For Sale: Minneapolis MLS# 6546925
Active Contingent
$694,500
Commercial: Apartments
Built 1890
0.29 acres
Minneapolis schools
MLS# 6546925
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Property Description
Unique Investment Opportunity. NEW ROOF 6/2024. NEW BOILER to be installed with accepted offer. NEWER Water Heater installed. COPPER WATER LINE to street. Updated Electric on the 1st and 2nd floors: 2016. The 3rd - Floor loft has separate electricity. Unique investment opportunity to own this 9-unit converted mansion with good cash-flow! This historic Victorian-era property offers ornate woodwork, original fireplaces, and hardwood floors with inlays. The main floor offers two efficiency units and a large two-bedroom unit. The second floor offers five efficiencies each with a kitchenette, Two have a private bath, and three share a hallway bathroom. The third floor is a large loft unit (original ballroom) with vaulted ceilings, skylights, and original built-ins, and would work perfectly for an owner-occupant or VRBO. Generous off-street parking for ten cars.
Listing
Listing Status:
Active Contingent
Contingency:
Inspection
List Price:
$694,500
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1890
State:
MN
Property Style:
Apartments
Zip Code:
55403
Neighborhood/Area:
Steven's Square - Loring Heights
Subdivision Name:
Jackson Daniels & Whitneys Add
Interior
Ranges:
Six or More
Refrigerators:
Six or More
Appliances Included:
- Dryer
- Range
- Refrigerator
- Washer
Basement Details:
Stone/Rock
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
10
Air Conditioning:
None
Foundation Size:
2,356 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Radiator(s)
Parking Features:
None
Shared Amenities:
Common Garden
Unit Amenities:
- Hardwood Floors
- Natural Woodwork
Road Frontage:
City Street
Exterior Material:
Wood Siding
Roof Details:
Age 8 Years or Less
Lot & Land
Acres:
0.29
Geolocation:
44.963257, -93.275655
Inclusions:
Building, Land
Lot Dimensions:
90 x 128
Zoning:
- Business/Commercial
- Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
$1,200
Annual Electric Expense:
$4,080
Annual Fuel Expense:
$6,600
Annual Insurance Expense:
$3,600
Annual Maintenance Expense:
$1,200
Annual Gross Expense:
$27,680
Annual Trash Expense:
$3,000
Annual Water/Sewer Expense:
$3,000
Tenant Expenses:
None
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$11,696
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$11,696
Income
Annual Gross Income:
$103,680
Rent
Annual Net Income:
$83,400
Units
Total Units:
9
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
651-253-2144
Jason & Kim Stone
Branch Manager & Co-Branch Manager
Fairway Mortgage NMLS#1018649
Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
It would be our pleasure to assist you with your home purchase!
Listing provided by RMLS,
courtesy of RE/MAX Results.
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.