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For Sale:  Minneapolis MLS# 7023006

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Active
$955,000
/mo Edit
Commercial:  2 Stories
11 br • 6 ba • Built 1925
0.13 acres
MLS# 7023006
763-576-8286
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    Property Description

    This extensively remodeled five-unit apartment building represents a rare, turn-key investment opportunity with both immediate income and long-term upside. The property features four spacious two-bedroom, one-bath units and a highly desirable three-bedroom, two-bath unit, complemented by a two-car garage and additional off-street parking. Kitchens have been fully updated with new cabinetry, modern appliances, fresh countertops, and in-unit or on-site laundry options, while refinished flooring, updated paint, select new windows and doors, and refreshed bathrooms with new tile enhance tenant appeal throughout. Importantly for the discerning investor, the ownership approach prioritized durability and longevity—plumbing, electrical, and other behind-the-walls infrastructure were upgraded with a long-term hold strategy in mind, materially reducing future capital expenditure risk. All five units are currently leased. Additional tenant amenities include basement storage lockers and shared laundry. The sale is driven solely by the seller’s pursuit of a new business venture, creating a compelling opportunity to acquire a well-maintained, thoughtfully upgraded asset built for stable performance well into the future.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $955,000
    Property Type: Commercial
    City: Minneapolis
    Garage Spaces: 2
    County: Hennepin
    Year Built: 1925
    State: MN
    Property Style: 2 Stories
    Zip Code: 55408
    Neighborhood/Area: 48
    Subdivision Name: Bakers Add

    Interior

    Bedrooms: 11
    Bathrooms: 6
    Flooring: Wood
    Refrigerators: Five
    Appliances Included:
    • Dishwasher
    • Dryer
    • Microwave
    • Range
    • Refrigerator
    • Washer
    Basement Details:
    • Egress Window(s)
    • Finished
    • Full
    • Storage Space
    • Storage/Locker

    Exterior

    Stories: Two
    Garage Spaces: 2
    Garage Size: 500 ft2
    Air Conditioning: Window Unit(s)
    Foundation Size: 2,181 ft2
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Radiator
    Parking Features:
    • Asphalt
    • Detached Garage
    • Parking Lot
    • Paved Lot
    • Unassigned
    Unit Amenities:
    • Ceiling Fan(s)
    • Hardwood Floors
    • Kitchen Window
    • Main Floor Primary Bedroom
    • Natural Woodwork
    • Tile Floors
    • Washer/Dryer Hookup
    Road Frontage:
    • Curbs
    • Paved Streets
    • Sidewalks
    • Storm Sewer
    • Township
    Pool: None
    Roof Details:
    • Flat
    • Rubber

    Rooms

    Shared Rooms: Other

    Lot & Land

    Acres: 0.13
    Geolocation: 44.940946, -93.287755
    Inclusions: Building, Land, Leases, Rental License
    Lot Dimensions: 45 x 121
    Zoning:
    • Business/Commercial
    • Residential-Multi-Family
    Lot Description:
    • Public Transit (w/in 6 blks)
    • Tree Coverage - Light

    Farm

    Topography: Level

    Schools

    School District: 558
    District Phone: 6126680000

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: None
    Annual Fuel Expense: $4,039
    Annual Insurance Expense: $7,059
    Annual Maintenance Expense: None
    Annual Trash Expense: None
    Annual Water/Sewer Expense: $5,009
    Tenant Expenses: Cable TV, Electricity

    Financial & Taxes

    Tax Year: 2026
    Annual Taxes: $14,934
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $14,934

    Income

    Annual Gross Income: $97,140

    Rent

    Annual Net Income: $97,140

    Units

    Total Units: 5

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Separate
    • Heating Common
    • Hot Water Common
    Water System: City Water/Connected
    Power Company Name: Xcel Energy

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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    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.