MN > Minneapolis > Burgess Add
Minneapolis, MN 55406,3226 Minnehaha AVE S
Minneapolis, MN 55406,3226 Minnehaha AVE S
Minneapolis, MN 55406,3226 Minnehaha AVE S
Minneapolis, MN 55406,3226 Minnehaha AVE S
Minneapolis, MN 55406,3226 Minnehaha AVE S
Minneapolis, MN 55406,3226 Minnehaha AVE S
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Tom Ott

Tom Ott

+1(612) 701-7474
$ 1,320,000
Est. payment | /mo

9,147 Sqft Lot

Save
$ 1,320,000
Est. payment | /mo
Save

9,147 Sqft Lot

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

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

Listed by Nathan Opatz • Apartment Cash Flow, Inc.

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Tom Ott

REALTOR® | Lic# 590400

+1(612) 701-7474

7449 80th St S, Cottage Grove, MN, 55016, USA

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3226 Minnehaha AVE S