$750,000
Investment Summary
- Monthly Cash Flow
- -$3,946
- Cap Rate
- -0.6%
- Cash-on-Cash Return
- -27.5%
- Debt Coverage Ratio
- -0.11
- Internal Rate of Return (5 years)
- -22.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Enjoy city living at its best w/this absolutely Stunning Penthouse suite. With a whopping 2400(+) sqft, this 2BD/2BA unit boasts 12-ft ceilings w/ Modern sophisticated updates. This is the 1st time this unit has become available since the 2003 conversion of the historic Great Northern Lofts building. As you take your first steps into the unit, you will be greeted by a very spacious foyer which features custom built-in floating cabinetry, a coat closet to your "Left" just off of the LR & a HUGE walk-in closet to your "Right" for add. storage just around the corner in the FR. From the foyer, you have the option of heading in either direction - Living room "left" OR Family room "right". For now, we’ll continue "left", stepping into the main Living room featuring more custom cabinetry w/elegant track lighting & a gorgeous floor-to-ceiling tiled gas fireplace (Designed & Built by, David Heide Design Studio/Wagner & Lang Construction), as well as Hunter Douglas motorized shades which stretch into the generously-sized Formal dining room w/its elegant custom lighting. The kitchen, which was remodeled in 2016 by Partners 4, Design, offers beautiful custom backpainted glass backsplashes by GlassArt Design, Custom Crystal Cabinets, open shelving over the kitchen sink, LED lighting, granite countertops & SS appliances w/ add. wine fridge. The spacious kitchen wraps around the corner to reveal a large pantry & coffee bar/work zone w/ loads of add. storage. The primary BD sits off of the main living room & features oak hardwood floors (installed in 2019 by River City Hardwoods), LED lighting, Hunter Douglas motorized shades, & a Custom bench and jewelry cabinet by Closet Factory. The primary BA was completely gutted & remodeled in 2015 by Partners 4, Design & features a Corian shower, tub platform & vanity countertop, Natural limestone tile w/ in-floor heat, Dornbracht faucets & tub filler, Custom Poggenpohl cabinetry, Wetstyle Cube soaking tub, Kohler bath accessories, Heated towel bar & Lighted mirrors. The 2nd BD, located on the opposite end of this unit, functions as a multi-purpose space with a custom rolling paneled wall, hardwood floors, brand new LED lighting, a built-in Murphy bed, custom office cabinetry & matching rolling desks. Both BDs also feature “Closet Factory” closets. The 2nd BA which was remodeled in 2018, (also by Partners 4, Design) offers even more Custom cabinetry (by Crystal Cabinetry), Quartz countertop, walk-in shower, Kohler bath fixtures, LED lighting and lighted mirror. Custom roller shades and brand new LED lighting are available in the very spacious Family room found just off the 2nd BD & to the "right" side of the Front foyer. The private in-unit laundry room is located just off of the 2nd BD, BA, & FR space with high-end front load LG machines (purchased in 2023), cabinet storage & new quartz countertops! All rooms were repainted in 2022 by Summit Painting and Restoration. FINALLY, head up the staircase just outside of the unit's entrance to the building rooftop. Here you will find a massive private rooftop patio, great for evening entertainment OR rooftop gardening! Building amenities abound - 2 off-street parking spaces (#215 and 216), party & exercise room, private courtyard patio, bike storage & add. storage locker #49 in basement. Near Farmers Market, CHS Field & plethora of Bars, Restaurants & parks!
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Location
Property Details
Parking
- Description: Assigned, Covered, Detached, Garage Door Opener
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 12
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Brick
HOA
- Has HOA: Yes
- HOA Fee: $1,925/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 322922330315
- Lot Size: 1742 sqft
Property Information
- Property Type: Condominium
- Style: (CC) High Rise (4+ Levels)
- Year Built: 1888
Tax Information
- Annual Tax: $10,638
Utilities
- Heating: Forced Air, Hot Water
- Cooling: Zoned
Location
- County: Ramsey
Listing Details
Investment Summary
- Monthly Cash Flow
- -$3,946
- Cap Rate
- -0.6%
- Cash-on-Cash Return
- -27.5%
- Debt Coverage Ratio
- -0.11
- Internal Rate of Return (5 years)
- -22.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $750,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$600,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $150,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $22,500 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $172,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,431 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $309 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $1.44 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $600,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 5.875% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $3,549 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $887 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $245 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $4,681 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $3,500 | $42,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$210 | -$2,520 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,290 | $39,480 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 25% | -$887 | -$10,638 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$245 | -$2,940 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$280 | -$3,360 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$175 | -$2,100 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$175 | -$2,100 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 55% | -$1,925 | -$23,100 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 105% | -$3,687 | -$44,238 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| -$397 | -$4,764 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$3,549 | -$42,588 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $3,946 | $47,352 |