Olivia, MN 56277

$620,000
Property Type: Commercial Bedrooms: 49 Baths: 49 Square Footage: 31,650 Lot Size (sq. ft.): 166,399 Status: Closed
Current Price: $620,000 List Date: 2/22/2026 Last Modified: 7/01/2026

Overview

Description

49 total apartment units. 48 one bedroom units, one 2 bedroom unit. 4 buildings total. Three 16 unit buildings. The fourth building includes office , community room and two bedroom apartment. On linear pond to the South. Plenty of off parking. Brand new electric panels in all four buildings. Common laundry rooms in each building. Wall ACs. Close to parks and playground. Two sheds included. Possibly room on property for community gardens. *property needs updating approximately half the units are vacant. A couple+ are gutted. **Affordable housing under a Section 8 contract, that the buyers will need to get 2530 Clearance with HUD- HUD contract til 2035** Sold As is- many units need major repairs. Community building needs roofing. Gross rent is Pro-Forma 3 Roofs in the last 8 -10 years. All the electric panels plus -basically brand new. Conveniently located in town of Olivia.

Listing Details MLS# 7018242

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
100
Owner Occupied
No
Road Btwn WF & Home?
No
Waterfront YN
No
Year Built
1993
Yearly/Seasonal
Yearly
Zoning
Residential-Multi-Family
Foundation Size
11000
Lake/Waterfront Name
Unnamed Lake
Power Company
Other
For Sale or Lease
For Sale
Acres
3.82
Lot Dimensions
369x448x371x449
Assessment Pending
No
Garage Stalls
0

Property Features

Accessible: Partially Wheelchair Air Conditioning: Wall Unit(s) Amenities Shared: Coin-op Laundry Leased; Common Garden; Security Building; Unspecified; Other Amenities Unit: Panoramic View; Unspecified; Other Appliances: Range; Refrigerator Assumable Loan: Not Assumable Basement: None CMU Style: Apartments/Multi Family Construction Status: Previously Owned Current Use: Residential Existing Financing: Conventional; Special Funding Exterior: Brick Veneer; Vinyl Fencing: None Financing Terms: Conventional Flooring: Carpet; Other/See Remarks; Vinyl/Linoleum Foundation: Concrete Block Fuel: Electric Heating: Baseboard; Radiant Loan Terms: Cash; Conventional Location Description: Free Standing; Other/See Remarks Lock Box Type: None Lot Description: Property Adjoins Public Land; Tree Coverage - Medium Miscellaneous Information: Building Sign; Exterior Lighting On Site Utilities: Electric Common; Heating Common; Hot Water Common Owner Pays: All Utilities; Common Area Maintenance; Electricity; Exterior Maintenance; Grounds Care; Heat; Insurance; Snow Removal; Trash Collection; Water Parking Characteristics: Parking Lot; Unassigned; Uncovered/Open Pool Description: None Rent Rate per Foot: Other; Per Month Rental License Type: Other Road Frontage: City Street; Paved Streets Road Responsibility: Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles; Pitched Sewer: City Sewer/Connected Shared Rooms: Amusement/Party Room; Community Room; Other Stories: Two Tenant Pays: Other Topography: Level Unit 15: Total Bathrooms Wall Description: Drywall Water: City Water/Connected Waterfront Type: Pond Waterfront View: South

Contract Information

Exclusions
Laundry machines
Off Market Date
2026-03-19
Closed Date
2026-06-30
Sales Close Price
620000
Contingency
None
ListPrice
674900
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

Postal City
Olivia
County
Renville
State
MN
Zip Code
56277

Assessments

Tax With Assessments
3728
Assessment Balance
0

Building Information

Building Finished SqFt
30800
Building SqFt
31650

More Information

Income and Expenses

Annual Gross Expenses
234512
Annual Gross Income
360000
Annual Net Income
125488

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No
Building Sign
Yes
Exterior Lighting
Yes

Ownership

Fractional Ownership
No

Public Survey Info

Range#
35
Section#
13
Township#
115

Sale Options

Sale Includes
Building, Fixture/Equipment, Land, Leases, Other

Unit 1

Unit Number
Yes
Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Total SqFt
550
No. of 1 Bedroom Units
48

Unit 10

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
10
Unit Total SqFt
550

Unit 11

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
11
Unit Total SqFt
550

Unit 12

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
12
Unit Total SqFt
550

Unit 13

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
13
Unit Total SqFt
550

Unit 14

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
14
Unit Total SqFt
550

Unit 15

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
15
Unit Total SqFt
550
Total Bathrooms
Yes

