For Sale: Richfield MLS# 6687483
Active
$3,300,000
Commercial: Apartments
Built 1966
0.89 acres
Richfield schools
MLS# 6687483
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Property Description
Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21, 840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America!
Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.
Investors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!
The brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows, brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014.
PROPERTY FACTS
Year Built: 1966
Square Footage: 21, 840
Units: 23
Zoning: Multiple-family District
Parking: 10 Garage Stalls plus plenty of off street parking
Exterior: Brick
Heating: Boiler
Roof: Flat - New installed by All Elements, Inc. in 2014
UNIT DESCRIPTION
18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.
5 - 1 bedroom, 1 bath - Approx. 750+ Sqft
PROPERTY IMPROVEMENTS
2022: New Commercial High-Efficiency Water Heater built by Bock.
2018: New Carpet in Hallways, Common Areas, Entry Way
2014: Roof - Durolast by All Elements, Inc. with 15 year warranty
2013: Windows - Installed vinyl replacement sliders by Window World, Inc.
PRICE: $3, 300, 000
Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$3,300,000
Property Type:
Commercial
City:
Richfield
Garage Spaces:
10
County:
Hennepin
Year Built:
1966
State:
MN
Property Style:
Apartments
Zip Code:
55423
Interior
Ceiling Height:
8-10
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Egress Window(s)
- Finished
Exterior
Stories:
Three Or More
Garage Spaces:
10
Other Parking Spaces:
20
Air Conditioning:
Wall Unit(s)
Foundation Size:
7,280 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Boiler
Parking Features:
- Asphalt
- Detached
Shared Amenities:
- Coin-op Laundry Owned
- Patio
Road Frontage:
City Street
Exterior Material:
- Brick/Stone
- Stucco
Roof Details:
- Age Over 8 Years
- Flat
Lot & Land
Acres:
0.89
Geolocation:
44.867912, -93.248294
Inclusions:
Building, Land, Leases, Rental License
Lot Dimensions:
0.88
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Farm
Topography:
Level
Schools
School District:
280
District Phone:
612-798-6010
Expenses
Annual Caretaker Expense:
$15,957
Annual Electric Expense:
$2,000
Annual Fuel Expense:
$8,600
Annual Insurance Expense:
$9,200
Annual Gross Expense:
$119,117
Annual Trash Expense:
$7,200
Annual Water/Sewer Expense:
$14,500
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$48,980
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$48,980
Income
Annual Gross Income:
$333,666
Rent
Annual Net Income:
$214,548
Units
Total Units:
23
Miscellaneous
Current Use:
Residential
Fuel System:
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 Apartment Cash Flow, Inc..
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.