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5035 3rd St NE 7 Unit Apartment Building $845,000 ($120,714/Unit) Minneapolis, MN 55421
INVESTMENT HIGHLIGHTS
- Seven updated one-bedroom units with modern finishes throughout
- Ideal for traditional multifamily, ICS, group residential, or sober living uses
- On-site office and additional storage offering management or service flexibility
EXECUTIVE SUMMARY
5035 3rd Street NE is a well-maintained seven-unit multifamily property featuring all one-bedroom layouts, an on-site office, and additional storage. Located in the high-demand Fridley submarket, just minutes from Northeast Minneapolis, the property offers modern updates throughout, including mini-split heating and cooling systems, newer windows, and refreshed interiors.
The building’s configuration and accessible location make it well-suited for traditional multifamily operations or service-based housing models, such as ICS, group residential, or sober living. With strong in-place income, convenient access to major highways, retail, and healthcare facilities, this property offers a stable turnkey investment with long-term growth potential in a sought-after Twin Cities market.
The building’s configuration and accessible location make it well-suited for traditional multifamily operations or service-based housing models, such as ICS, group residential, or sober living. With strong in-place income, convenient access to major highways, retail, and healthcare facilities, this property offers a stable turnkey investment with long-term growth potential in a sought-after Twin Cities market.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2026) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $845,000 | Apartment Style | Low-Rise |
| Price Per Unit | $120,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Sale Condition | 1031 Exchange | Building Size | 6,284 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Zoning | R-3 | ||
| Price | $845,000 |
| Price Per Unit | $120,714 |
| Sale Type | Investment |
| Sale Condition | 1031 Exchange |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 6,284 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | R-3 |
AMENITIES
SITE AMENITIES
- Laundry Service
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | $1,150 | - |
1 1
PROPERTY TAXES
| Parcel Number | 26-30-24-23-0079 | Total Assessment | $662,000 (2025) |
| Land Assessment | $151,600 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $510,400 (2025) | Tax Year | 2026 Payable 2026 |
PROPERTY TAXES
Parcel Number
26-30-24-23-0079
Land Assessment
$151,600 (2025)
Improvements Assessment
$510,400 (2025)
Total Assessment
$662,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026 Payable 2026
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Presented by
VY Management
5035 3rd St NE
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