3125 Aldrich Ave S
Minneapolis, MN 55408 ·
5 Units · Multifamily For Sale
REDUCED TO 525k! 7.9% CAP RATE 5-Unit Apt Building
|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|
- 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.
- 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.
- 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.
- 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.
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