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3816 Nicollet Ave 18 Unit Apartment Building $1,980,000 ($110,000/Unit) Minneapolis, MN 55409
INVESTMENT HIGHLIGHTS
- Embedded NOI boost through 4d participation and reduced property tax expenses appox 75% property tax reduction
- Value-add potential via unit upgrades, amenity enhancements, and operational efficiencies
- Location offering walkability, proximity to Eat Street, Uptown, major transit routes, and key employment hubs
- Consistently high occupancy within one of Minneapolis’ strongest renter-demand corridors
- Strong unit mix, predominantly one-bedrooms ideal for workforce and entry-level renters
- Operating RUBS program providing stabilized utility reimbursement income
EXECUTIVE SUMMARY
Located in the highly sought-after Kingfield submarket, 3816 Nicollet Avenue is a stabilized 18-unit multifamily asset already enrolled in the Minneapolis 4D Affordable Housing Program, providing an immediate ~75% property tax reduction and embedded NOI upside.
The property features a strong workforce-oriented unit mix of 3 studios and 15 one-bedrooms across 6,742 SF, on-site parking, and was built in 1966 on a 0.35-acre R2B-zoned parcel. Consistently high occupancy is supported by excellent walkability and proximity to Eat Street, Uptown, major transit corridors, and key employment hubs.
Additional upside remains through selective unit upgrades, amenity enhancements, and operational efficiencies layered on top of the built-in tax savings already in place.
The property features a strong workforce-oriented unit mix of 3 studios and 15 one-bedrooms across 6,742 SF, on-site parking, and was built in 1966 on a 0.35-acre R2B-zoned parcel. Consistently high occupancy is supported by excellent walkability and proximity to Eat Street, Uptown, major transit corridors, and key employment hubs.
Additional upside remains through selective unit upgrades, amenity enhancements, and operational efficiencies layered on top of the built-in tax savings already in place.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $1,980,000 | Building Class | C |
| Price Per Unit | $110,000 | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 6,742 SF |
| No. Units | 18 | Average Occupancy | 94% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1966 |
| Apartment Style | Low-Rise | Parking Ratio | 1.19/1,000 SF |
| Zoning | R2B | ||
| Price | $1,980,000 |
| Price Per Unit | $110,000 |
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 6,742 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.19/1,000 SF |
| Zoning | R2B |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | 600 |
| 1+1 | 15 | - | 550 - 750 |
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 10-028-24-21-0004 | Improvements Assessment | $1,365,400 |
| Land Assessment | $305,600 | Total Assessment | $1,671,000 |
PROPERTY TAXES
Parcel Number
10-028-24-21-0004
Land Assessment
$305,600
Improvements Assessment
$1,365,400
Total Assessment
$1,671,000
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3816 Nicollet Ave
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