OZ Rental Properties- Virginia MN

These three buildings are being sold as a package and generate a good return on investment. They are all in the
“Opportunity Zone” in Virginia Minnesota. That has several tax breaks available and can be researched at
https://www.irs.gov/credits-deductions/businesses/opportunity-zones.

1: Parcel Number: 090-0010-06320130 or 130 Chestnut Street/Lottery Building is heated by forced air steam and has central
air conditioning. This was a new block building in 2009 faced with brick, had a new flat rubber roof at that time and has a
hydraulic lift in the loading dock area. This 8000 square foot building is located on a 100 x 120 lot, has one tenant (4,929
square feet) paying $5,274 per month (MN Lottery), one (721 square feet) paying $720 per month (Dentist) and
approximately 2000 square feet of open space, yet to be rented. The lease with the lottery is good ‘till May 2024 with an
additional 3-year option and the dentist is good ‘till August 2022.

2: Parcel Number: 090-0030-01950 or 601 S 2nd Ave is the other commercial building and rents to a therapy office for $700
per month. This building is 762 square feet, has a flat rubber roof approximately 25 years old and in good shape. This is
also heated with steam/forced air and has central air conditioning. This tenant has been there for over 4 years without a
lease.

3: Parcel Number: 090-0010-06370 or the duplex at 125 First Street is on a lot that measures 50 x 120 and has tenants in both
apartments. The lower apartment is 3 bedrooms/1 bath rented at $900 per month and the other upper one of 2 bedrooms
one bath is rented for $675 per month. Both are mostly paid by Range Transitional Housing with direct deposits to the
landlord. The lower tenant is responsible for $25.00 per month otherwise the rent is paid. The current tenants have been
there about 2 years/upper and about 10 years/lower. This building has vinyl siding and the roof is about 10 years old and in
good shape. This building is heated with steam and radiators and there is no air conditioning. Both of these leases include
utilities, are annual and renew each year in May. There is also a detached garage of approx. 1000 square feet at this
location, currently not rented or being used.

There are endless summer and winter recreational opportunities in this community. There are about 1,000 lakes, rivers,
and streams in the area. Virginia is a dynamic, progressive community located in the heart of Minnesota’s Iron Range.
Virginia is the area’s retail hub and is a city rich in tradition, forward thinking and committed to growth and economic
development. The city provides a safe and convenient quality of life, excellent schools, high-quality municipal services and
abundant recreational opportunities. For more information on Virginia go to: www.virginia-mn.com.
The sale price of $595,000 includes fixtures and all three parcels of real estate.

  • Broker First Name: Steve 
  • Broker Last Name: Bragg 
  • Broker Company: Calhoun Companies 
  • Broker Address 1: 158 Evergreen Road 
  • Broker City: Lutsen 
  • Broker State: MN 
  • Broker Zip Code: 55612 
  • Broker Telephone: 218-663-7682 
  • Broker Fax: 218-663-7091 
  • Broker Email Address: sbragg@boreal.org 
  • Broker Website URL: https://www.madeontherange.com/calhoun-companies.html 
  • ED First Name: Karl 
  • ED Last Name: Schuettler 
  • ED Email Address: kschuettler@northspan.org 
  • Status: Available 
  • Property Sale Comments: These three buildings are being sold as a package and generate a good return on investment. 
  • Building Land Type: Commercial, Office, Residential, Retail 
  • Is For Sale: Yes 
  • Sale Price: $595,000 
  • Is For Lease: No 
  • Interstate Name 1: US I35 
  • Interstate Distance 1: 65.40 
  • Highway Name 1: US Hwy 53 
  • Highway Distance 1: 2.30 
  • Port Name 1: Duluth Seaway Port Authority 
  • Port Distance 1: 66.20 
  • Airport Name 1: Range Regional Airport 
  • Airport Distance 1: 22.90 
  • Airport Name 2: Duluth International Airport 
  • Airport Distance 2: 60.40 
  • Has Parking: Yes 
  • Electric Provider: MN Power 
  • Is Airconditioned: Yes 
  • Is Electric On Site: Yes 
  • Is Heated: Yes 
  • Is Water On Site: Yes 
  • Sewer Provider: City 
  • Water Provider: City 
  • Address1: 130 Chestnut St. 
  • Address City: Virginia 
  • Address County: St. Louis 
  • Address State: MN 
  • Zip Code: 55792 
  • Latitude (Geo-coded): 47.52 
  • Longitude (Geo-coded): -92.53 
  • Address for Geo-coding: Virginia, Minnesota 

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