8,864 SF Retail / Airbnb Apartments located in the “Heart” of Stillwater

Description: 8,864 SF Retail / Airbnb located in the “Heart” of Stillwater. Building is located on the high demand south side of town, east side of main street, downtown Stillwater. With 3 retail spaces on ground level, total of 5,136 sq. ft. Second-floor area consists of three unique apartments used as Airbnb and Verbo with a total of +/- 3,728 sq. ft. Two of the three units are one-bedroom the other apartment is a two bedroom, all with living/dining room, full kitchen, full bath, and laundry/storage. The ground floor has a 12’ ceiling height with a tin ceiling, plaster walls and hardwood floor; the basement is 4,000 sq. ft. and is used for storage, clear height is about 5’ 8. The roof has a deck at the back of the building with expansive views of the river and bluffs. There is a manager in place that handles all inquiries for the apartments and does the cleaning as well. This is a great 1031 exchange opportunity!

 

Exterior Features: The building is mill construction with brick walls and wood posts and beams. The brick walls are exposed in the apartment units and plastered/brick in the retail units, the roof is a rubber bladder that is flat with a pitch.  The roof is approximately 6 years old and appears to be in great condition.

 

Interior Features: This property has all three retail spaces leased on main level with all three apartments being rented out a few times a week as Airbnb and Verbo on second level.  These apartments are considered the premier apartments in Stillwater. Building has a combination of wood, tile and carpeted. The walls are a combination of exposed brick, drywall, and plaster. Ceilings are painted drywall, tin and open. The building uses forced air for heat and cooling.

 

Age / Condition: Built in 1858. The interior and exterior are in good condition.

 

ASKING PRICE: The owner is asking $1,850,000 for the building. The three apartments generate approx. a gross income of $170,200 annually, and the three retail spaces generate approx. $69,600 annually.

 

REASON FOR SALE:  Other Interest

 

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Bill Kraemer

About Bill Kraemer

Bill Kraemer brings a unique skill set to the business broker arena. As a former business owner himself, Bill understands what it takes to develop, build and successfully sell a business for maximum value. He has the unparalleled ability to indentify individual strengths and align buyers with the proper businesses. His passion, experience and honest approach give him the ability to relate to business owners and their enterprises. Bill has over 28 years experience in the Minneapolis/St. Paul marketplace and has established a reputation as a trusted business advisor to clients and businesses alike. He specializes in buy/sell transactions spanning across manufacturing, distribution, franchises and service industries. Bill lives in Apple Valley with his wife of 28 years, Susan and their two children – Lauren and Nick. Bill loves spending time with family and friends and is an avid outdoorsman.

Contact the listing agent to learn more.