123 S Broadway, Pelican Rapids, MN 56572 (MLS# 7042345)

123 S Broadway, Pelican Rapids, MN 56572

$375,000

Property Type: Commercial Bedrooms: 8 Baths: 5 Square Footage: 6,468 Lot Size (sq. ft.): 3,049 Status: Active

Current Price: $375,000 List Date: 4/01/2026 Last Modified: 6/26/2026

Overview

Description

No Vacancies! In the heart of Pelican Rapids sits this 5-unit Apartment Building, a great Investment opportunity in a town with plenty of jobs available. 3-two bed/one bath units and 2-one bed/one bath units. This is a well maintained property and new updates to Unit #1 are completed. Each unit has its own laundry and garage. Pelican Rapids is a thriving town located in the middle of Lakes Country in Otter Tail County.

Listing Details MLS# 7042345

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 2
Owner Occupied: No
Waterfront YN: No
Year Built: 1900
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 2684
Garage Stalls: 5
Power Company: Ottertail Power
For Sale or Lease: For Sale
Acres: 0.07
Lot Dimensions: 25x134
Assessment Pending: Unknown

Property Features

Accessible: None Air Conditioning: Window Unit(s) Amenities Shared: None Appliances: Dryer; Range; Refrigerator; Washer Basement: Owner Access; Partial CMU Style: Apartments/Multi Family Construction Materials: Brick; Concrete; Frame Construction Status: Previously Owned Current Use: Residential Exterior: Brick/Stone; Vinyl Fencing: None Flooring: Carpet; Vinyl/Linoleum; Wood Foundation: Combination Fuel: Electric; Natural Gas Heating: Forced Air Internet Options: Fiber Optic Loan Terms: Cash; Conventional Location Description: Downtown Lock Box Type: None Lot Description: Corner Lot On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate Owner Pays: Insurance; Repairs; Sewer; Snow Removal; Trash Collection; Water Parking Characteristics: No Int Access to Dwelling; Tuckunder Garage Pool Description: None Potential Use: Diversified; Office; Retail Rent Rate per Foot: Per Month Rental License Type: Standard Road Frontage: City Street; Highway; Paved Streets; Sidewalks; Storm Sewer; Street Lights Road Responsibility: Public Maintained Road Roof: Composition; Metal Sewer: City Sewer/Connected Stories: Two Tenant Pays: Broadband; Cable TV; Electricity; Gas; Hot Water Topography: Level Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 375000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 123
Street Direction Prefix: S
Street Name: Broadway
Postal City: Pelican Rapids
County: Otter Tail
State: MN
Zip Code: 56572
Complex/Dev/Subdivision: Frazees 1st Add

Assessments

Tax With Assessments: 3592

Basement

Foundation Dimensions: 22x122

More Information

Building Information

Building Finished SqFt: 3784
Building SqFt: 6468
Ceiling Height: 8-10

Income and Expenses

Annual Caretaker Expense: 2640
Annual Gross Income: 50100
Annual Insurance Expense: 1800
Annual Maintenance Expense: 2640
Annual Trash Expense: 900

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 43
Section#: 27
Township#: 136

Sale Options

Sale Includes: Building, Fixture/Equipment, Leases

Unit 1

Unit Number: #1
Monthly Rent: 850
Three-Quarter Baths: Yes
Total Bathrooms: Yes
Total Bedrooms: Yes
Total Rooms: 4
Level: Main Level
Leased?: Yes
Lease Expiration Date: 2026-04-01
No. of 1 Bedroom Units: 2

Unit 2

No. of 2 Bedroom Units: 3
Lease Expiration Date: 2026-06-30
Leased?: Yes
Level: Main Level
Monthly Rent: 800
Three-Quarter Baths: Yes
Total Bathrooms: Yes
Total Bedrooms: Yes
Total Rooms: 4
Unit Number: #2

Unit 3

Full Baths: Yes
Leased?: No
Level: 2nd Level
Monthly Rent: 925
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 6
Unit Number: #3

Unit 4

Leased?: No
Level: 2nd Level
Monthly Rent: 850
Three-Quarter Baths: Yes
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 6
Unit Number: #4

Unit 5

Full Baths: Yes
Lease Expiration Date: 2027-07-31
Leased?: Yes
Level: 2nd Level
Monthly Rent: 750
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 6
Unit Number: #5

Unit Details

Total Units: 5

Listing Office: REMAX Lakes Region

Last Updated: June - 26 - 2026

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.

123 S Broadway, Pelican Rapids, MN 56572 (MLS# 7042345)