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Fully-Leased New Hope Duplex 5531 Maryland Ave N 4 Unit Apartment Building $929,900 ($232,475/Unit) 5.82% Cap Rate New Hope, MN 55428
Investment Highlights
- Fully Leased with Strong Lease History
- Separate Metering
- Recent Renovations
Executive Summary
Fantastic opportunity to own a turn-key, fully rented four-plex conveniently located in New Hope. Renter pays gas, electric, water and sewer. All units have separate utilities and meters. Property has a common backyard. Each patio is shared by two units.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$75,540
|
$13.65
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$75,540
|
$13.65
|
| Taxes |
$11,668
|
$2.11
|
| Operating Expenses |
$9,629
|
$1.74
|
| Total Expenses |
$21,297
|
$3.85
|
| Net Operating Income |
$54,243
|
$9.80
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $75,540 |
| Annual Per SF | $13.65 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $75,540 |
| Annual Per SF | $13.65 |
| Taxes | |
|---|---|
| Annual | $11,668 |
| Annual Per SF | $2.11 |
| Operating Expenses | |
|---|---|
| Annual | $9,629 |
| Annual Per SF | $1.74 |
| Total Expenses | |
|---|---|
| Annual | $21,297 |
| Annual Per SF | $3.85 |
| Net Operating Income | |
|---|---|
| Annual | $54,243 |
| Annual Per SF | $9.80 |
Property Facts Under Contract
| Price | $929,900 | Apartment Style | Low-Rise |
| Price Per Unit | $232,475 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.55 AC |
| Cap Rate | 5.82% | Building Size | 5,536 SF |
| Gross Rent Multiplier | 55 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 0.36/1,000 SF |
| Zoning | multi-family residential - Multi-Family Residential. | ||
| Price | $929,900 |
| Price Per Unit | $232,475 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| Gross Rent Multiplier | 55 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 5,536 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 0.36/1,000 SF |
| Zoning | multi-family residential - Multi-Family Residential. |
Amenities
Unit Amenities
- Cable Ready
Site Amenities
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $1,700 | 1,964 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 05-118-21-34-0076 | Total Assessment | $616,000 |
| Land Assessment | $80,000 | Annual Taxes | $11,668 ($2.11/SF) |
| Improvements Assessment | $536,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
05-118-21-34-0076
Land Assessment
$80,000
Improvements Assessment
$536,000
Total Assessment
$616,000
Annual Taxes
$11,668 ($2.11/SF)
Tax Year
2025
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Fully-Leased New Hope Duplex | 5531 Maryland Ave N
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