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3001 N 3rd St 8 Unit Apartment Building $974,900 ($121,863/Unit) 7.36% Cap Rate Minneapolis, MN 55411
INVESTMENT HIGHLIGHTS
- Professional Camera System with Key Fob Access
- New High Efficiency Boiler in 2022
- All 8 units renovated in 2022
EXECUTIVE SUMMARY
Turn-key 8-unit apartment building offering a cash-flowing investment at affordable rent levels. The property includes six 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. Units have been recently renovated, including new kitchens, countertops, flooring, and fixtures. Rents are set below 50% of the area median income (AMI), and the building is enrolled in the Minneapolis 4d Affordable Housing Program, providing approximately 40% in annual property tax savings. Additional improvements include upgraded mechanical systems, commercial-grade security and access controls, and a newly paved parking lot with off-street parking and on-site laundry. The building is fully stabilized; however, Unit #3 has been intentionally left vacant to accommodate showings.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $974,900 | Apartment Style | Low-Rise |
| Price Per Unit | $121,863 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 7.36% | Building Size | 7,392 SF |
| Gross Rent Multiplier | 7.66 | Average Occupancy | 88% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.08/1,000 SF |
| Zoning | R2B - BFI2 / Interior 2 Built Form Overlay District UN2 / Urban Neighborhood District | ||
| Price | $974,900 |
| Price Per Unit | $121,863 |
| Sale Type | Investment |
| Cap Rate | 7.36% |
| Gross Rent Multiplier | 7.66 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 7,392 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2022 |
| Parking Ratio | 1.08/1,000 SF |
| Zoning | R2B - BFI2 / Interior 2 Built Form Overlay District UN2 / Urban Neighborhood District |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Heating
- Refrigerator
- Range
- Family Room
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $1,150 | 650 |
| 2+1 | 6 | $1,350 | 950 |
1 1
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 10-029-24-32-0084 | Total Assessment | $689,000 (2024) |
| Land Assessment | $63,500 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $625,500 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
10-029-24-32-0084
Land Assessment
$63,500 (2024)
Improvements Assessment
$625,500 (2024)
Total Assessment
$689,000 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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3001 N 3rd St
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