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2800 Stevens Ave 5 Unit Apartment Building $675,000 ($135,000/Unit) Minneapolis, MN 55408
Investment Highlights
- Individual thermostats for Heat and individual air conditioners.
- Nice looking old fashioned yard lights.
- There is the option of installing a 6th apartment.
Executive Summary
6th UNIT OPTION! ZONING ALLOWS FOR IT AND THERE IS SPACE IN THE LOWER LEVEL. There is a 1/2 bath already there and some finished space because the current owners had intended to put in an office. There are all month to month leases so a new owner is free to proceed with any plan desired. Shingle, not flat roof. Fenced yard with unique old fashioned lighting in the yard. These owners were going to use the ICS rental program but were too late. The current rents are low at $1,000 and $1,100. I believe $1,250 is easily obtainable but buyers can verify.
Property Facts
| Price | $675,000 | Building Class | C |
| Price Per Unit | $135,000 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 4,800 SF |
| Gross Rent Multiplier | 9 | Average Occupancy | 80% |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 1.04/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R5 - Allows for a 6th unit. | ||
| Price | $675,000 |
| Price Per Unit | $135,000 |
| Sale Type | Investment |
| Gross Rent Multiplier | 9 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,800 SF |
| Average Occupancy | 80% |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 1.04/1,000 SF |
| Zoning | R5 - Allows for a 6th unit. |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Microwave
- Heating
- High Speed Internet Access
- Refrigerator
- Oven
- Tub/Shower
- Freezer
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $1,250 | 750 |
| 1+1 | 1 | $1,250 | 750 |
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Biker's Paradise (96)
Property Taxes
| Parcel Number | 34-029-24-43-0096 | Improvements Assessment | $493,400 |
| Land Assessment | $94,600 | Total Assessment | $588,000 |
Property Taxes
Parcel Number
34-029-24-43-0096
Land Assessment
$94,600
Improvements Assessment
$493,400
Total Assessment
$588,000
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2800 Stevens Ave
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