Pending: Minneapolis MLS# 6516889
Pending
$825,000
Commercial: Apartments
Built 1926
0.13 acres
Minneapolis schools
MLS# 6516889
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Property Description
Welcome to 3531 Harriet Avenue! This charming 5-plex multi-family property is in excellent condition for discerning investors. Recently upgraded with a new roof, boiler, and an efficient on-demand water heater in the last 6 years. The property features four 2-bedroom, 1-bathroom units; plus one 3-bedroom, 1-bath unit in the basement. 4 off-street parking spaces. Building is wired for fiber optic and cable - tenants pay own internet, cable, and electric. Coin-op laundry. All units are ready to rent as-is, with solid potential for future enhancements and equity. Located in the popular Lyndale neighborhood close to Bde Mka Ska, Lake Harriet, transit, shops and restaurants, this property presents an optimal investment opportunity.
Listing
Listing Status:
Pending
Contingency:
None
List Price:
$825,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1926
State:
MN
Property Style:
Apartments
Zip Code:
55408
Neighborhood/Area:
Lyndale
Subdivision Name:
Bakers Add
Interior
Ranges:
Five
Refrigerators:
Five
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Daylight/Lookout Windows
- Finished
- Full
- Partially Finished
- Shared Access
- Storage/Locker
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
4
Air Conditioning:
Window Unit(s)
Foundation Size:
2,264 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Hot Water
Parking Features:
Open
Shared Amenities:
Coin-op Laundry Leased
Unit Amenities:
- Hardwood Floors
- Natural Woodwork
Road Frontage:
City Street
Exterior Material:
Brick/Stone
Roof Details:
- Age 8 Years or Less
- Flat
- Other
Lot & Land
Acres:
0.13
Geolocation:
44.93843400, -93.28525800
Inclusions:
Building, Land
Lot Dimensions:
45 x 129
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Medium
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Electric Expense:
$550
Annual Fuel Expense:
$4,000
Annual Insurance Expense:
$3,000
Annual Maintenance Expense:
$500
Annual Gross Expense:
$14,800
Annual Trash Expense:
$4,000
Annual Water/Sewer Expense:
$2,750
Tenant Expenses:
Cable TV, Electricity, Other
Financial & Taxes
Tax Year:
2023
Annual Taxes:
$14,796
Lender-owned:
No
Assessment Pending:
Yes
Taxes w/ Assessments:
$15,052
Income
Annual Gross Income:
$75,600
Rent
Annual Net Income:
$60,800
Units
Total Units:
5
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- 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 Lakes Sotheby's International 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.