Log In/Sign Up
Your email has been sent.
446 Madison St NE 4 Unit Apartment Building $885,000 ($221,250/Unit) 7.16% Cap Rate Minneapolis, MN 55413
Investment Highlights
- Outstanding occupancy history- fewer than 30 cumulative vacancy days across all units in 16 years.
- Updated mechanicals- 3 of 4 water heaters replaced since 2021, furnace and radiators less than 4 years old
- 3 units with private laundry
- Turnkey property- fully updated electrical and plumbing by current owners
- Kitchens and baths fully updated
- Tenants pay electric and gas
Executive Summary
This turnkey four-unit multifamily investment offers immediate, stable cash flow with a strong Net Operating Income (NOI) of $63,345, 100% occupancy, and a long history of exceptionally low vacancy. Meticulously self-managed by the current owner, the property has been exceptionally well maintained and requires no renovation or deferred maintenance, allowing a new owner to begin generating income immediately.
Significant capital improvements, including updated mechanical, plumbing, and electrical systems, help minimize future capital expenditures, while private off-street parking provides an added amenity that tenants value. The property's outstanding condition and stable tenancy make it an attractive, low-maintenance investment for both experienced and first-time multifamily investors.
Located in one of Northeast Minneapolis' most desirable neighborhoods, the property boasts an Walk Score of 83, placing tenants within walking distance of neighborhood restaurants, coffee shops, breweries, shopping, and everyday conveniences. Downtown Minneapolis, I-94, and I-35W are just minutes away, and the area offers excellent biking infrastructure and convenient public transportation, further enhancing long-term tenant demand.
In addition to its strong in-place performance, the property offers excellent pro forma income potential. Current ownership does not charge tenants for garage rental, pet fees, or basement storage units, providing multiple opportunities for a new owner to increase revenue with minimal additional investment while maintaining a competitive position in the market.
With proven operational stability, a desirable location, quality improvements, and meaningful upside potential, this property represents an exceptional opportunity to acquire a well-positioned multifamily asset in one of Minneapolis' strongest rental markets.
Significant capital improvements, including updated mechanical, plumbing, and electrical systems, help minimize future capital expenditures, while private off-street parking provides an added amenity that tenants value. The property's outstanding condition and stable tenancy make it an attractive, low-maintenance investment for both experienced and first-time multifamily investors.
Located in one of Northeast Minneapolis' most desirable neighborhoods, the property boasts an Walk Score of 83, placing tenants within walking distance of neighborhood restaurants, coffee shops, breweries, shopping, and everyday conveniences. Downtown Minneapolis, I-94, and I-35W are just minutes away, and the area offers excellent biking infrastructure and convenient public transportation, further enhancing long-term tenant demand.
In addition to its strong in-place performance, the property offers excellent pro forma income potential. Current ownership does not charge tenants for garage rental, pet fees, or basement storage units, providing multiple opportunities for a new owner to increase revenue with minimal additional investment while maintaining a competitive position in the market.
With proven operational stability, a desirable location, quality improvements, and meaningful upside potential, this property represents an exceptional opportunity to acquire a well-positioned multifamily asset in one of Minneapolis' strongest rental markets.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$85,860
|
$15.02
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$85,860
|
$15.02
|
| Taxes |
$11,187
|
$1.96
|
| Operating Expenses |
$11,328
|
$1.98
|
| Total Expenses |
$22,515
|
$3.94
|
| Net Operating Income |
$63,345
|
$11.08
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $85,860 |
| Annual Per SF | $15.02 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $85,860 |
| Annual Per SF | $15.02 |
| Taxes | |
|---|---|
| Annual | $11,187 |
| Annual Per SF | $1.96 |
| Operating Expenses | |
|---|---|
| Annual | $11,328 |
| Annual Per SF | $1.98 |
| Total Expenses | |
|---|---|
| Annual | $22,515 |
| Annual Per SF | $3.94 |
| Net Operating Income | |
|---|---|
| Annual | $63,345 |
| Annual Per SF | $11.08 |
Property Facts
| Price | $885,000 | Apartment Style | Low-Rise |
| Price Per Unit | $221,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 7.16% | Building Size | 5,716 SF |
| Gross Rent Multiplier | 10.33 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1888/2010 |
| Property Subtype | Apartment | Parking Ratio | 1.4/1,000 SF |
| Zoning | Multi-Family | ||
| Price | $885,000 |
| Price Per Unit | $221,250 |
| Sale Type | Investment |
| Cap Rate | 7.16% |
| Gross Rent Multiplier | 10.33 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,716 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1888/2010 |
| Parking Ratio | 1.4/1,000 SF |
| Zoning | Multi-Family |
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 | 4 | $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
1 of 54
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Contact the Sale Advisor
446 Madison St NE