For Sale: Minneapolis MLS# 6658670
Active
NEW!
$1,475,000
Commercial: Apartments
Built 1920
0.14 acres
Minneapolis schools
MLS# 6658670
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Property Description
Fantastic location and completely renovated 8-unit building in the heart of uptown, Minneapolis.
This wonderfully located 8 unit building recently completed a major renovation - including adding significant finished living space, all new kitchens and bathrooms, new & refinished floors, appliances, new roof, new plumbing and electrical throughout, fresh paint, trim and fixtures. The renovation wonderfully mixes the old charm and character of the original building with fresh updates throughout that will attract tenants and keep repair and maintenance expenses low.
Annual gross income is $151, 200. Cap rate is above market at 8%.
Unit breakdown: 1BR+1 BA (4x). 2 BR+1 BA (2x). 3BR+ 2BA. 4BR+ 2BA. Two units are fully furnished and operating as STRs and mid-term rentals.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,475,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1920
State:
MN
Property Style:
Apartments
Zip Code:
55408
Neighborhood/Area:
Lowry Hill East
Subdivision Name:
Penneys Sub 13 Russells Outlot
Interior
Ceiling Height:
8-10
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Dryer
- Freezer
- Gas Water Heater
- Range
- Refrigerator
- Washer
Basement Details:
- Egress Window(s)
- Finished
- Full
- Partially Finished
- Shared Access
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
6
Air Conditioning:
Window Unit(s)
Foundation Size:
2,816 ft2
Handicap Accessible:
None
Heating System:
- Boiler
- Radiant
Parking Features:
- Asphalt
- Assigned
- Open
- Paved
Shared Amenities:
- Deck
- Other
Unit Amenities:
- City View
- Deck
- Ethernet Wired
- Hardwood Floors
- Kitchen Window
- Natural Woodwork
- Tile Floors
Exterior Material:
Brick/Stone
Roof Details:
Flat
Lot & Land
Acres:
0.14
Geolocation:
44.952669, -93.289006
Inclusions:
Building, Fixture/Equipment, Land, Leases, Rental License
Lot Dimensions:
50 x 119
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Insurance Expense:
$7,800
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$24,137
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$24,137
Income
Annual Gross Income:
$151,200
Units
Total Units:
8
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
Mortgage Calculator
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Local Home Mortgage Professionals
651-253-2144
Jason & Kim Stone
Branch Manager & Co-Branch Manager
Fairway Mortgage NMLS#1018649
Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
It would be our pleasure to assist you with your home purchase!
Listing provided by RMLS,
courtesy of Fox Realty.
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.