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2637 Pleasant Ave S 21 Unit Apartment Building $2,520,000 ($120,000/Unit) 7.43% Cap Rate Minneapolis, MN 55408
Investment Highlights
- LARGE STUDIO, 1-BEDROOM, AND 2-BEDROOM UNITS
- REMODELED UNITS AND COMMON AREAS AND HALLWAYS
- 100% OCCUPIED IN A NON-RENT CONTROLLED CITY / RENTS CAN BE PUSHED
- TWO NEWER HIGH EFFICIENCY HOT WATER BOILERS
- NEWER VINYL REPLACEMENT WINDOWS
Executive Summary
Attractive 21-unit in the highly sought after Whittier Park neighborhood of Minneapolis, Minnesota. All brick and stucco exterior built in 1966 with great curb appeal. The unit mix features two well appointed 2-bedrooms, fifteen large 1-bedrooms, and four studios. Most of the apartments have been renovated including newer kitchens, bathrooms, luxury vinyl plank flooring, lighting fixtures, and updated appliance packages. The property has newer double pane vinyl replacement windows, two energy efficient hot water boilers, and newer coin operated laundry machines. Close proximity to the Minneapolis College of Art & Design (MCAD), Mpls. Institute of Arts Museum, and downtown Minneapolis. Proforma NOI $187,179 with a cap rate 7.42%.
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Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$267,660
|
$14.09
|
| Other Income |
$3,600
|
$0.19
|
| Vacancy Loss |
$5,353
|
$0.28
|
| Effective Gross Income |
$265,907
|
$14.00
|
| Taxes |
$34,094
|
$1.79
|
| Operating Expenses |
$44,632
|
$2.35
|
| Total Expenses |
$78,726
|
$4.14
|
| Net Operating Income |
$187,181
|
$9.85
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $267,660 |
| Annual Per SF | $14.09 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.19 |
| Vacancy Loss | |
|---|---|
| Annual | $5,353 |
| Annual Per SF | $0.28 |
| Effective Gross Income | |
|---|---|
| Annual | $265,907 |
| Annual Per SF | $14.00 |
| Taxes | |
|---|---|
| Annual | $34,094 |
| Annual Per SF | $1.79 |
| Operating Expenses | |
|---|---|
| Annual | $44,632 |
| Annual Per SF | $2.35 |
| Total Expenses | |
|---|---|
| Annual | $78,726 |
| Annual Per SF | $4.14 |
| Net Operating Income | |
|---|---|
| Annual | $187,181 |
| Annual Per SF | $9.85 |
Property Facts
| Price | $2,520,000 | Apartment Style | Low-Rise |
| Price Per Unit | $120,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 7.43% | Building Size | 19,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.47 | No. Stories | 3 |
| No. Units | 21 | Year Built/Renovated | 1966/2010 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R5 - Multi-Family | ||
| Price | $2,520,000 |
| Price Per Unit | $120,000 |
| Sale Type | Investment |
| Cap Rate | 7.43% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 9.47 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 19,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1966/2010 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R5 - Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- High Speed Internet Access
- Refrigerator
- Range
- Double Pane Windows
Site Amenities
- Controlled Access
- Recycling
- Smoke Free
- Wi-Fi
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | $788.00 | 500 - 550 |
| 1+1 | 15 | $1,113 | 650 - 700 |
| 2+1 | 2 | $1,225 | 800 - 900 |
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Exceptionally walkable
90/100
Moderately drivable
60/100
Strong public transit
80/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 34-029-24-31-0047 | Total Assessment | $1,806,000 (2024) |
| Land Assessment | $420,200 (2024) | Annual Taxes | $34,094 ($1.79/SF) |
| Improvements Assessment | $1,385,800 (2024) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
34-029-24-31-0047
Land Assessment
$420,200 (2024)
Improvements Assessment
$1,385,800 (2024)
Total Assessment
$1,806,000 (2024)
Annual Taxes
$34,094 ($1.79/SF)
Tax Year
2026 Payable 2026
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2637 Pleasant Ave S
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