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Active Contingent
$1,600,000
/mo Edit
Commercial:  Apartments
Built 1960
0.25 acres
Minneapolis schools
MLS# 6476128
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    Property Description

    Centrally located and easy to manage 11-Unit apartment building near the University of MN campus! Majority of the units are 2-BR with one being a hard to find 3-BR that has been recently updated. This property is in solid condition with longstanding tenants in place and an opportunity for rent increases over time as current tenants vacate. Full brick exterior and a newer flat roof. Park off-street in the rear parking lot behind building, with plenty of space for each unit. Well maintained mechanicals and solid ownership. Boiler Heat and Natural Gas Fuel. Residential/Multi-Family zoning. Public Transportation is within walking distance to building. This is a quiet and well leased location for your next investment property.

    Listing

    Contingency: Inspection
    City: Minneapolis
    County: Hennepin
    State: MN
    Property Style: Apartments
    Zip Code: 55414
    Neighborhood/Area: Marcy Holmes
    Subdivision Name: Mill Cos Add To St Anthony Fal

    Interior

    Ranges: One
    Refrigerators: One
    Appliances Included:
    • Range
    • Refrigerator
    Basement Details:
    • Block
    • Daylight/Lookout Windows
    • Egress Window(s)
    • Finished
    • Full
    • Partially Finished
    • Storage/Locker

    Exterior

    Stories: Two
    Garage Spaces: 0
    Other Parking Spaces: 12
    Foundation Size: 3,888 ft2
    Handicap Accessible: None
    Heating System: Boiler
    Parking Features:
    • Asphalt
    • Paved
    Unit Amenities:
    • Ceiling Fan(s)
    • Main Floor Primary Bedroom
    • Natural Woodwork
    Road Frontage:
    • City Street
    • Curbs
    • Paved Streets
    • Sidewalks
    Exterior Material: Brick/Stone
    Roof Details:
    • Flat
    • Rubber

    Lot & Land

    Acres: 0.25
    Geolocation: 44.98708000, -93.24736300
    Inclusions: Building, Leases
    Lot Dimensions: 66 x 165
    Zoning: Residential-Multi-Family
    Lot Description:
    • Public Transit (w/in 6 blks)
    • Tree Coverage - Light

    Farm

    Topography: Level

    Schools

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

    Expenses

    Tenant Expenses: Cable TV, Electricity

    Financial & Taxes

    Tax Year: 2022
    Annual Taxes: $27,260
    Lender-owned: No
    Assessment Pending: Unknown
    Taxes w/ Assessments: $27,260

    Income

    Annual Gross Income: $156,000

    Units

    Total Units: 11

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities: None
    Water System:
    • City Water - In Street
    • City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    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.
    It would be our pleasure to assist you with your home purchase!

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    Listing provided by RMLS, courtesy of Keller Williams Integrity RE.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.