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NIC 44 4429 S Nicollet Ave 29 Unit Apartment Building For Sale Minneapolis, MN 55419
INVESTMENT HIGHLIGHTS
- Unique unit mix: 20 three-bedroom, 7 two-bedroom, and 2 one-bedroom units.
- Located in Kingfield, a sought-after neighborhood in Southwest Minneapolis - close to boutiques, coffeeshops, restaurants & major employment centers.
- Fully renovated units (2020-2024) with new cabinets, granite countertops, LVT flooring and modern finishes throughout.
- Only multifamily complex in the area with predominantly 3-bedroom units
- 29 off-street parking spaces could generate an additional $26,100 annually at $75/space/month.
- Utility reimbursements were fully implemented in 2024, which equates to approximately $150/unit/month and totaling $53,000 annually.
EXECUTIVE SUMMARY
Kiser Group is excited to present 44 NIC Apartments, a fully renovated 29-unit multifamily property in the vibrant Kingfield neighborhood of Southwest Minneapolis. Conveniently located just off I-35W on Nicollet Avenue, residents enjoy quick access to Downtown, Uptown, Lake Harriet, and local restaurants like Victor’s 1959 Café, Boludo, the Lowbrow, Patisserie 46, Revival, and the Kingfield Farmers Market. All units were renovated between 2020 and 2022, featuring modern updates such as granite countertops, stainless steel appliances, and new flooring. The property features a unit mix that is predominantly three-bedrooms with large open floorplans, currently boasts 97% occupancy, and provides a lucrative opportunity for the next investor to continue raising rents to market upon renewals and new leases.
PROPERTY FACTS Under Contract
| Sale Type | Investment | Lot Size | 0.81 AC |
| No. Units | 29 | Building Size | 34,438 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1921 |
| Building Class | C | Parking Ratio | 0.84/1,000 SF |
| Zoning | R4 - Multiple-family residential units | ||
| Sale Type | Investment |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.81 AC |
| Building Size | 34,438 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built | 1921 |
| Parking Ratio | 0.84/1,000 SF |
| Zoning | R4 - Multiple-family residential units |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 700 |
| 2+1 | 7 | - | 850 |
| 3+1 | 21 | - | 1,000 - 1,200 |
Walk Score®
Very Walkable (78)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 10-028-24-43-0167 | Improvements Assessment | $3,254,600 |
| Land Assessment | $705,400 | Total Assessment | $3,960,000 |
PROPERTY TAXES
Parcel Number
10-028-24-43-0167
Land Assessment
$705,400
Improvements Assessment
$3,254,600
Total Assessment
$3,960,000
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NIC 44 | 4429 S Nicollet Ave
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