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1802 11th Ave S 6 Unit Apartment Building $1,900,000 ($316,667/Unit) 8% Cap Rate Minneapolis, MN 55404
INVESTMENT HIGHLIGHTS
- WALKING DISTANCE TO US BANK STADIUM ! THIS IS THE FIRST BUILDING OVER THE 11TH AVE BRIDGE. COULD BE IDEAL FOR AN OWNER OCCUPANT TO LIVE FOR FREE !
- IT IS SET UP SO IT CAN BE CONDOMINIUMS BUT MID TERMS STAYS OF AT LEAST 30 DAYS ARE MOST LIKELY THE BEST USE.
- The entire top of the Parking Canopy is covered with solar panels.
- THIS IS A ONE OF A KIND DESIGNER PROJECT; THE OWNER /Contractor DID MUCH OF THE WORK HIMSELF.
- $100,000 of furniture included in the sale for short terms stays.
- CONTRACT FOR DEED TERM AVAILABLE.
EXECUTIVE SUMMARY
THIS IS BASICALLY A BRAND NEW BUILDING WITH A BEAUTIFUL BROWNSTONE SHELL !
Providing mid term rentals of at least 30 days and perhaps 1 unit doing short term rentals is the likely way to increase the current income.. The income was up to $229,000 in 2018 doing all short term rentals.. There are many mid term stay platforms now.. .
CONTRACT FOR DEED TERMS ARE AVAILABLE..
The owner started out with 12 worn out apartments, gutted the entire building, and put in 6 brand new apartments / condominiums. The units are set up so they can be condos with the values showing up as $450,000 to $480,000.
It is very energy efficient; it was insulted with spray foam and has solar panels.
Providing mid term rentals of at least 30 days and perhaps 1 unit doing short term rentals is the likely way to increase the current income.. The income was up to $229,000 in 2018 doing all short term rentals.. There are many mid term stay platforms now.. .
CONTRACT FOR DEED TERMS ARE AVAILABLE..
The owner started out with 12 worn out apartments, gutted the entire building, and put in 6 brand new apartments / condominiums. The units are set up so they can be condos with the values showing up as $450,000 to $480,000.
It is very energy efficient; it was insulted with spray foam and has solar panels.
FINANCIAL SUMMARY (PRO FORMA - 2026) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $1,900,000 | Building Class | C |
| Price Per Unit | $316,667 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 8,841 SF |
| Cap Rate | 8% | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.3 | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1902/2017 |
| Property Type | Multifamily | Parking Ratio | 0.68/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MF | ||
| Price | $1,900,000 |
| Price Per Unit | $316,667 |
| Sale Type | Investment |
| Cap Rate | 8% |
| Gross Rent Multiplier | 8.3 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 8,841 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1902/2017 |
| Parking Ratio | 0.68/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
- Yard
- Double Pane Windows
- Patio
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Furnished Units Available
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 4 | - | - |
| 1+1 | 1 | - | - |
| Studios | 1 | - | - |
1 1
Walk Score®
Very Walkable (82)
Transit Score®
Excellent Transit (75)
Bike Score®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 26-029-24-34-0049 | Improvements Assessment | $941,300 (2024) |
| Land Assessment | $130,700 (2024) | Total Assessment | $1,072,000 (2024) |
PROPERTY TAXES
Parcel Number
26-029-24-34-0049
Land Assessment
$130,700 (2024)
Improvements Assessment
$941,300 (2024)
Total Assessment
$1,072,000 (2024)
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1802 11th Ave S
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