About 3226 Minnehaha Avenue S
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.
Features of 3226 Minnehaha Avenue S
| MLS® # | 6487512 |
|---|---|
| Price | $1,320,000 |
| Bathrooms | 0.00 |
| Acres | 0.21 |
| Year Built | 1963 |
| Type | Commercial Sale |
| Sub-Type | Apartment |
| Style | Apartment |
| Status | Pending |
Community Information
| Address | 3226 Minnehaha Avenue S |
|---|---|
| Area | Longfellow |
| Subdivision | Burgess Add |
| City | Minneapolis |
| County | Hennepin |
| State | MN |
| Zip Code | 55406 |
Amenities
| Garages | Parking Lot |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
Interior
| Appliances | Range, Refrigerator |
|---|---|
| Heating | Boiler |
| Cooling | Wall Unit(s) |
| Fireplace | No |
Exterior
| Roof | Age Over 8 Years, Asphalt, Pitched |
|---|---|
| Construction | Brick/Stone, Stucco |
School Information
| District | Minneapolis |
|---|
Additional Information
| Days on Market | 81 |
|---|---|
| Zoning | Residential-Multi-Family |
| Foreclosure | No |
| Short Sale | No |
Listing Details
| Office | Apartment Cash Flow, Inc. |
|---|