For Sale: Minneapolis MLS# 6658670
Active
$1,400,000
Commercial: Apartments
Built 1920
0.14 acres
Minneapolis schools
MLS# 6658670
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Property Description
Fantastic location and completely renovated 8-unit building in the heart of uptown, Minneapolis.
This wonderfully located 8 unit building recently completed a major renovation - including adding significant finished living space, all new kitchens and bathrooms, new & refinished floors, appliances, new roof, new plumbing and electrical throughout, fresh paint, trim and fixtures. The renovation wonderfully mixes the old charm and character of the original building with fresh updates throughout that will attract tenants and keep repair and maintenance expenses low.
Annual gross income is $151, 200. Cap rate is above market at 8.4%.
Will consider seller financing!!
Unit breakdown: 1BR+1 BA (4x). 2 BR+1 BA (2x). 3BR+ 2BA. 4BR+ 2BA. Two units are fully furnished and operating as STRs and mid-term rentals.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,400,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1920
State:
MN
Property Style:
Apartments
Zip Code:
55408
Neighborhood/Area:
Lowry Hill East
Subdivision Name:
Penneys Sub 13 Russells Outlot
Interior
Ceiling Height:
8-10
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Dryer
- Freezer
- Gas Water Heater
- Range
- Refrigerator
- Washer
Basement Details:
- Egress Window(s)
- Finished
- Full
- Partially Finished
- Shared Access
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
6
Air Conditioning:
Window Unit(s)
Foundation Size:
2,816 ft2
Handicap Accessible:
None
Heating System:
- Boiler
- Radiant
Parking Features:
- Asphalt
- Assigned
- Open
- Paved
Shared Amenities:
- Deck
- Other
Unit Amenities:
- City View
- Deck
- Ethernet Wired
- Hardwood Floors
- Kitchen Window
- Natural Woodwork
- Tile Floors
Exterior Material:
Brick/Stone
Roof Details:
Flat
Lot & Land
Acres:
0.14
Geolocation:
44.952669, -93.289006
Inclusions:
Building, Fixture/Equipment, Land, Leases, Rental License
Lot Dimensions:
50 x 119
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Insurance Expense:
$7,800
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$24,137
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$24,137
Income
Annual Gross Income:
$151,200
Units
Total Units:
8
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Listing provided by RMLS,
courtesy of Fox Realty.
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.