This Multifamily Property is Off-Market.

3125 Aldrich Ave S
Minneapolis, MN 55408 ·

5 Units · Multifamily For Sale

N/A

Print

REDUCED TO 525k! 7.9% CAP RATE 5-Unit Apt Building

Price N/A Cap Rate 7.90%
No. Units 5 Gross Rent Multiplier 8.81
Building Size 5,700 SF Occupancy 100%
Property Type Multifamily No. Stories 3
Property Sub-type Garden/Low-Rise Year Built 1927
Property Use Type Investment Lot Size 5,474 SF
Listing ID: 17721029 Date Created: 06/25/2012 Last Updated: 11/20/2012

Description

Building

- Five-unit 1927 brick apartment building next to Bryant Park in the heart of popular Uptown Minneapolis.
- Floor 1: One 3-bed/2-bath apt with a current rent of about $1150 per month.
- Floors 2 & 3: Four 2-bed/1-bath apts with a current rent of about $1000 per month.
- Capitalization Rate: 7.9%
- Separate electric meters for each apt so tenants can pay apt electric bills.
- Basement laundry room with 2 washers and 2 dryers, modern digital coin-operated.
- Radiator heat with a modern natural gas heating boiler in the mechanical room.
- Two natural gas hot water heaters in the mechanical room.
- Three large storage lockers in the laundry room.
- Off-street parking space in the rear for 3 cars; the existing 3-car garage should be rebuilt or demolished.
- AutoCad computer diagram available of entire property.

Apartments

- All apartments have wood floors.
- New vinyl flooring in 4 of 5 apt kitchens.
- New refrigerators in 4 of 5 apts.
- New gas stoves in 4 of 5 apts.
- New bathroom sinks, toilets, and tile in 4 of 5 apts.
- All apartments have unique built-in cabinets & woodwork.

Location

- The location is right across the street from Byrant Square Park, which has a playground, a pool, picnic areas, a basketball court, 2 baseball fields / ice rinks, and a park activity building with foosball, a computer room, and more.
- The location is just one block from the Lyndale/Lake intersection, which is an Uptown cultural hub.
- The location is also near many bus lines, the Uptown chain of lakes, extensive biking & walking trails, great shopping, hip restaurants, trendy culture, & famous nightlife.

Capital Improvements

- New brick restoration of upper walls on all sides of building & chimney in 2012, $35k.
- New rubber membrane roof and new metal wall caps in 2012, $15k.
- New windows, 3BR, apt in 2007, $10k.
- New wood flooring, 3BR apt, in 2007, $3000
- New chain-link property fence.
- Countless major and minor improvements to the building and grounds over the last 10 years by owner-occupier.

Research

3125 Aldrich Ave S, Minneapolis, MN 55408 (Hennepin County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

Minneapolis Market Trends - Asking price index trends, sale price trends, asking rent trends

Similar Listings

  • 2653 Lyndale Ave N
    2653 Lyndale Ave N

    Minneapolis, MN 55411

    For Sale · $450,000

    6,705 SF Building

    Garden/Low-Rise

  • 1826 Portland Ave
    1826 Portland Ave

    Minneapolis, MN 55404

    For Sale · $345,000

    6,646 SF Building

    Duplex/Triplex/Fourplex

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

I am a place holder, please don't judge me!!! (no, I judge you!)