3226 Minnehaha Avenue S, Minneapolis, MN

$1,320,000

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0.21

Acres

About 3226 Minnehaha Avenue S

3226 MINNEHAHA AVE. SOUTH IS A STRONG PRODUCING TURN-KEY APARTMENT ASSET IN A GROWING MINNEAPOLIS NEIGHBORHOOD! VERY CONSISTENT OCCUPANCY WITH LOW TURN OVER. NEWER DEVELOPMENTS IN CLOSE PROXIMITY HELP RAISE THE MARKET RENTS ON THESE UNITS. THERE ARE ELEVEN ONE-BEDROOM & ONE STUDIO APARTMENTS AND 10 OFF-STREET PARKING SPACES IN A REAR PARKING LOT. THE EXTERIOR IS A COMBINATION OF BRICK AND STUCCO WITH NEWER VINYL REPLACEMENT WINDOWS. A RUBS PROGRAM (RATIO UTILITY BILLING SYSTEM) HAS ALREADY BEEN IMPLEMENTED FOR TENANTS TO PAY THEIR PORTION FOR WATER, SEWER, AND TRASH. THIS PROPERTY WOULD MAKE THE IDEAL 1031 EXCHANGE UP FROM A 2-4 UNIT RENTAL. CURRENT IN-PLACE NOI $72,995 WITH UPSIDE POTENTIAL TO RAISE RENTS THE NEXT TWO YEARS BY 10-15%. CALL FOR MORE DETAILS.

Features of 3226 Minnehaha Avenue S

MLS® # 6487512
Price $1,320,000
Bathrooms 0.00
Acres 0.21
Year Built 1963
Type Commercial Sale
Sub-Type Apartment
Style Apartment
Status Active

Community Information

Address 3226 Minnehaha Avenue S
Area Longfellow
Subdivision Burgess Add
City Minneapolis
County Hennepin
State MN
Zip Code 55406

Amenities

Garages Parking Lot
Is Waterfront No
Has Pool No

Interior

Appliances Range, Refrigerator
Heating Boiler
Cooling Wall Unit(s)
Fireplace No

Exterior

Roof Age Over 8 Years, Asphalt, Pitched
Construction Brick/Stone, Stucco

School Information

District Minneapolis

Additional Information

Days on Market 17
Zoning Residential-Multi-Family
Foreclosure No
Short Sale No
Taxes $16,937

Listing Details

OfficeApartment Cash Flow, Inc.

Listing Map

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