3226 Minnehaha AVE S Pending Save Request In-Person Tour Request Virtual Tour
Minneapolis,MN 55406
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Subdivision Burgess Add
MLS Listing ID 6487512
Year Built 1963
Annual Tax Amount $16,937
Tax Year 2023
Contingent None
Lot Size 9,147 Sqft
Acres 0.21
Lot Dimensions 80 x 120
Property Description
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.
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Interior
Heating Boiler
Cooling Wall Unit(s)
Inclusions Building,Land,Rental License
Fireplace No
Appliance Range,Refrigerator
Exterior
Garage Parking Lot
Utilities Available Electric Separate,Heating Common,Hot Water Common
Roof Type Age Over 8 Years,Asphalt,Pitched
Present Use Residential
Parking Type Parking Lot
Building
Story Three Or More
Foundation 2800
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Three Or More
Structure Type Brick/Stone,Stucco
Schools
School District Minneapolis