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Pending
$424,900
/mo   Edit
MLS# 5349456
Multi-family
Built 1904
3,588 fin sqft
Minneapolis schools
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    Description:   In the heart of Broadway & Penn. Come see all the new development that surround this Triplex. The building has been gutted and re-built; EVERYTHING IS NEW - Electrical, Plumbing, Duct Work, Water Heaters, HVAC, Framing, Insulation, Drywall, leveling of floors, Windows, bathrooms, kitchens, finish work, doors, AC and the list goes on. All units have separate front and back entrances, separate HVAC, separate utilities and a shared basement area for storage and laundry. 3 furnaces. 3 water heaters. 3 central air units. Common laundry area in basement. Storage space in basement. APPLIANCES ARE BEING INSTALLED. Sprinkler system in building. Based on the average rents and estimation for additional income, CAP Rates are coming in at 8.03% and Cash on Cash is 13.90% with 25% down at a rate of 4.5%. With tax breaks, that's a 17.24% return. These are the best returns I've seen in this market.
    List Price: $424,900
    Sold Date: 0000-00-00
    Price/sq ft: $118
    Property Type: Multi-family
    Listing Status: Pending
    Contingency: None
    Property Style: Triplex
    Year Built: 1904
    Neighborhood/Area: Jordan
    City: Minneapolis
    County: Hennepin
    State: MN
    Zip Code: 55411

    Interior

    Fin Sq Ft / Living Area: 3,588 ft²
    Above Ground Living: 2,384 ft²
    Below Ground Living: 1,204 ft²
    Total Ranges: None
    Total Refrigerators: None
    Basement Details: Full, Daylight/Lookout Windows

    Exterior

    Heating System: Forced Air
    Foundation Size: 1,204 ft²
    Shared Amenities: Porch, Fire Sprinkler System
    Fencing: None
    Road Frontage: City Street, Paved Streets, Curbs, Sidewalks
    Handicap Accessible: None
    Exterior Material: Vinyl Siding, Brick/Stone
    Garage Spaces: 2
    Roof Details: Asphalt, Age 8 Years or Less

    Rooms

    Shared Rooms: Other

    Lot

    Acres: 0.13
    Construction Status: Previously Owned
    Lot Description: Public Transit (w/in 6 blks)
    Latitude: 45.00300700
    Longitude: -93.30635400
    Lot Size Dim.: 45x125
    Dev/Complex Name: Forest Heights
    Zoning: Residential-Multi-Family, Business/Commercial

    Schools

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

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: None
    Annual Fuel Expense: None
    Annual Insurance Expense: None
    Annual Maintenance Expense: None
    Annual Repair Expense: None
    Annual Gross Expense: None
    Total Annual Expenses: None
    Annual Trash Expense: None
    Annual Water/Sewer Expense: None
    Owner Expenses: Taxes, Insurance, Water/Sewer, Trash
    Tenant Expenses: Electricity, Fuel

    Financial & Taxes

    Tax Year: 2020
    Annual Taxes: $2,939
    Assessment Pending: Yes
    Taxes w/ Assessments: $4,190

    Income

    Annual Gross Income: $46,500

    Rent

    Unit 1 Monthly Rent: $1,375
    Unit 2 Monthly Rent: $1,375
    Unit 3 Monthly Rent: $1,125

    Unit

    Total Units: 3

    Miscellaneous

    Fuel System: Natural Gas
    Homestead: No
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Water System: City Water/Connected

    Mortgage Calculator

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    Get to know our Home Mortgage Professionals

    Jason
    Roaldson
    CrossCountry
    Justin
    Larson
    Movement
    Jeff
    Zajac
    TruStone
    Jason Roaldson
    Premier Loan Officer
    CrossCountry Mortgage NMLS#308253
    My goal is to be fair and accurate with anyone who trusts me to handle their financing. I believe that trust is the most important ingredient in the relationship between my client and me, which is why I focus on transparency with my clients so they understand from where all of the numbers in their transactions are derived. When trust is high and stress is low, purchases close on time. My Promise to you is we close on time, every time. We have open communication throughout the process, and I am accountable in all that I do. I am committed to serving you, I am committed to excellence, and I am committed to your 100% satisfaction. I am a 20 year veteran in the financing industry and have worked in every segment of the mortgage industry including banking, brokering, and correspondent lending. I have been fortunate to be a multi-year recipient of the Super Mortgage Professional designation given by the Twin Cities Business Magazine, the Minneapolis/St. Paul Magazine, and the Minnesota Monthly Magazine which are professional publications in my market.
    612.268.1503

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