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3845 Chicago Ave 6 Unit Apartment Building $606,900 ($101,150/Unit) 7.30% Cap Rate Minneapolis, MN 55407
INVESTMENT HIGHLIGHTS
- Units have been Remodeled
- Convenient, High Visibility Location
- Very Clean Building
EXECUTIVE SUMMARY
This 6-unit apartment building is classic brownstone building built in 1931 with hardwood floors, high ceilings and classic architecture for the time. It has five 2-bedroom units and one studio unit. Fully occupied remodeled units. Updated vinyl windows, roof replaced in 2010, six newer furnaces & electric meters and newer coin laundry in the basement. Tier 1 rental license and professionally managed by a reputable local management company. Located in south Minneapolis, the property is near several parks and lakes including Lakes Nokomis, Hiawatha and Powderhorn. No shortage of restaurants and retail in the neighborhood.
PROPERTY FACTS
| Price | $606,900 | Apartment Style | Low-Rise |
| Price Per Unit | $101,150 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 7.30% | Building Size | 5,820 SF |
| Gross Rent Multiplier | 7.29 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1931 |
| Property Subtype | Apartment | Parking Ratio | 1.03/1,000 SF |
| Zoning | R4 - BFC6 / Corridor 6 Built Form Overlay District RM1 / Residence Goods and Services District | ||
| Price | $606,900 |
| Price Per Unit | $101,150 |
| Sale Type | Investment |
| Cap Rate | 7.30% |
| Gross Rent Multiplier | 7.29 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 5,820 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1931 |
| Parking Ratio | 1.03/1,000 SF |
| Zoning | R4 - BFC6 / Corridor 6 Built Form Overlay District RM1 / Residence Goods and Services District |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $750.00 | 285 |
| 2+1 | 5 | $1,230 | 685 |
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Walk Score®
Very Walkable (79)
Bike Score®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 11-028-24-21-0101 | Improvements Assessment | $542,000 |
| Land Assessment | $79,000 | Total Assessment | $621,000 |
PROPERTY TAXES
Parcel Number
11-028-24-21-0101
Land Assessment
$79,000
Improvements Assessment
$542,000
Total Assessment
$621,000
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3845 Chicago Ave
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