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2524 Portland Ave
Minneapolis, MN 55404
Cash Flowing 6-Plex South Minneapolis · Multifamily Property For Sale
·
6 Units
Investment Highlights
- Major Systems Updated in 2017; Including: Roof, Windows, Mini Splits, Plumbing and Electrical
- Ample Parking with One-to-One Off-Street Parking Spaces
- Property Taxes Benefit from Reduced Rates Due to Participation in the 4D Tax Incentive Program
- Diverse Unit Mix Consisting of: 1 Studio, 3 One-Bedrooms, and 2 Two-Bedrooms
- Lower Property Expenses: Tenants Pay for Heat, Electric, and Hot Water
Executive Summary
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Portland Avenue Apartments.
Portland Avenue Apartments is a six-unit multifamily property located in the Phillips West neighborhood of Minneapolis. The property features a mix of one studio, three one-bedroom, and two two-bedroom residences, offering a range of options for tenants. Positioned less than half a mile from Peavey Field Park, with its basketball courts and soccer field, the property benefits from a convenient location near local recreational amenities.
Built in 1885, the property has been well cared for over the years, reflecting consistent maintenance and attention. The six residences average 692 square feet in size, with rents averaging $954 per month. The property also includes six off-street parking spaces, providing added convenience for residents in an urban setting.
Portland Avenue Apartments offers an attractive investment opportunity with stable rental income, a desirable unit mix, and a central location. Its combination of historical charm and practical updates makes it a compelling addition to a multifamily portfolio in Minneapolis.
Portland Avenue Apartments is a six-unit multifamily property located in the Phillips West neighborhood of Minneapolis. The property features a mix of one studio, three one-bedroom, and two two-bedroom residences, offering a range of options for tenants. Positioned less than half a mile from Peavey Field Park, with its basketball courts and soccer field, the property benefits from a convenient location near local recreational amenities.
Built in 1885, the property has been well cared for over the years, reflecting consistent maintenance and attention. The six residences average 692 square feet in size, with rents averaging $954 per month. The property also includes six off-street parking spaces, providing added convenience for residents in an urban setting.
Portland Avenue Apartments offers an attractive investment opportunity with stable rental income, a desirable unit mix, and a central location. Its combination of historical charm and practical updates makes it a compelling addition to a multifamily portfolio in Minneapolis.
Property Facts
| Price Per Unit | $83,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 7.55% | Building Size | 4,150 SF |
| Gross Rent Multiplier | 8.66 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1886 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price Per Unit | $83,167 |
| Sale Type | Investment |
| Cap Rate | 7.55% |
| Gross Rent Multiplier | 8.66 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,150 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1886 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $875.00 | 550 |
| 1+1 | 3 | $933.00 | 700 |
| 2+1 | 2 | $1,025 | 750 |
Property Taxes
| Parcel Number | 34-029-24-14-0067 | Improvements Assessment | $460,900 |
| Land Assessment | $73,100 | Total Assessment | $534,000 |
Property Taxes
Parcel Number
34-029-24-14-0067
Land Assessment
$73,100
Improvements Assessment
$460,900
Total Assessment
$534,000
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