Pending
3226 Minnehaha Avenue S
Minneapolis MN, 55406
$1,320,000
$157.14 per sqft
Pending
8,400 sqft
Commercial
Built in 1963
3226 MINNEHAHA AVE. SOUTH IS A STRONG PRODUCING TURN-KEY APARTMENT ASSET IN A GROWING MINNEAPOLIS NEIGHBORHOOD! VERY CONSISTENT OCCUPANCY WITH LOW TURN OVER. NEWER DEVELOPMENTS IN CLOSE PROXIMITY HELP RAISE THE MARKET RENTS ON THESE UNITS. THERE ARE ELEVEN ONE-BEDROOM & ONE STUDIO APARTMENTS AND 10 OFF-STREET PARKING SPACES IN A REAR PARKING LOT. THE EXTERIOR IS A COMBINATION OF BRICK AND STUCCO WITH NEWER VINYL REPLACEMENT WINDOWS. A RUBS PROGRAM (RATIO UTILITY BILLING SYSTEM) HAS ALREADY BEEN IMPLEMENTED FOR TENANTS TO PAY THEIR PORTION FOR WATER, SEWER, AND TRASH. THIS PROPERTY WOULD MAKE THE IDEAL 1031 EXCHANGE UP FROM A 2-4 UNIT RENTAL. CURRENT IN-PLACE NOI $72,995 WITH UPSIDE POTENTIAL TO RAISE RENTS THE NEXT TWO YEARS BY 10-15%. CALL FOR MORE DETAILS.
6487512
MLSⓇ ID
February 9, 2024
Listed
August 23, 2024
Updated
Map
3226 Minnehaha Avenue S
Minneapolis MN, 55406
Interior Features
Total Stories
3
Appliances
Range, Refrigerator
Fireplace
No
Cooling
Yes
Cooling Description
Wall Unit(s)
Heating
Yes
Heating Description
Boiler
Exterior/Building Features
Lot Size
0.21 Acres
Roof
Age Over 8 Years, Asphalt, Pitched
Sewer
City Sewer/Connected
School Information
School District
Minneapolis
Other Property Details
Taxes
$16,937
Tax Frequency
Annually
Days on Market
29
Garage
No
Parking
Parking Lot
View
No
County
Hennepin
Water Source
City Water/Connected
Pool
No
Listing History
Date | Event | Price |
---|---|---|
3/9/2024 | Pending | — |
Courtesy of Apartment Cash Flow, Inc.
If a listing is in Coming Soon status, it is not currently available for showings but will be soon. Open House information is subject to change without warning. This home sale information is not an appraisal, competitive or comparative market analysis, CMA, or home evaluation. Information Deemed Reliable But Not Guaranteed. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Heather Zielinski shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
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Data last updated 2:07 PM UTC, 8/23/2024