For Sale: Minneapolis MLS# 7088900
Active
$1,125,000
Commercial: 2 Stories
Built 1960
0.18 acres
Minneapolis schools
MLS# 7088900
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Property Description
11-unit all 1BR/1BA multifamily in Minneapolis's Corcoran neighborhood offered at $1, 125, 000 ($102, 273/door). Just 0.3 miles from the Lake Street/Midtown Station light rail, tenants enjoy direct access to Downtown Minneapolis and MSP Airport without a car. The property has seen numerous capital upgrades including a newer boiler, updated electric panels, and energy efficient appliances, and is part of the Minneapolis 4D program providing low taxes and free energy efficiency upgrades. Many units have already been turned with real rent upside remaining on others, creating a clear path to growth on a simple, uniform unit mix that keeps operations straightforward and underwriting clean. Stable in-place cash flow with a potential NOI of $88, 445 at a basis that still makes sense in today's market. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9, 750, 000. Please referance OM for more information.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,125,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1960
State:
MN
Property Style:
2 Stories
Zip Code:
55407
Neighborhood/Area:
16
Subdivision Name:
Minnehaha Add
Exterior
Stories:
Two
Garage Spaces:
0
Garage Dimensions:
0
Foundation Size:
2,448 ft2
Foundation Dimensions:
35x70
Handicap Accessible:
None
Heating System:
Boiler
Parking Features:
- Parking Lot
- Paved Lot
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.18
Geolocation:
44.947918, -93.243979
Inclusions:
Building, Fixture/Equipment, Land, Rental License
Lot Dimensions:
63.00 X 125.00
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
6126680000
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$3,294
Lender-owned:
No
Assessment Pending:
Yes
Taxes w/ Assessments:
$3,883
Income
Annual Gross Income:
$138,600
Rent
Annual Net Income:
$88,445
Units
Total Units:
11
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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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!
Listing provided by RMLS,
courtesy of Commercial Investors Group 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.