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For Sale:  Minneapolis MLS# 6770334

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Active
$699,000
/mo Edit
Commercial:  Apartments
Built 1960
0.1 acres
Minneapolis schools
MLS# 6770334
763-576-8286
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    Property Description

    Amazing value add opportunity awaits! Prime 6 unit building in the growing Longfellow neighborhood! All the heavy lifting done with recent updates and unit turns, leaving just the leasing left to do! Two long term tenants remain in the building giving you a stable base of reliable income to start. Four units freshly turned and renovated giving the new owner the opportunity to place new tenants at market rate. Too many updates to list, see the supplements for a full list of improvements. New high efficiency boiler/hot water heater combi unit along with many new energy efficient appliances account for the extremely low operating cost as seen in the financials. Run your own numbers, but conservative estimates on rent with actual expenses have the building at a 7.6 cap, with aggressive rents hitting over a 9 cap. Schedule your showing today, and scoop up this cash flowing asset before its gone!

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $699,000
    Property Type: Commercial
    City: Minneapolis
    Garage Spaces: 0
    County: Hennepin
    Year Built: 1960
    State: MN
    Property Style: Apartments
    Zip Code: 55406
    Neighborhood/Area: Longfellow
    Subdivision Name: Libbys Add

    Interior

    Ranges: Six or More
    Refrigerators: Six or More
    Appliances Included:
    • Range
    • Refrigerator

    Exterior

    Garage Spaces: 0
    Other Parking Spaces: 6
    Air Conditioning: Wall Unit(s)
    Foundation Size: 1,960 ft2
    Foundation Dimensions: 1960
    Handicap Accessible: None
    Heating System:
    • Baseboard
    • Boiler
    Parking Features: Parking Lot
    Shared Amenities: Coin-op Laundry Leased
    Exterior Material:
    • Brick/Stone
    • Stucco
    Roof Details: Asphalt

    Lot & Land

    Acres: 0.1
    Geolocation: 44.946992, -93.230647
    Inclusions: Building
    Lot Dimensions: 60X70
    Zoning: Residential-Multi-Family

    Schools

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

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: $522
    Annual Fuel Expense: $4,439
    Annual Insurance Expense: $5,721
    Annual Maintenance Expense: $3,578
    Annual Gross Expense: $13,283
    Annual Trash Expense: $1,349
    Annual Water/Sewer Expense: $1,507
    Tenant Expenses: Electricity

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $11,052
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $11,052

    Units

    Total Units: 6

    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

    Mortgage Calculator

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    Payment:  /mo

    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!

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    Listing provided by RMLS, courtesy of Superior Property Management.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.