For Sale: Minneapolis MLS# 7049047
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Property Description
Well-maintained 8-unit apartment building offering consistent in-place income and long-term ownership stability. Fully occupied with a mix of one-bedroom and studio units, generating over $100, 000 / year in rental income.
This property is enrolled in the Minneapolis 4D Affordable Housing Program, providing a significant property tax reduction and enhancing overall cash flow — an attractive feature for investors seeking reliable returns.
Recent ownership has focused on maintaining a clean, functional property with stable tenancy, making this a true turnkey opportunity. Building features include coin-operated laundry, separate electric, and practical unit layouts that support consistent occupancy.
Additional upside potential exists through continued rent optimization and operational efficiencies.
Also available is the adjacent lot at 3037 15th Ave S, offering potential for future development, expanded amenities, or added income (buyer to verify).
Ideal for investors seeking: Strong day-one cash flow, tax-advantaged ownership and a stabilized asset with operational upside.
Consider purchasing the vacant lot that is available next door.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$775,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1971
State:
MN
Property Style:
2 Stories
Zip Code:
55407
Neighborhood/Area:
64
Subdivision Name:
Williams Add
Interior
Bedrooms:
6
Bathrooms:
8
Flooring:
Carpet, Luxury Vinyl Plank
Refrigerators:
Six or More
Appliances Included:
- Gas Water Heater
- Range
- Refrigerator
Basement Details:
None
Exterior
Stories:
Two
Garage Spaces:
0
Air Conditioning:
Wall Unit(s)
Foundation Size:
2,384 ft2
Fencing:
Chain Link
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Hot Water
- Radiator
Parking Features:
Concrete
Road Frontage:
City Street
Exterior Material:
Frame
Roof Details:
- Flat
- Rubber
Lot & Land
Acres:
0.17
Geolocation:
44.947352, -93.253417
Inclusions:
Building, Land, Leases
Lot Dimensions:
60 x 123
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Schools
School District:
558
District Phone:
6126680000
Expenses
Annual Caretaker Expense:
$3,540
Annual Electric Expense:
$587
Annual Fuel Expense:
$4,397
Annual Insurance Expense:
$3,835
Annual Maintenance Expense:
$5,154
Annual Trash Expense:
$2,871
Annual Water/Sewer Expense:
$4,767
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$2,330
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$2,672
Income
Annual Gross Income:
$103,080
Rent
Annual Net Income:
$68,752
Units
Total Units:
8
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
Power Company Name:
Xcel Energy
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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 Peritus Real Estate.
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.