant Pays: All Utilities Topography: Level Wall Description: Drywall Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 2500000
Owner is an Agent?: Yes
Auction?: No

Location Tax and Other Information

House Number: 11024-11038
Street Name: 183rd
Street Suffix: Circle
Street Direction Suffix: NW
Postal City: Elk River
County: Sherburne
State: MN
Zip Code: 55330
Complex/Dev/Subdivision: Mulvaney Point Twin Homes

Additional Parcels Information

Property ID #2: 75009040110
Property ID #3: 75009040115,75009040120,75009040125,75009040130,75009040135,75009040145,75009040140

Assessments

Tax With Assessments: 30528
Assessment Balance: 0
Assessment Installment: 0

More Information

Building Information

Building Finished SqFt: 1442
Building SqFt: 1442
Ceiling Height: 8-10

Income and Expenses

Annual Gross Expenses: 53000
Annual Gross Income: 210720
Annual Insurance Expense: 9530
Annual Maintenance Expense: 7000
Annual Net Income: 157720
Annual Water/Sewer Expense: 1500
Total Annual Expenses: 53000

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Door Height: 7
Garage Door Width: 16
Garage Square Feet: 450
Insulated Garage: Yes
Paved Lot: Yes

Public Survey Info

Range#: 26
Section#: 35
Township#: 33

Sale Options

Sale Includes: Building, Land, Rental License

Unit 1

Unit Number: 11024
Monthly Rent: 2195
Full Baths: Yes
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Level: Main Level
Unit Total SqFt: 1442
Leased?: Yes
Lease Expiration Date: 2027-04-01

Unit 2

No. of 2 Bedroom Units: 8
Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11026
Unit Total SqFt: 1442

Unit 3

Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11028
Unit Total SqFt: 1442

Unit 4

Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11030
Unit Total SqFt: 1442

Unit 5

Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11032
Unit Total SqFt: 1442

Unit 6

Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11034
Unit Total SqFt: 1442

Unit 7

Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11036
Unit Total SqFt: 1442

Unit 8

Full Baths: Yes
Lease Expiration Date: 2027-04-01
Leased?: Yes
Level: Main Level
Monthly Rent: 2195
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 2
Total Rooms: 7
Unit Number: 11038
Unit Total SqFt: 1442

Unit Details

Total Units: 8

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: LOT 1-9, BLK 1, Mulvaney Point Twin Homes
Listing City: Elk River
Map Page: 34
Municipality: Elk River
School District: Elk River
School District Phone: 763-241-3400
Zip Plus 4: 2088
Property ID Number: 75009040105
Tax Year: 2026
Tax Amount: 30528
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: 55+ 1-Level rental community built in 2020. Hard to find investment opportunity. Community consists of 4 twin homes (8 units). Each unit has a separate PID to provide for residential v.s commercial property tax rate and ease of forming association if owner wanted to sell units individually. Units boast a great floorplan and are well appointed. Very stable and loyal tenant base that have been taking great care of their respective units. Conveniently located on a quiet cul-de-sac and close to local shopping and the Hwy 101/169 corridor.
Directions: Hwy 169 to East on Main St (Cty Rd 12). Left on Line Ave. Right on 183rd Circle to cul-de-sac.

Accessible

No Stairs External: Yes
No Stairs Internal: Yes

Air Conditioning

Central Air: Yes

Amenities Unit

Ceiling Fan(s): Yes
In-Ground Sprinkler: Yes
Kitchen Center Island: Yes
Main Floor Primary Bedroom: Yes
Paneled Doors: Yes
Patio: Yes
Primary Bedroom Walk-In Closet: Yes
Washer/Dryer Hookup: Yes
Other: Yes

Appliances

Air-To-Air Exchanger: Yes
Dishwasher: Yes
Disposal: Yes
Dryer: Yes
Microwave: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Basement

None: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes
Metal: Yes
Vinyl: Yes

Flooring

Carpet: Yes
Luxury Vinyl Plank: Yes

Foundation

Slab: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Lot Description

Tree Coverage - Medium: Yes

Owner Pays

Common Area Maintenance: Yes
Grounds Care: Yes
HVAC Maintenance: Yes
Insurance: Yes
Lawn: Yes
Maintenance/Repair: Yes
Repairs: Yes
Roof Maintenance: Yes
Snow Removal: Yes
Taxes: Yes

Patio, Porch and Deck Features

Covered: Yes
Patio: Yes

Pool Description

None: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes
Cul De Sac: Yes
Paved Streets: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes
Pitched: Yes

Sewer

City Sewer/Connected: Yes

Stories

One: Yes

Topography

Level: Yes

Wall Description

Drywall: Yes

Water

City Water/Connected: Yes

No. of Ranges

Six or More: Yes

No. of Refrigerators

Six or More: Yes

Tenant Pays

All Utilities: Yes

On Site Utilities

Electric Separate: Yes
Heating Separate: Yes
Hot Water Separate: Yes

CMU Style

Apartments/Multi Family: Yes
Duplex Side by Side: Yes
Low Rise: Yes

Current Use

Residential: Yes

Loan Terms

Cash: Yes
Conventional: Yes

Overhead Door Clearance

0-9 Feet: Yes

Potential Use

Income: Yes

Rent Rate per Foot

Gross: Yes

Listing Office: Acuity Group

Last Updated: May - 27 - 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.