For Sale: Minneapolis MLS# 6699993
Active
$1,745,000
Commercial: Apartments
Built 1958
0.29 acres
Minneapolis schools
MLS# 6699993
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Property Description
THE NICOLLET AVE APARTMENTS OFFERS INVESTORS A HIGHER RETURN FOR THEIR MONEY THEN MOST DEALS ON THE MARKET TODAY!! THE OWNER HAS CAREFULLY RENOVATED EVERY UNIT WITH NEWER KITCHENS, NEWER BATHROOMS, ALL NEW LIGHTING AND PLUMBING FIXTURES, NEW CARPET, REFINISHED ORIGINAL OAK HARDWOOD FLOORING, AND NEW TILE AND QUARTZ COUNTERTOPS!! EACH KITCHEN HAS ALSO RECEIVED A COMPLETE STAINLESS-STEEL APPLIANCE PACKAGE THAT INCLUDES FULL-SIZE DISHWASHERS. THE LAUNDRY MACHINES ARE LEASED THROUGH BDS ON A REVENUE SHARED PROGRAM AND OFFERS RESIDENTS AN ELECTRONIC PAYMENT SYSTEM. THE OWNER HAS ALSO INCREASED REVENUE SIGNIFICANTLY BY IMPLEMENTING A UTILITY REIMBURSEMENT PROGRAM THROUGH RUBS. THIS ASSET WILL CHANGE HANDS FULLY RENTED AND STABILIZED WITH MARKET RENTS AND LEASES RUNNING THROUGH THIS FALL AND INTO SPRING 2026. THE CURRENT IN PLACE CAP RATE OF 7.87% IS BASED ON A NET OPERATING INCOME $137, 250+
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,745,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1958
State:
MN
Property Style:
Apartments
Zip Code:
55419
Neighborhood/Area:
Windom
Subdivision Name:
Nicollet Heights
Interior
Ceiling Height:
8-10
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Dishwasher
- Range
- Refrigerator
Basement Details:
- 8 ft+ Pour
- Finished
- Full
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
9
Air Conditioning:
Window Unit(s)
Foundation Size:
4,000 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Boiler
Parking Features:
Paved
Road Frontage:
City Street
Exterior Material:
Brick/Stone
Roof Details:
- Age Over 8 Years
- Flat
Lot & Land
Acres:
0.29
Geolocation:
44.89122, -93.277737
Inclusions:
Building, Business, Land, Leases, Rental License
Lot Dimensions:
80 x 100
Zoning:
Residential-Multi-Family
Farm
Topography:
Level
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
$3,500
Annual Electric Expense:
$1,175
Annual Fuel Expense:
$7,240
Annual Insurance Expense:
$12,695
Annual Maintenance Expense:
$10,020
Annual Gross Expense:
$74,733
Annual Trash Expense:
$2,006
Annual Water/Sewer Expense:
$6,000
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$22,595
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$22,595
Income
Annual Gross Income:
$211,997
Rent
Annual Net Income:
$137,264
Units
Total Units:
11
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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Listing provided by RMLS,
courtesy of Apartment Cash Flow, Inc..
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.