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Active Contingent
Listed
$3,500,000
/mo   Edit
MLS# 5208443
1201 E Lake Street
Minneapolis, MN 55407
Commercial
Built 1926
0.79 acres
Minneapolis schools
Info: 763-576-8286
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    Description:   Exceptional Investment Opportunity with long-term tenants.
    List Price: $3,500,000
    Price/sq ft: None
    Property Type: Commercial
    Listing Status: Active Contingent
    Contingency: Other
    Year Built: 1926
    Neighborhood/Area: Powderhorn Park
    City: Minneapolis
    Zip Code: 55407

    Interior

    Building Fin Sq Ft: 30,478 ft²
    Appliances Included: Microwave, Refrigerator
    Total Refrigerators: Two
    Basement Details: Full, Concrete Block

    Exterior

    Air Conditioning: Central
    Heating System: Forced Air
    Foundation Size: 30,478 ft²
    Unit Amenities: Natural Woodwork, Hardwood Floors, Tiled Floors, Paneled Doors, Security System, Indoor Sprinklers, In-Ground Sprinkler, Ethernet Wired, Broadband Available, Multiple Phone Lines
    Road Frontage: City, Paved Streets, Curbs, Sidewalks
    Handicap Accessible: None
    Exterior Material: Stucco, Brick/Stone
    Garage Spaces: 0
    Other Parking Spaces: 0
    Roof Details: Rubber

    Lot

    Acres: 0.79
    Lot Description: Corner Lot, Tree Coverage - Light, Zero Lot Line, City Bus (w/in 6 blks)
    Latitude: 44.94793900
    Longitude: -93.25710200
    Lot Size Dim.: 172x116x49x120x117x23
    Dev/Complex Name: Tingleys Add
    Zoning: Business/Commercial

    Schools

    School District: 1 - Minneapolis
    District Phone: 612-668-0000

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: $35,500
    Annual Fuel Expense: $7,628
    Annual Insurance Expense: $5,800
    Annual Maintenance Expense: $6,272
    Annual Gross Expense: $270,000
    Total Annual Expenses: $5,000
    Annual Trash Expense: $3,271
    Annual Water/Sewer Expense: $5,500
    Owner Expenses: Taxes
    Tenant Expenses: Taxes, Insurance, Water/Sewer, Electric, Fuel, Maintenance/Repair, Janitorial, Trash, Snow, Lawn, Percent Rent, Escalation

    Financial & Taxes

    Tax Year: 2019
    Annual Taxes: $69,438
    Assessment Pending: Yes
    Taxes w/ Assessments: $77,321

    Income

    Annual Gross Income: 507084.00

    Rent

    Annual Net Income: $267,084

    Unit

    Total Units: 2

    Miscellaneous

    Current Use: Professional Service, Office
    Fuel System: Natural Gas
    Miscellaneous: 220 Volt, Three Phase
    Owner Occupied: N
    Sale Includes: Building, Land, Leases
    Sewer System: City Sewer/Connected
    Utilities: Heating Separate, Electric Common, Hot Water Common
    Water System: City Water/Connected

    Mortgage Calculator

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    Get to know our Home Mortgage Professionals

    Richard
    Smyth
    TruStone
    Chrissy
    Von Itter
    Movement
    Jeff
    Zajac
    TruStone
    Richard Smyth
    Area Sales Manager
    TruStone Home Mortgage NMLS#422593
    Richard Smyth joined TruStone Home Mortgage as a Mortgage Consultant in 2015. With nearly 10 years of experience in the mortgage industry, he has the skills to guide borrowers through the home buying process with ease. With a bachelor's degree in finance from the National University of Ireland Maynooth and a background as a financial advisor, Richard knows the ins-and-outs of financing and will help you get from contract to close. Away from work, Richard spends his time playing music, enjoying the outdoors and spending time with his family.
    763-270-4334

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    Listing provided by RMLS, courtesy of Edina Realty, Inc.