For Sale: Minneapolis MLS# 7090913
Active
NEW!
$1,300,000
Commercial: 2 Stories
1 br • 1 ba • Built 1968
0.25 acres
Minneapolis schools
MLS# 7090913
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Property Description
Exceptional investment opportunity in high-demand Elliot Park! This well maintained 12-unit apartment building features spacious one bedroom, one bath units with generous living areas, several of which have been tastefully remodeled. Located just minutes from downtown Minneapolis, the property enjoys a highly walkable location with excellent access to public transit. Close to parks, universities, shopping, and dining. Strong rental history units are always occupied and lease quickly in this high-demand area.
Current rents are below market, offering significant upside potential for the next owner.
A standout feature: one of the few buildings in the area with a large off-street parking lot accommodating one car per unit, a major draw for tenants. Solid cash flow today with room to grow.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,300,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1968
State:
MN
Property Style:
2 Stories
Zip Code:
55404
Neighborhood/Area:
24
Subdivision Name:
J S & W Elliots Add
Interior
Bedrooms:
1
Bathrooms:
1
Exterior
Stories:
Two
Garage Spaces:
0
Foundation Size:
3,340 ft2
Foundation Dimensions:
49.10 x 71.3
Handicap Accessible:
None
Heating System:
- Baseboard
- Boiler
Parking Features:
- Parking Lot
- Paved Lot
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.25
Geolocation:
44.967807, -93.260095
Inclusions:
Building, Land
Lot Dimensions:
75.10 X 145.00
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
6126680000
Expenses
Annual Electric Expense:
$1,960
Annual Fuel Expense:
$6,280
Annual Maintenance Expense:
$1,440
Annual Trash Expense:
$3,000
Annual Water/Sewer Expense:
$4,320
Tenant Expenses:
Escalation
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$23,343
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$27,235
Income
Annual Gross Income:
$136,800
Rent
Annual Net Income:
$123,920
Units
Total Units:
12
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
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 HomeSmart Sapphire 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.