$1,750,000
Coeur d'Alene, ID 83814
MLS# 20-10891
Status: Closed
11400 sqft
1 / 10
Property Description
Location, location, location! Mostly remodeled Class B+ 11,000 SF, Mixed Use Apartment, Office, Retail, Warehouse Building For Sale. This corner building is located in the heart of the Midtown Walking District off 4th St with nearly 8,000 cars passing one-way each day. There is ample street parking and 2 free adjacent public parking lots with 40 spaces. Top floor has 4 one bedroom apartments and 1 two bedroom apartment that has recently been fully remodeled. Each apartment unit is in great condition and the market supports rent rate increases every 6 months. Main floor is 3,800 SF newly renovated and includes a newly signed anchor tenant with a strong 5-year lease. With 5 remaining retail/office units (2600 SF) available, there is major cash flow opportunity available.
Details
Contract Information
Status: Closed
Listing Type: Multi Family
Area: 01 - Cd'A Urban/Dalton
Sold Date: 2021-06-11
Neighborhood Grid #: 104
Begin Date: 2020-11-12
List Price: $1,750,000
Non-Agent Compensation Type: $
Buyer Agency Compensation: 3
Buyer Agency Compensation Type: %
Under Contract Date: 2021-03-22
Short Sale: No
REO: No
Financing: Conventional Loan
General Property Description
Realtor.COM Type: Multi-Family
Number of Units: 12
Building Style: Multi Level
Basement: No
Total SqFt.: 11400
SqFt. B: 3800
SqFt. 1: 3800
SqFt. 2: 3800
ESTIMATED SqFt Source: Builder Plans
SqFt Per: Bldg
Year Built: 1955
New Construction: No
Lot Acres: 0.12
Lot Type 1: Duplex/Multi
Legal and Taxes
Legal: RUSSELLS ADD TO CDA, LT 1 BLK 6 URD LAKE DISTRICT 1997 Section 13
Township 50N Range 04W
AIN/Tax Bill: 119055
Parcel Number: C78750060010
School District: CDA - 271
Zoning: C-17
Directions: 849 N 4th ST
Taxes: 1766
Tax Year: 2020
Taxes Reflect 1: No Exemptions
Subdivision: Russell
Remarks
Public Remarks: Location, location, location! Mostly remodeled Class B+ 11,000 SF, Mixed Use Apartment, Office, Retail, Warehouse Building For Sale. This corner building is located in the heart of the Midtown Walking District off 4th St with nearly 8,000 cars passing one-way each day. There is ample street parking and 2 free adjacent public parking lots with 40 spaces.
Top floor has 4 one bedroom apartments and 1 two bedroom apartment that has recently been fully remodeled. Each apartment unit is in great condition and the market supports rent rate increases every 6 months.
Main floor is 3,800 SF newly renovated and includes a newly signed anchor tenant with a strong 5-year lease. With 5 remaining retail/office units (2600 SF) available, there is major cash flow opportunity available.
Address
Street Number: 849
Street Direction Pfx: N
Street Name: 4th
Street Suffix: ST
State/Province: ID
Postal Code: 83814
County: Kootenai
Property Subject To
CC&Rs: No
Homeowners Assoc: No
LID: No
Non-Mtg Lien: No
Flood Zone: No
Aircraft Flight Zone: Unknown
Fire Protection Dist: Unknown
Miscellaneous
Sec: 13
Rng: 4
Rng Dir: WBM
Property Features
Lot Features: Corner Lot
Interior Features: Cable Internet Available
Fuel: Gas
Heating: Baseboard; Forced Air
Basement: None
Foundation: Concrete
Construction: Block; Brick
Exterior: Cement Block
Roof: Rolled Comp
Road: Paved
Sewer: City Sewer
Terms Considered: Cash; Conventional
Supplements
This floor also includes 10'x30' of prime outdoor patio frontage, 2 new ADA bathrooms, new HVAC throughout, luxury LVP flooring, Smart metering throughout, and much more!
Basement is 3,800 SF finished and available to rent out with a bathroom, kitchenette, concrete flooring, garage door that has a covered driveway to the back alley.
Other improvements include a new membrane roof, new HVAC, new exterior paint, and many other smaller updates.
The building is projected to be 100% leased by January 2020 and estimated to bring in over $13,000/mo which puts it at a $2 million dollar valuation at 5.65 cap rate. This is a major opportunity to make over $500,000 in equity in a short amount of time while enjoying cash flow. Price will rise as new tenants sign leases.
Listing Office: Congress Realty, Inc.
Last Updated: June - 13 - 2021
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Wednesday 8th of May 2024 07:40 PM