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3606 E 34th St 6 Unit Apartment Building $750,000 ($125,000/Unit) 8.64% Cap Rate Minneapolis, MN 55406
Investment Highlights
- Newer High Efficiency Hot Water Boiler
- Coin-Operated Washer and Dryers Owned
- Fully 100% Occupied and Turn-Key
- Newer Water Heater
- All Kitchens and Bathrooms Renovated
- In-Place 8.63 Cap Rate with Current Rents
Executive Summary
Spectacular six unit recently renovated with all new kitchens and bathrooms. Unit mix is five one-bedroom and one studio apartment all with one full bathroom. Three story all-brick exterior, sitting on 0.13+ acres with off street parking lot. 100% fully rented with on-site coin operated laundry and a newer water heater and high efficiency boiler. The average one-bedroom rents are $1,296 and the studio is at $1,195. This asset is in turn-key condition with a stabilized in place cap rate of 8.63% along with a 7.94 gross rent multiplier. Perfect for the first time investor or for your next 1031 tax exchange.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$92,100
|
$20.20
|
| Other Income |
$2,400
|
$0.53
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$94,500
|
$20.73
|
| Taxes |
$10,988
|
$2.41
|
| Operating Expenses |
$18,720
|
$4.11
|
| Total Expenses |
$29,708
|
$6.52
|
| Net Operating Income |
$64,792
|
$14.21
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $92,100 |
| Annual Per SF | $20.20 |
| Other Income | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.53 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $94,500 |
| Annual Per SF | $20.73 |
| Taxes | |
|---|---|
| Annual | $10,988 |
| Annual Per SF | $2.41 |
| Operating Expenses | |
|---|---|
| Annual | $18,720 |
| Annual Per SF | $4.11 |
| Total Expenses | |
|---|---|
| Annual | $29,708 |
| Annual Per SF | $6.52 |
| Net Operating Income | |
|---|---|
| Annual | $64,792 |
| Annual Per SF | $14.21 |
Property Facts
| Price | $750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 8.64% | Building Size | 5,500 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 7.94 | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1963/2024 |
| Property Type | Multifamily | Parking Ratio | 1.09/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | OR1 | ||
| Price | $750,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 8.64% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.94 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,500 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1963/2024 |
| Parking Ratio | 1.09/1,000 SF |
| Zoning | OR1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Controlled Access
- Laundry Facilities
- Gas Range
- Smoke Free
- Storage Space
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,195 | 550 |
| 1+1 | 5 | $1,296 | 700 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 06-028-23-24-0229 | Total Assessment | $610,000 (2024) |
| Land Assessment | $88,400 (2024) | Annual Taxes | $10,988 ($2.00/SF) |
| Improvements Assessment | $521,600 (2024) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
06-028-23-24-0229
Land Assessment
$88,400 (2024)
Improvements Assessment
$521,600 (2024)
Total Assessment
$610,000 (2024)
Annual Taxes
$10,988 ($2.00/SF)
Tax Year
2026 Payable 2026
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3606 E 34th St
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