Pending: Minneapolis MLS# 6804590
Pending
$800,000
Commercial: Apartments
Built 1967
0.18 acres
Minneapolis schools
MLS# 6804590
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Property Description
We are pleased to present for sale Grand Avenue Apartments, a 10-unit apartment community located in the Whittier neighborhood of Minneapolis.
2016 Grand Ave S is available for purchase for the first time in 24 years. Built in 1967, this professionally run apartment community features 2 studio units, 7 one bedroom units and 1 three bedroom unit. With a total of 5, 275 rentable square feet, the properties elegant look and thoughtful care over the years present strong appeal to renters seeking quality housing in an established area.
The property includes a 12-space parking lot, an attractive feature for tenants in the relatively dense urban setting. Major capital improvements include a roof from 10 years ago, and windows from 10-20 years ago. With average rents at $910, this 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 exceptionally well run property has excellent current and historical occupancy.
Located in the Whittier neighborhood of Minneapolis, 2016 Grand Ave, is considered within the "Great Wedge Area" and is within two miles of the downtown metro, one mile to the Chain of Lakes and walking distance to the Uptown business district. The area is both walkable and great for commuting as a result of its location near I-35W and Hennepin Ave S. The property's prime location near highly rated dining destinations, including World Street Kitchen, Black Forest Inn, and Centro Nicollet further enhances its desirability. Positioned in a vibrant neighborhood with easy access to local amenities, 28th Street Apartments offers a compelling investment opportunity with a high potential for long-term wealth creation.
Listing
Listing Status:
Pending
Contingency:
None
List Price:
$800,000
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 Add
Exterior
Garage Spaces:
0
Other Parking Spaces:
12
Air Conditioning:
Window Unit(s)
Foundation Size:
2,164 ft2
Handicap Accessible:
Other
Heating System:
Boiler
Parking Features:
Parking Lot
Exterior Material:
Stucco
Lot & Land
Acres:
0.18
Geolocation:
44.962077, -93.284553
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:
$57,421
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$17,544
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$17,990
Income
Annual Gross Income:
$109,908
Rent
Annual Net Income:
$52,487
Units
Total Units:
10
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
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.