For Sale: Minneapolis MLS# 6783249
Active
NEW!
$540,000
Commercial: Apartments
Built 1961
0.15 acres
Minneapolis schools
MLS# 6783249
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Property Description
Turnkey investment with upside potential! This cash-flowing 5+ unit apartment building delivers reliable income with historically low vacancy and strong rental demand in the area. All units are 1-bedrooms that have been updated with modern kitchens, bathrooms, and flooring—reducing maintenance costs and attracting quality tenants. A flexible studio in the basement provides additional opportunity: it was previously part of a 2BR/2BA unit and, with city approval, could become a 6th legal unit to further increase returns. Recent capital improvements include a new water heater, newer boiler, and surface parking for tenants in the back. Seller will contribute 1% towards a buyer’s interest rate buy-down with an acceptable offer—enhancing your cash flow from day one!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$540,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1961
State:
MN
Property Style:
Apartments
Zip Code:
55412
Neighborhood/Area:
Folwell
Interior
Ceiling Height:
8-10
Ranges:
Six or More
Refrigerators:
Six or More
Appliances Included:
- Range
- Refrigerator
Basement Details:
None
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
6
Air Conditioning:
Wall Unit(s)
Foundation Size:
1,600 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Boiler
Parking Features:
Open
Shared Amenities:
Coin-op Laundry Owned
Unit Amenities:
None
Road Frontage:
City Street
Exterior Material:
Stucco
Lot & Land
Acres:
0.15
Geolocation:
45.015366, -93.295951
Inclusions:
Building, Rental License
Lot Dimensions:
50 x 127
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
$3,249
Annual Electric Expense:
$1,078
Annual Fuel Expense:
$5,234
Annual Maintenance Expense:
$1,889
Annual Gross Expense:
$20,588
Annual Water/Sewer Expense:
$7,808
Tenant Expenses:
Electricity, Gas
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$8,043
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$8,043
Income
Annual Gross Income:
$68,881
Rent
Annual Net Income:
$48,293
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
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 Edina Realty, 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.