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Active
Listed
$3,950,000
/mo   Edit
MLS# 5663343
Commercial
Built 1916
0.2 acres
Minneapolis schools
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    Description:   Stand alone 42 unit 3 story building in North Loop neighborhood near Twins Stadium and Farmer's Market. Close to colleges. Classic vintage building hardwood floors, natural woodwork, and built in buffets. 35 studio units and 7 1 bedrooms. The lower north loop is slated for major improvements within the next few years as part of the redevelopment of the downtown upper north loop. Plans have already begun on light rail hub from downtown to western suburbs.
    List Price: $3,950,000
    Price/sq ft: None
    Property Type: Commercial
    Listing Status: Active
    Contingency: None
    Property Style: Apartments
    Year Built: 1916
    Neighborhood/Area: North Loop
    City: Minneapolis
    County: Hennepin
    State: MN
    Zip Code: 55403

    Interior

    Building Fin Sq Ft: 24,136 ft²

    Exterior

    Heating System: Steam
    Foundation Size: 6,034 ft²
    Shared Amenities: Patio, Coin-op Laundry Owned
    Handicap Accessible: None
    Exterior Material: Brick/Stone
    Garage Spaces: 0
    Other Parking Spaces: 0

    Lot

    Acres: 0.2
    Latitude: 44.97624300
    Longitude: -93.28304956
    Lot Size Dim.: 58.00 X 150.00
    Zoning: Residential-Multi-Family

    Schools

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

    Expenses

    Annual Caretaker Expense: $81,600
    Annual Electric Expense: $6,000
    Annual Fuel Expense: $15,480
    Annual Insurance Expense: $14,400
    Annual Maintenance Expense: $12,000
    Annual Gross Expense: $207,600
    Annual Trash Expense: $5,880
    Annual Water/Sewer Expense: $22,800
    Tenant Expenses: Electricity, Fuel

    Financial & Taxes

    Tax Year: 2020
    Annual Taxes: $38,532
    Assessment Pending: No
    Taxes w/ Assessments: None

    Income

    Annual Gross Income: $429,072
    Total Annual Rent 1: $214,200
    Total Annual Rent 2: $54,600

    Rent

    Annual Net Income: $206,220
    Annual Rent: $214,200

    Unit

    Total Rooms in Unit 1: 7
    Total Rooms in Unit 2: 0
    Total Rooms in Unit 3: 0
    Total Units: 42
    Number of Efficiencies: 35

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities: Heating Common, Electric Separate, Hot Water Common
    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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    Listing provided by RMLS, courtesy of RES Realty.
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