For Sale: Minneapolis MLS# 6770334
Active
$699,000
Commercial: Apartments
Built 1960
0.1 acres
Minneapolis schools
MLS# 6770334
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Property Description
Prime 6 unit building in the growing Longfellow neighborhood! All the heavy lifting done with recent updates and 100% occupancy! Combination of long term tenants and recent move-ins, with a total gross scheduled rent of $7, 245 per month with room to grow! Step into cashflow day one, with great upside with lease renewals next year.
Too many updates to list, see the supplements for a full list of improvements. New high efficiency boiler/hot water heater combi unit along with many new energy efficient appliances account for the extremely low operating cost as seen in the financials. Run your own numbers, but current rents and actual expenses have the building at a 8.35 cap, with aggressive rents pushing it higher. Schedule your showing today, and scoop this cash flowing asset up before it's gone!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$699,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1960
State:
MN
Property Style:
Apartments
Zip Code:
55406
Neighborhood/Area:
Longfellow
Subdivision Name:
Libbys Add
Interior
Ranges:
Six or More
Refrigerators:
Six or More
Appliances Included:
- Range
- Refrigerator
Exterior
Garage Spaces:
0
Other Parking Spaces:
6
Air Conditioning:
Wall Unit(s)
Foundation Size:
1,960 ft2
Foundation Dimensions:
1960
Handicap Accessible:
None
Heating System:
- Baseboard
- Boiler
Parking Features:
Parking Lot
Shared Amenities:
Coin-op Laundry Leased
Exterior Material:
- Brick/Stone
- Stucco
Roof Details:
Asphalt
Lot & Land
Acres:
0.1
Geolocation:
44.946992, -93.230647
Inclusions:
Building
Lot Dimensions:
60X70
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$522
Annual Fuel Expense:
$4,439
Annual Insurance Expense:
$5,721
Annual Maintenance Expense:
$3,578
Annual Gross Expense:
$13,283
Annual Trash Expense:
$1,349
Annual Water/Sewer Expense:
$1,507
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$11,052
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$11,052
Income
Annual Gross Income:
$86,940
Rent
Annual Net Income:
$73,657
Units
Total Units:
6
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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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 Keller Williams Classic Rlty NW.
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.