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2816 Pillsbury Ave 23 Unit Apartment Building $2,280,000 ($99,130/Unit) 10.16% Cap Rate Minneapolis, MN 55408
Investment Highlights
- Recent Capital Improvements – Roof and boiler updated in 2024, water heater replaced in 2019, reducing near-term expenses.
- New Windows in Select Units – 4 of the 23 units have brand-new windows, improving energy efficiency.
- Off-Street Parking for All Units – Dedicated off-street parking available for all 23 units, a strong amenity in this submarket.
- Unit Upgrades Underway – 13 of 23 units feature updated kitchens and bathrooms, supporting strong market rents and future upside.
- Balconies for Majority of Units – 14 of 23 units include private balconies, enhancing tenant appeal and retention.
- Prime Location Near Retail And Transit – Easy access to shopping, dining, and major highways.
Executive Summary
Broker of Record
Kurt Sauer
License # 41005445, 40628602 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Kurt Sauer
License # 41005445, 40628602 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Property Facts
| Price | $2,280,000 | Apartment Style | Low-Rise |
| Price Per Unit | $99,130 | Building Class | C |
| Sale Type | Investment | Building Size | 16,100 SF |
| Cap Rate | 10.16% | No. Stories | 3 |
| No. Units | 23 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.43/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $2,280,000 |
| Price Per Unit | $99,130 |
| Sale Type | Investment |
| Cap Rate | 10.16% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 16,100 SF |
| No. Stories | 3 |
| Year Built | 1964 |
| Parking Ratio | 1.43/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | - | 700 |
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Exceptionally walkable
90/100
Moderately drivable
60/100
Strong public transit
80/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 34-029-24-34-0050 | Improvements Assessment | $1,630,700 |
| Land Assessment | $371,300 | Total Assessment | $2,002,000 |
Property Taxes
Parcel Number
34-029-24-34-0050
Land Assessment
$371,300
Improvements Assessment
$1,630,700
Total Assessment
$2,002,000
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