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For Sale:  Red Wing MLS# 7030253

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Active
$389,900
/mo Edit
Multi-family:  Apartments
5 br • 5 ba • Built 1880
2,829 sqft • 0.23 acres
Red Wing schools
MLS# 7030253
763-576-8286
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    Property Description

    Turnkey 5-Unit Investment Opportunity in Red Wing Fully leased 5-plex in a desirable, walkable historic neighborhood just minutes from downtown and the Mississippi River. Property features 4 one-bedroom units and 1 studio, generating $5, 075/month in gross rental income with continued upside potential. Recent improvements include updated interiors, flooring, paint, and major mechanicals: new boiler (2025), water heater (2020), and roof (2018)—helping minimize near-term capital expenses. Generous lot with on-site and street parking. Strong rental demand area with consistent occupancy—ideal for investors seeking a stable, income-producing asset with upside.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $389,900
    Price per sq ft: $138
    Property Type: Multi-family
    City: Red Wing
    Garage Spaces: 0
    County: Goodhue
    Year Built: 1880
    State: MN
    Property Style: Apartments
    Zip Code: 55066
    Subdivision Name: City/Red Wing

    Interior

    Bedrooms: 5
    Bathrooms: 5
    Finished Area: 2,829 ft2
    Living Area: 2,829 ft2
    Refrigerators: Five
    Basement Details: Partial

    Exterior

    Stories: Two
    Garage Spaces: 0
    Foundation Size: 395 ft2
    Fencing: None
    Handicap Accessible: None
    Heating System:
    • Baseboard
    • Boiler
    • Radiant
    Parking Features: Assigned
    Shared Amenities: Porch
    Road Frontage: City Street
    Roof Details:
    • Age 8 Years or Less
    • Asphalt

    Rooms

    Laundry: None

    Lot & Land

    Acres: 0.23
    Geolocation: 44.561611, -92.538541
    Lot Dimensions: .23 Acres
    Zoning: Residential-Multi-Family
    Lot Description:
    • Irregular Lot
    • Tree Coverage - Light

    Schools

    School District: 256
    District Phone: 6513854500

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: $2,750
    Annual Fuel Expense: $2,750
    Annual Insurance Expense: $5,998
    Annual Maintenance Expense: $1,000
    Annual Trash Expense: $1,000
    Annual Water/Sewer Expense: $4,170
    Tenant Expenses: Broadband, Cable TV

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $4,206
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $4,206

    Income

    Annual Gross Income: $62,700

    Rent

    Annual Net Income: $44,827

    Units

    Total Units: 4

    Miscellaneous

    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Water System: City Water/Connected
    Power Company Name: Xcel Energy

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.