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Bloomington Avenue Apartments 3412 Bloomington Ave S 18 Unit Apartment Building $1,900,000 ($105,556/Unit) 7.74% Cap Rate Minneapolis, MN 55407
Investment Highlights
- Newer Vinyl Replacement Windows
- Great Unit Mix of 12-2bd and 6-1bd apartments
- New Flat TPO Roof
- Four Attached Tuck Under Garages
Executive Summary
Bloomington Square Apartments is located in the heart of South Minneapolis close to many shops, parks and employment. Built in 1962 this property features a total of 18-units with a mix of twelve 2bd, 1ba and six 1bd, 1ba along with a whole lower fourth level with four tuck under garages. There is plenty of extra storage and off-street parking. The exterior is maintenance free with brick and stucco and newer vinyl replacement windows. The building sits on 0.28 acres and is only a short block from the desirable Powderhorn Park. Onsite laundry and extra storage lockers. Fully leased and located in a non-rent controlled city of Minnesota.
PROPERTY FACTS:
Year Built: 1962
Square Footage: 15,320
Units: 18
Zoning: Multiple-Dwelling
Parking: 4 Attached Garage Stalls w/ Openers Plus 16 Off-Street Parking Spots
Exterior: All Brick and Stucco Exterior
Heating: Gas Fired Forced Air Hot Water Boiler System
Air Conditioning: In the Wall Air Conditioning Units
Roof: Flat Roof - Newer in Age
UNIT DESCRIPTION:
12 - Two Bedroom, One Bath - Approx. 800+ Sqft.
6 - One Bedroom, One Bath - Approx. 600+ Sqft
PROPERTY IMPROVEMENTS:
Hallways and Common Areas Recently Painted
Newer Hot Water Heater
Newer Double-Hung Windows Throughout the Building
PRICE: $1,900,000.00
PROPERTY FACTS:
Year Built: 1962
Square Footage: 15,320
Units: 18
Zoning: Multiple-Dwelling
Parking: 4 Attached Garage Stalls w/ Openers Plus 16 Off-Street Parking Spots
Exterior: All Brick and Stucco Exterior
Heating: Gas Fired Forced Air Hot Water Boiler System
Air Conditioning: In the Wall Air Conditioning Units
Roof: Flat Roof - Newer in Age
UNIT DESCRIPTION:
12 - Two Bedroom, One Bath - Approx. 800+ Sqft.
6 - One Bedroom, One Bath - Approx. 600+ Sqft
PROPERTY IMPROVEMENTS:
Hallways and Common Areas Recently Painted
Newer Hot Water Heater
Newer Double-Hung Windows Throughout the Building
PRICE: $1,900,000.00
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$256,200
|
$16.63
|
| Other Income |
$5,760
|
$0.37
|
| Vacancy Loss |
$7,686
|
$0.50
|
| Effective Gross Income |
$254,274
|
$16.50
|
| Taxes |
$37,001
|
$2.40
|
| Operating Expenses |
$70,268
|
$4.56
|
| Total Expenses |
$107,269
|
$6.96
|
| Net Operating Income |
$147,005
|
$9.54
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $256,200 |
| Annual Per SF | $16.63 |
| Other Income | |
|---|---|
| Annual | $5,760 |
| Annual Per SF | $0.37 |
| Vacancy Loss | |
|---|---|
| Annual | $7,686 |
| Annual Per SF | $0.50 |
| Effective Gross Income | |
|---|---|
| Annual | $254,274 |
| Annual Per SF | $16.50 |
| Taxes | |
|---|---|
| Annual | $37,001 |
| Annual Per SF | $2.40 |
| Operating Expenses | |
|---|---|
| Annual | $70,268 |
| Annual Per SF | $4.56 |
| Total Expenses | |
|---|---|
| Annual | $107,269 |
| Annual Per SF | $6.96 |
| Net Operating Income | |
|---|---|
| Annual | $147,005 |
| Annual Per SF | $9.54 |
Property Facts
| Price | $1,900,000 | Property Subtype | Apartment |
| Price Per Unit | $105,556 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.74% | Lot Size | 0.28 AC |
| Sale Condition | 1031 Exchange | Building Size | 15,408 SF |
| Gross Rent Multiplier | 7.47 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1962 |
| Zoning | R2B - Multifamily | ||
| Price | $1,900,000 |
| Price Per Unit | $105,556 |
| Sale Type | Investment |
| Cap Rate | 7.74% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.47 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 15,408 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1962 |
| Zoning | R2B - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
- Heating
- Refrigerator
- Range
- Tub/Shower
- Trash Compactor
Site Amenities
- Controlled Access
- Laundry Facilities
- Security System
- Gas Range
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $1,255 | 800 - 900 |
| 1+1 | 6 | $1,050 | 625 - 650 |
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Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-028-24-42-0002 | Total Assessment | $1,956,000 (2025) |
| Land Assessment | $172,300 (2025) | Annual Taxes | $37,001 ($2.40/SF) |
| Improvements Assessment | $1,783,700 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
02-028-24-42-0002
Land Assessment
$172,300 (2025)
Improvements Assessment
$1,783,700 (2025)
Total Assessment
$1,956,000 (2025)
Annual Taxes
$37,001 ($2.40/SF)
Tax Year
2026 Payable 2026
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Videos
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Matterport 3D Tour
Photos
Street View
Street
Map
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Bloomington Avenue Apartments | 3412 Bloomington Ave S