Unit 2

No. of 2 Bedroom Units
Yes
Full Baths
Yes
Monthly Rent
600
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
2
Unit Total SqFt
550

Unit 3

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
3
Unit Total SqFt
550

Unit 4

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
4
Unit Total SqFt
550

Unit 5

Full Baths
Yes
Monthly Rent
600
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
5
Unit Total SqFt
550

Unit 6

Full Baths
Yes
Monthly Rent
600
Total Bathrooms
Yes
Total Rooms
4
Unit Number
6
Unit Total SqFt
550

Unit 7

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
7
Unit Total SqFt
550

Unit 8

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
8
Unit Total SqFt
550

Unit 9

Monthly Rent
600
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
4
Unit Number
9
Unit Total SqFt
550

Unit Details

Total Units
49

Office/Member Info

Association
SPAAR

Location, Tax and Other Information

Legal Description
TR IN NE4 OF NE4 450' X 370' LYING S OF LOT 4
Listing City
Olivia
Map Page
999
Municipality
Olivia
School District
Bird Island-Olivia-Lake Lillian
School District Phone
320-523-1031
Zip Plus 4
2104
Property ID Number
350025000
Tax Year
2025
Tax Amount
3728
In Foreclosure?
No
Potential Short Sale?
Yes
Lender Owned?
No

Directions & Remarks

Public Remarks
49 total apartment units. 48 one bedroom units, one 2 bedroom unit. 4 buildings total. Three 16 unit buildings. The fourth building includes office , community room and two bedroom apartment. On linear pond to the South. Plenty of off parking. Brand new electric panels in all four buildings. Common laundry rooms in each building. Wall ACs. Close to parks and playground. Two sheds included. Possibly room on property for community gardens. *property needs updating approximately half the units are vacant. A couple+ are gutted. **Affordable housing under a Section 8 contract, that the buyers will need to get 2530 Clearance with HUD- HUD contract til 2035** Sold As is- many units need major repairs. Community building needs roofing. Gross rent is Pro-Forma 3 Roofs in the last 8 -10 years. All the electric panels plus -basically brand new. Conveniently located in town of Olivia.
Directions
212 / 71 to 13th

Accessible

Partially Wheelchair
Yes

Air Conditioning

Wall Unit(s)
Yes

Amenities Shared

Coin-op Laundry Leased
Yes
Common Garden
Yes
Security Building
Yes
Unspecified
Yes
Other
Yes

Amenities Unit

Panoramic View
Yes
Unspecified
Yes
Other
Yes

Appliances

Range
Yes
Refrigerator
Yes

Assumable Loan

Not Assumable
Yes

Basement

None
Yes

Construction Status

Previously Owned
Yes

Existing Financing

Conventional
Yes
Special Funding
Yes

Exterior

Brick Veneer
Yes
Vinyl
Yes

Fencing

None
Yes

Financing Terms

Conventional
Yes

Flooring

Carpet
Yes
Other/See Remarks
Yes
Vinyl/Linoleum
Yes

Foundation

Concrete Block
Yes

Fuel

Electric
Yes

Heating

Baseboard
Yes
Radiant
Yes

Lake Details

Lake Depth
No

Lock Box Type

None
Yes

Lot Description

Property Adjoins Public Land
Yes
Tree Coverage - Medium
Yes

Owner Pays

All Utilities
Yes
Common Area Maintenance
Yes
Electricity
Yes
Exterior Maintenance
Yes
Grounds Care
Yes
Heat
Yes
Insurance
Yes
Snow Removal
Yes
Trash Collection
Yes
Water
Yes

Parking Characteristics

Parking Lot
Yes
Unassigned
Yes
Uncovered/Open
Yes

Pool Description

None
Yes

Rental License Type

Other
Yes

Road Frontage

City Street
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

Shared Rooms

Amusement/Party Room
Yes
Community Room
Yes
Other
Yes

Stories

Two
Yes

Topography

Level
Yes

Wall Description

Drywall
Yes

Water

City Water/Connected
Yes

Waterfront Type

Pond
Yes

Waterfront View

South
Yes

No. of Ranges

One Per Unit
Yes

No. of Refrigerators

One Per Unit
Yes

Tenant Pays

Other
Yes

On Site Utilities

Electric Common
Yes
Heating Common
Yes
Hot Water Common
Yes

CMU Style

Apartments/Multi Family
Yes

Current Use

Residential
Yes

Loan Terms

Cash
Yes
Conventional
Yes

Location Description

Free Standing
Yes
Other/See Remarks
Yes

Rent Rate per Foot

Other
Yes
Per Month
Yes

Documents

IDX
Listing Office: Lentsch Company
Last Updated: July - 01 - 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.
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