For Sale: Richfield MLS# 7007394
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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! Prime for a re-development opportunity!
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 (2014), brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014. In 2025 all the electrical panels were swapped out with new breakers making this asset easier to insure.
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
2025: New Electrical Panels with Circuit Breakers
2023: 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: $2, 875, 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:
$2,875,000
Property Type:
Commercial
City:
Richfield
Garage Spaces:
10
County:
Hennepin
Year Built:
1966
State:
MN
Property Style:
Other
Zip Code:
55423
Interior
Ceiling Height:
8-10
Flooring:
Carpet, Luxury Vinyl Plank, Tile, Vinyl
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Finished
- Full
- Storage/Locker
Exterior
Stories:
Three Or More
Garage Spaces:
10
Air Conditioning:
Wall Unit(s)
Foundation Size:
7,000 ft2
Fencing:
Vinyl
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Hot Water
Parking Features:
Parking Lot
Road Frontage:
- City Street
- Paved Streets
Exterior Material:
- Block
- Frame
Pool:
None
Roof Details:
- Age Over 8 Years
- Flat
- Rubber
Lot & Land
Acres:
0.89
Geolocation:
44.867912, -93.248294
Inclusions:
Building, Land, Leases, Rental License
Lot Dimensions:
150 x 250
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Farm
Topography:
Level
Schools
School District:
1261
District Phone:
6127986010
Expenses
Annual Caretaker Expense:
$16,683
Annual Electric Expense:
$2,000
Annual Fuel Expense:
$8,600
Annual Insurance Expense:
$9,200
Annual Maintenance Expense:
$8,000
Annual Trash Expense:
$7,200
Annual Water/Sewer Expense:
$14,500
Tenant Expenses:
Broadband, Cable TV, Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$47,073
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$47,073
Income
Annual Gross Income:
$327,600
Rent
Annual Net Income:
$208,879
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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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 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.