Historical Multifamily Sale Listing - REDUCED TO 525k! 7.9% CAP RATE 5-Unit Apt Building

Multifamily For Sale

This Multifamily property is Off-Market. Search below to find active commercial real estate for sale or lease.

Browse More Listings in Multifamily For Sale, Minneapolis, MN or Minnesota

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

3125 Aldrich Ave S, Minneapolis, MN 55408

N/A

5 Units | Multifamily

  • Print

Photo A02: Front view.

Multifamily Property - Off Market

Price:
N/A
No. Units:
5
Building Size:
5,700 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.90%
Gross Rent Multiplier:
8.81
Occupancy:
100%
No. Stories:
3
Year Built:
1927
Lot Size:
5,474 SF
Listing ID
17721029
Last Updated
over 1 year ago

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.

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

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

  • Demographics – Population, income & other demographics near 3125 Aldrich Ave S
  • Research Price – Recent sales of similar properties
  • Property Record Data – Historical listings, current tax, mortgage, owners & tenant info for this building

Similar Listings

11 Photos
2407 W Broadway
2407 W Broadway
  • Minneapolis, MN
  • $327,500
  • 6,364 SF Bldg