For Sale: Minneapolis MLS# 7028179
Ask the Agent℠
Ask the Agent℠
Thank You!
An agent will be in contact with you soon to answer your question.
Property Description
Well-maintained 8-unit brick apartment building located in the desirable Regina neighborhood within the Nokomis community of Minneapolis. Built in 1960, this two-story property offers 5, 070 finished square feet and a highly rentable unit mix of seven 1-bedroom units and one studio/efficiency.
Each unit features its own forced-air furnace, with residents paying their own heat — a major operational advantage that helps control owner expenses. The building also includes coin-operated laundry for additional income and convenient off-street parking for tenants.
Solid brick construction, individual mechanical systems, and a straightforward unit mix make this a stable, easy-to-manage asset. The property is also an ideal candidate for enrollment in the Minneapolis 4d Affordable Housing Program, offering the potential for a reduced property tax rate in exchange for maintaining qualifying affordable rents.
Situated in a strong South Minneapolis location near parks, shopping, transit, and major corridors, this property appeals to long-term renters seeking convenience and neighborhood charm.
Excellent opportunity for investors seeking steady cash flow with additional upside through tax optimization.
Owner is a licensed agent but not the listing agent.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,025,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1960
State:
MN
Property Style:
2 Stories
Zip Code:
55419
Neighborhood/Area:
66
Subdivision Name:
F A Savages Portland Ave Add
Interior
Flooring:
Carpet, Wood
Refrigerators:
Six or More
Appliances Included:
- Range
- Refrigerator
Exterior
Stories:
Two
Garage Spaces:
0
Foundation Size:
2,535 ft2
Handicap Accessible:
None
Heating System:
Forced Air
Parking Features:
Asphalt
Roof Details:
- Age 8 Years or Less
- Pitched
Lot & Land
Acres:
0.24
Geolocation:
44.920782, -93.269873
Inclusions:
Building, Leases
Lot Dimensions:
80 x 129
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Schools
School District:
558
District Phone:
6126680000
Expenses
Annual Electric Expense:
$402
Annual Fuel Expense:
$1,929
Annual Insurance Expense:
$7,011
Annual Maintenance Expense:
$3,995
Annual Trash Expense:
$2,880
Annual Water/Sewer Expense:
$6,744
Tenant Expenses:
Electricity, Gas, Heat
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$11,577
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$12,276
Income
Annual Gross Income:
$100,376
Rent
Annual Net Income:
$63,074
Units
Total Units:
8
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Common
Water System:
City Water/Connected
Power Company Name:
Xcel Energy
Mortgage Calculator
Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter
the price of the home, your down payment and loan term. Property taxes are based on the last
known value for this property or 0.012 of property
price when data is unavailable. Your interest rate and insurance rates will vary based on
credit score, loan type, etc.
This amortization schedule shows how much of your monthly payment will go towards the principle and how
much will go towards the interest.
| Month | Principal | Interest | P&I | Balance |
|---|---|---|---|---|
| Year | Principal | Interest | P&I | Balance |
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 Peritus Real Estate.
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.