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For Sale:  Minneapolis MLS# 7068138

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Active
$750,000
/mo Edit
Commercial:  Other
Built 1963
0.13 acres
Minneapolis schools
MLS# 7068138
763-576-8286
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    Property Description

    Spectacular six unit recently renovated with all new kitchens and bathrooms. Unit mix is five one-bedroom and one studio apartment all with one full bathroom. Three story all-brick exterior, sitting on 0.13+ acres with off street parking lot. 100% fully rented with on-site coin operated laundry and a newer water heater and high efficiency boiler. The average one-bedroom rents are $1, 296 and the studio is at $1, 195. This asset is in turn-key condition with a stabilized in place cap rate of 8.63% along with a 7.94 gross rent multiplier. Perfect for the first time investor or for your next 1031 tax exchange.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $750,000
    Property Type: Commercial
    City: Minneapolis
    Garage Spaces: 0
    County: Hennepin
    Year Built: 1963
    State: MN
    Property Style: Other
    Zip Code: 55406
    Neighborhood/Area: 44
    Subdivision Name: Auditors Sub 237

    Interior

    Ceiling Height: 8-10
    Flooring: Luxury Vinyl Plank, Tile
    Refrigerators: One Per Unit
    Appliances Included:
    • Dishwasher
    • Range
    • Refrigerator
    • Stainless Steel Appliances
    Basement Details:
    • Block
    • Egress Window(s)
    • Finished
    • Full

    Exterior

    Stories: Three Or More
    Garage Spaces: 0
    Air Conditioning: Wall Unit(s)
    Foundation Size: 1,750 ft2
    Fencing: None
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Hot Water
    • Zoned
    Parking Features: Paved Lot
    Road Frontage:
    • City Street
    • Paved Streets
    Exterior Material:
    • Block
    • Brick
    Roof Details:
    • Age Over 8 Years
    • Flat

    Lot & Land

    Acres: 0.13
    Geolocation: 44.941628, -93.219931
    Inclusions: Building, Land, Leases, Rental License
    Lot Dimensions: 74 x 75
    Zoning: Residential-Multi-Family

    Farm

    Topography: Level

    Schools

    School District: 1
    District Phone: 6126680000

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: None
    Annual Fuel Expense: $2,040
    Annual Insurance Expense: $6,960
    Annual Maintenance Expense: $2,400
    Annual Trash Expense: $4,560
    Annual Water/Sewer Expense: $2,760
    Tenant Expenses: Broadband, Cable TV, Electricity

    Financial & Taxes

    Tax Year: 2026
    Annual Taxes: $10,988
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $10,988

    Income

    Annual Gross Income: $94,500

    Rent

    Annual Net Income: $64,791

    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
    Power Company Name: Xcel Energy

    Mortgage Calculator

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    Payment:  /mo

    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!

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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.