For Sale: Minneapolis MLS# 7088960
Active
NEW!
$1,175,000
Commercial: 2 Stories
Built 1963
0.21 acres
Minneapolis schools
MLS# 7088960
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Property Description
11-unit all 1BR/1BA multifamily in Minneapolis's Powderhorn Park neighborhood offered at $1, 175, 000 ($106, 818/door). Less than a block from Powderhorn Park's 66 acres of green space, lake, athletic fields, and recreation center, the property sits in one of the strongest rental locations in the submarket. Recent capital upgrades include a newer water heater and mechanicals, new sewer piping, and new LVP flooring in the lower level. Many units have been renovated with additional upside remaining on long term tenant turns. The property carries a very low tax base as part of the Minneapolis 4D program. Potential NOI of $94, 017 with stable in-place cash flow and a straightforward value-add path on turns at a basis that still pencils in today's market. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9, 750, 000. Refer to OM for more information.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,175,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1963
State:
MN
Property Style:
2 Stories
Zip Code:
55407
Neighborhood/Area:
64
Subdivision Name:
Bloomington Ave Add
Exterior
Stories:
Two
Garage Spaces:
0
Foundation Size:
3,190 ft2
Handicap Accessible:
None
Heating System:
Boiler
Parking Features:
Parking Lot
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.21
Geolocation:
44.938766, -93.257099
Inclusions:
Building, Fixture/Equipment, Land, Rental License
Lot Dimensions:
75 X 123
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
6126680000
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$5,471
Lender-owned:
No
Assessment Pending:
Yes
Taxes w/ Assessments:
$5,889
Income
Annual Gross Income:
$145,200
Rent
Annual Net Income:
$94,017
Units
Total Units:
11
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- 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 Commercial Investors Group LLC.
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.