For Sale: Minneapolis MLS# 6634669
Active
$8,200,000
Commercial: Apartment,High Rise
Built 2018
0.25 acres
Minneapolis schools
MLS# 6634669
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Property Description
Archer Apartments is an upscale, modern 43-unit residential apartment building close to the UofM campus, downtown Minneapolis, and the popular St. Anthony Main neighborhood. This rare opportunity to bolster any residential and/or commercial portfolio with a turn-key property does not hit the market often. Operating as a fully residential community under professional management, Archer has achieved consistent occupancy performance of 95%+ since it's completion in 2018. Features and amenities include (39) 1-bedroom units, (4) studio units, (18) parking spots in heated first floor garage, a gym, a secure bike storage room, multiple shared community room spaces including a rooftop deck with built-in grill, an Amazon package locker and modern mail box system, elevator, and Butterfly entry technology system. As an A-Class property situated on a corner lot in NE Minneapolis, Archer is sure to impress investors and tenants alike with full kitchen suites, garbage disposals, and in-unit laundry for each apartment. Buyer and Buyer's agent to verify all measurements.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$8,200,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
18
County:
Hennepin
Year Built:
2018
State:
MN
Property Style:
Apartment, High Rise
Zip Code:
55414
Neighborhood/Area:
Marcy Holmes
Subdivision Name:
Saint Anthony Falls
Interior
Ceiling Height:
8-10
Ranges:
One
Refrigerators:
One
Appliances Included:
- Dishwasher
- Disposal
- Dryer
- Exhaust Fan
- Freezer
- Gas Water Heater
- Microwave
- Range
- Refrigerator
- Stainless Steel Appliances
- Washer
Basement Details:
Concrete
Exterior
Stories:
Three Or More
Garage Spaces:
18
Other Parking Spaces:
0
Air Conditioning:
Wall Unit(s)
Foundation Size:
7,378 ft2
Handicap Accessible:
Reduced Height Counters, Doors 36"+, Accessible Elevator Installed, Fully Wheelchair, Wheelchair Ramp(s)
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
- Assigned
- Covered
- Electric
- Floor Drain
- Garage Door Opener
- Heated Garage
- Insulated Garage
- Parking Garage
- Secured
- Storage
- Underground
Shared Amenities:
- Deck
- Elevator(s)
- Fire Sprinkler System
- Other
- Patio
Unit Amenities:
- Balcony
- Cable
- Ceiling Fan(s)
- City View
- Exercise Room
- Hardwood Floors
- Indoor Sprinklers
- Kitchen Center Island
- Main Floor Primary Bedroom
- Primary Bedroom Walk-In Closet
- Security Lights
- Security System
- Walk-In Closet
- Washer/Dryer Hookup
Road Frontage:
City Street
Exterior Material:
- Aluminum Siding
- Block
- Metal Siding
Roof Details:
- Age 8 Years or Less
- Rubber
Rooms
Shared Rooms:
- Amusement/Party Room
- Community Room
- Exercise Room
- Media Room
- Other
Lot & Land
Acres:
0.25
Geolocation:
44.985322, -93.250191
Inclusions:
Building, Land, Leases
Lot Dimensions:
66.00 x 165.00
Zoning:
Residential-Multi-Family
Lot Description:
- Corner Lot
- Public Transit (w/in 6 blks)
- Tree Coverage - Light
Farm
Topography:
Level
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
$6,174
Annual Electric Expense:
$9,744
Annual Fuel Expense:
$4,723
Annual Insurance Expense:
$24,067
Annual Maintenance Expense:
$21,758
Annual Gross Expense:
$212,717
Annual Trash Expense:
$9,455
Annual Water/Sewer Expense:
$17,284
Tenant Expenses:
Cable TV, Electricity, Insurance, Other, Parking Fee
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$116,639
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$116,639
Income
Annual Gross Income:
$714,926
Rent
Annual Net Income:
$505,023
Units
Total Units:
43
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Electric Separate
- Heating Common
- Heating Separate
- Hot Water Common
- Hot Water Separate
Water System:
City Water/Connected
Mortgage Calculator
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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 Stepping Stone Brokers LLC.
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.