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Pending
$950,000
/mo   Edit
MLS# 5320232
Commercial
Built 1909
0.16 acres
Minneapolis schools
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    Description:   This extremely rare investment property in East Calhoun's with a Golden Rental address only a block from the Lake. It's truly a diamond in the rough that has great cash flow already in place. The "value added" rents are about 20% below market for the Vintage building. It has a new roof, siding, boiler, and most of the windows have been replaces. Bring your ideas for a little cosmetic rehab and update the rents in the process! This is truly a CASH COW with some HUGE Upside with an AR1 zoning. The property has lots of charm and every unit is unique with hardwood floors, built in buffet's, decorative fireplace, and multi faceted layout ready for your creativity! Hurry this won't last!
    List Price: $950,000
    Price/sq ft: None
    Property Type: Commercial
    Listing Status: Pending
    Contingency: None
    Year Built: 1909
    Neighborhood/Area: ECCO
    City: Minneapolis
    Zip Code: 55408

    Interior

    Building Fin Sq Ft: 5,624 ft²
    Appliances Included: Range, Cooktop, Microwave, Exhaust Fan/Hood, Dishwasher, Refrigerator, Freezer, Washer, Dryer
    Total Ranges: Five
    Total Refrigerators: Five
    Basement Details: Finished (Livable), Egress Windows, Other

    Exterior

    Air Conditioning: Window
    Heating System: Hot Water
    Foundation Size: 1,720 ft²
    Shared Amenities: Common Garden
    Unit Amenities: Deck, Porch, Natural Woodwork, Kitchen Window, Ceiling Fan(s), Hardwood Floors, Tiled Floors, Paneled Doors, Broadband Available, Cable , Local Area Network, Multiple Phone Lines
    Road Frontage: City
    Handicap Accessible: None
    Exterior Material: Vinyl
    Garage Spaces: 2
    Other Parking Spaces: 1
    Roof Details: Asphalt Shingles, Age 8 Years or Less

    Lot

    Acres: 0.16
    Lot Description: Corner Lot, Tree Coverage - Light
    Latitude: 44.94679600
    Longitude: -93.30376800
    Lot Size Dim.: 53x129
    Dev/Complex Name: Calhoun Park
    Zoning: Residential-Multi-Family

    Schools

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

    Expenses

    Annual Electric Expense: $2,850
    Annual Fuel Expense: $2,820
    Annual Insurance Expense: $4,597
    Annual Maintenance Expense: $900
    Annual Water/Sewer Expense: $4,546
    Owner Expenses: Taxes, Insurance, Water/Sewer, Electric, Fuel, Maintenance/Repair, Trash, Snow, Lawn
    Tenant Expenses: Cable T.V., Broadband

    Financial & Taxes

    Tax Year: 2019
    Annual Taxes: $14,191
    Assessment Pending: Yes
    Taxes w/ Assessments: $14,290

    Income

    Annual Gross Income: 86163.00

    Unit

    Total Rooms in Unit 1: 2
    Total Rooms in Unit 2: 2
    Total Rooms in Unit 3: 1
    Total Units: 5

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: N
    Sale Includes: Building
    Sewer System: City Sewer/Connected
    Utilities: Heating Common, Electric Common, Hot Water Common
    Water System: City Water/Connected

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    Jeff Zajac
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    Jeff Zajac joined the Mortgage Lending Services team in 2014. With more than 10 years experience in the mortgage industry, Jeff is an expert in VA, FHA, conventional and construction loans. Jeff was one of the top five producers in the state of Minnesota in 2013. Jeff holds a bachelor's degree in economics and business administration from Augsburg College and participates in the Real Estate Investment Professionals business networking group. In his free time, Jeff spends his days as a youth hockey referee and coach.
    763-270-4336

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