For Sale: Cloquet MLS# 7013167
Active
$1,500,000
Commercial: 2 Stories
3 ba • Built 1950
0.26 acres
West Central Area schools
MLS# 7013167
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Property Description
Union Lofts is a mixed-use income property located in downtown Cloquet featuring a diversified unit mix. The property includes 7 operating short-term rental units, 3 leased commercial units, and 3 unfinished units, offering both immediate income and future expansion potential subject to zoning, permitting, and approvals. Current operations generate income from short-term rentals and commercial space. The unfinished units provide an opportunity for a buyer to add additional residential or commercial income following due diligence and required approvals. Union Lofts is well-suited for investors, owner-operators, or 1031 exchange buyers seeking a stabilized mixed-use asset. Financial information is available upon request for qualified buyers. Buyer to verify zoning, licensing, permitted uses, and income details.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,500,000
Property Type:
Commercial
City:
Cloquet
Garage Spaces:
0
County:
Carlton
Year Built:
1950
State:
MN
Property Style:
2 Stories
Zip Code:
55720
Subdivision Name:
Northwest Paper Co Add
Interior
Bedrooms:
0
Bathrooms:
3
Basement Details:
None
Exterior
Stories:
Two
Garage Spaces:
0
Foundation Size:
5,724 ft2
Foundation Dimensions:
54x106
Handicap Accessible:
Partially Wheelchair
Heating System:
Forced Air
Parking Features:
Parking Lot
Exterior Material:
Brick
Roof Details:
Rubber
Lot & Land
Acres:
0.26
Geolocation:
46.722483, -92.44861
Inclusions:
Building, Business, Fixture/Equipment, Land, Leases
Lot Dimensions:
150 x 207 x 150 x 211
Zoning:
Business/Commercial
Schools
School District:
2342
District Phone:
2188796721
Expenses
Annual Electric Expense:
$12,750
Annual Fuel Expense:
$1,505
Annual Insurance Expense:
$7,214
Annual Maintenance Expense:
$1,857
Annual Water/Sewer Expense:
$3,039
Tenant Expenses:
Electricity, Fuel, Water
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$23,164
Lender-owned:
No
Assessment Pending:
Yes
Taxes w/ Assessments:
$24,184
Income
Annual Gross Income:
$181,562
Rent
Annual Net Income:
$116,720
Units
Total Units:
13
Miscellaneous
Current Use:
- Bed & Breakfast
- Hotel/Motel
- Professional/Office
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
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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!
Listing provided by RMLS,
courtesy of RE/MAX Results.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.