Pending: Minneapolis MLS# 6804564
Pending
$1,000,000
Commercial: Apartments
Built 1967
0.22 acres
Minneapolis schools
MLS# 6804564
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Property Description
We are pleased to present for sale Garfield Avenue Apartments, a 12-unit apartment community located in the Whittier neighborhood of Minneapolis
2308 Garfield Ave S is available for purchase for the first time in over 20 years. We are pleased to present a unique opportunity to purchase a beloved asset in a core urban area. Consisting of 10 one-bedrooms and 2 studios, this property is exceptionally well cared for. Built in 1967, and situated on a .22 acre lot, 2308 Garfield enjoys a great location within walking distance to the commercial district of Lyndale Avenue. Located one street from Lyndale Avenue, tenants will be within walking distance to Aldi, Baba's Hummus House, French Meadow Cafe, Wedge Co-op, Leaning Tower of Pizza and many others.
The property includes an 8-space parking lot, an attractive feature for tenants in the relatively dense urban setting. Major capital improvements include a Duro-last roof from approximately 10 years ago and windows from approximately 10 years ago. With average rents at $967, the opportunity blends consistent cash for the owner and affordability/convenience for the tenant. Rental demand is predicted to increase over the next couple years ensuring this property remains highly occupied. This professionally run property has excellent current and historical occupancy.
Listing
Listing Status:
Pending
Contingency:
None
List Price:
$1,000,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1967
State:
MN
Property Style:
Apartments
Zip Code:
55405
Neighborhood/Area:
Whittier
Subdivision Name:
Badger & Penneys 2nd Add
Exterior
Garage Spaces:
0
Other Parking Spaces:
8
Foundation Size:
2,900 ft2
Handicap Accessible:
Other
Heating System:
Boiler
Parking Features:
Paved
Exterior Material:
Stucco
Lot & Land
Acres:
0.22
Geolocation:
44.959729, -93.287095
Inclusions:
Building, Fixture/Equipment, Land, Leases, Rental License
Lot Dimensions:
Rectangle
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Gross Expense:
$71,889
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$22,796
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$23,342
Income
Annual Gross Income:
$142,675
Rent
Annual Net Income:
$71,068
Units
Total Units:
12
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Marcus & Millichap.
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.