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446 Madison St NE 4 Unit Apartment Building Offered at $885,000 at a 7.14% Cap Rate Minneapolis, MN 55413
Investment Highlights
- Outsanding occupancy history- fewer than 30 cumulative vacancy days across all units in 16 years.
- Self-managed to keep expenses minimal
- Pro forma cap rate of 7.41% with modest revenue enhancements
Executive Summary
Excellent investment opportunity in the heart of NE Minneapolis. Main level units have central A/C and forced air heat. Upper level units have window A/C and new radiators. Surface parking for 5 vehicles, plus 3 individual garage stalls, and an EV charger that can be hooked into any unit's electric bill. Near-perfect occupancy in the past 16 years. All leases in-place until May 31, 2028.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$85,860
|
$17.17
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$85,860
|
$17.17
|
| Taxes |
$11,187
|
$2.24
|
| Operating Expenses |
$11,328
|
$2.27
|
| Total Expenses |
$22,515
|
$4.50
|
| Net Operating Income |
$63,345
|
$12.67
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $85,860 |
| Annual Per SF | $17.17 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $85,860 |
| Annual Per SF | $17.17 |
| Taxes | |
|---|---|
| Annual | $11,187 |
| Annual Per SF | $2.24 |
| Operating Expenses | |
|---|---|
| Annual | $11,328 |
| Annual Per SF | $2.27 |
| Total Expenses | |
|---|---|
| Annual | $22,515 |
| Annual Per SF | $4.50 |
| Net Operating Income | |
|---|---|
| Annual | $63,345 |
| Annual Per SF | $12.67 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Range
- Porch
Site Amenities
- Laundry Facilities
- Vintage Building
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | $1,790 | 815 - 925 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 14-029-24-43-0038 | Total Assessment | $589,000 (2025) |
| Land Assessment | $80,500 (2025) | Annual Taxes | $11,187 ($1.96/SF) |
| Improvements Assessment | $508,500 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
14-029-24-43-0038
Land Assessment
$80,500 (2025)
Improvements Assessment
$508,500 (2025)
Total Assessment
$589,000 (2025)
Annual Taxes
$11,187 ($1.96/SF)
Tax Year
2026
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446 Madison St NE
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