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

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!)