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Contingent
$949,900
/mo   Edit
Commercial:  Apartments
Built 1961
0.15 acres
Minneapolis schools
MLS# 5760820
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    Description:   Amazing Investment Opportunity ~ Charming 6-plex in desirable Powderhorn Park Neighborhood! Classic well-maintained building with (4) 2BR Units on Upper Level and (2) 1BR Units on Garden Level. Hardwood floors, sensible floor plans, tiled bathrooms with vintage vibes, bright & airy with plenty of natural light. This building location and amenities has attracted solid long-term residents. Shared coin-op Laundry with new floor and lockable storage closets. Mechanical Room with additional storage for management. Dual entrances for tenants with easy access to dedicated parking at rear of building. See Supps for Full list of Owner Improvements. Stable apartment building and payment history from tenants. Prime location near one of Minneapolis's biggest parks - includes indoor swimming, lake for fishing, large open spaces only a block away. Close to local favorites ~ Mayday Cafe & Matt's Bar & Grill. Easy access to transit and downtown. Turn-key operation with tons of potential!
    List Price: $949,900
    Property Type: Commercial
    Listing Status: Contingent
    Contingency: Other
    Property Style: Apartments
    Year Built: 1961
    Neighborhood/Area: Powderhorn Park
    City: Minneapolis
    County: Hennepin
    State: MN
    Zip Code: 55407

    Interior

    Building Fin Sq Ft: 6,854 sqft
    Appliances Included: Cooktop, Exhaust Fan, Range, Refrigerator, Wall Oven
    Total Ranges: Six or More
    Total Refrigerators: Six or More
    Basement Details: Egress Window(s), Full, Walkout

    Exterior

    Air Conditioning: Wall Unit(s)
    Heating System: Baseboard, Boiler, Hot Water
    Foundation Size: 2,268 sqft
    Shared Amenities: Coin-op Laundry Leased
    Unit Amenities: Tiled Floors
    Road Frontage: City Street
    Handicap Accessible: None
    Exterior Material: Brick/Stone, Stucco
    Garage Spaces: 0
    Other Parking Spaces: 6
    Roof Details: Age 8 Years or Less, Flat, Rubber

    Rooms

    Shared Rooms: Other

    Lot

    Acres: 0.15
    Lot Description: Tree Coverage - Light
    Latitude: 44.94052100
    Longitude: -93.25282800
    Lot Size Dim.: 50x123
    Dev/Complex Name: Bloomington Ave Add
    Zoning: Residential-Multi-Family

    Schools

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

    Expenses

    Annual Caretaker Expense: $1,050
    Annual Electric Expense: $595
    Annual Fuel Expense: $3,509
    Annual Insurance Expense: $5,296
    Annual Maintenance Expense: $360
    Annual Gross Expense: $34,730
    Annual Trash Expense: $1,873
    Annual Water/Sewer Expense: $6,323
    Tenant Expenses: Electricity

    Financial & Taxes

    Tax Year: 2021
    Annual Taxes: $13,724
    Assessment Pending: Unknown
    Taxes w/ Assessments: $13,724

    Income

    Annual Gross Income: $82,290

    Rent

    Annual Net Income: $48,190

    Unit

    Total Units: 6

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities: Electric Separate
    Water System: City Water/Connected

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    Local Home Mortgage Professionals

    Jeff
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    Truestone
    Justin
    Larson
    Movement
    Jeff Zajac
    Area Sales Manager
    Truestone Home Mortgage
    NMLS#373627
    Jeff Zajac joined the Truestone Home Mortgage team in 2014. With more than 10 years experience in the mortgage industry, Jeff is an expert in VA, FHA, conventional and construction loans. Jeff was one of the top five producers in the state of Minnesota in 2013. Jeff holds a bachelor's degree in economics and business administration from Augsburg College and participates in the Real Estate Investment Professionals business networking group. In his free time, Jeff spends his days as a youth hockey referee and coach.
    763-270-4336

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