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6141 Nicollet Ave S 11 Unit Apartment Building $1,650,000 ($150,000/Unit) 8.90% Cap Rate Minneapolis, MN 55419
INVESTMENT HIGHLIGHTS
- Brand New Kitchens with Quartz Countertops and ALL have dishwashers
- All common Spaces have been redone and Newer Coin laundry !!
- Just across the street from Richfield, a Minnesota Star City
- Brand New Bathrooms with Vanities, Light Fixtures, and New Toilets
- Plenty of off-street parking
EXECUTIVE SUMMARY
THE NICOLLET AVE APARTMENTS OFFERS INVESTORS A HIGHER RETURN FOR THEIR MONEY THEN MOST DEALS ON THE MARKET TODAY!! THE OWNER HAS CAREFULLY RENOVATED EVERY UNIT WITH NEWER KITCHENS, NEWER BATHROOMS, ALL NEW LIGHTING AND PLUMBING FIXTURES, NEW CARPET, REFINISHED ORIGINAL OAK HARDWOOD FLOORING, AND NEW TILE AND QUARTZ COUNTERTOPS!! EACH KITCHEN HAS ALSO RECEIVED A COMPLETE STAINLESS-STEEL APPLIANCE PACKAGE THAT INCLUDES FULL-SIZE DISHWASHERS. THE LAUNDRY MACHINES ARE LEASED THROUGH BDS ON A REVENUE SHARED PROGRAM AND OFFERS RESIDENTS AN ELECTRONIC PAYMENT SYSTEM. THE OWNER HAS ALSO INCREASED REVENUE SIGNIFICANTLY BY IMPLEMENTING A UTILITY REIMBURSEMENT PROGRAM THROUGH RUBS. THIS ASSET WILL CHANGE HANDS FULLY RENTED AND STABILIZED WITH MARKET RENTS AND LEASES RUNNING THROUGH SPRING/SUMMER OF 2026. THE CURRENT IN PLACE CAP RATE OF 8.9% IS BASED ON A NET OPERATING INCOME $146,772.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$201,606
|
$19.77
|
| Other Income |
$17,000
|
$1.67
|
| Vacancy Loss |
$145
|
$0.01
|
| Effective Gross Income |
$218,461
|
$21.42
|
| Taxes |
$23,066
|
$2.26
|
| Operating Expenses |
$48,623
|
$4.77
|
| Total Expenses |
$71,689
|
$7.03
|
| Net Operating Income |
$146,772
|
$14.39
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $201,606 |
| Annual Per SF | $19.77 |
| Other Income | |
|---|---|
| Annual | $17,000 |
| Annual Per SF | $1.67 |
| Vacancy Loss | |
|---|---|
| Annual | $145 |
| Annual Per SF | $0.01 |
| Effective Gross Income | |
|---|---|
| Annual | $218,461 |
| Annual Per SF | $21.42 |
| Taxes | |
|---|---|
| Annual | $23,066 |
| Annual Per SF | $2.26 |
| Operating Expenses | |
|---|---|
| Annual | $48,623 |
| Annual Per SF | $4.77 |
| Total Expenses | |
|---|---|
| Annual | $71,689 |
| Annual Per SF | $7.03 |
| Net Operating Income | |
|---|---|
| Annual | $146,772 |
| Annual Per SF | $14.39 |
PROPERTY FACTS
| Price | $1,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $150,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 8.90% | Building Size | 10,200 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 7.55 | No. Stories | 3 |
| No. Units | 11 | Year Built/Renovated | 1960/2025 |
| Property Type | Multifamily | Parking Ratio | 0.92/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4 - Multi-Family | ||
| Price | $1,650,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 8.90% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.55 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 10,200 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1960/2025 |
| Parking Ratio | 0.92/1,000 SF |
| Zoning | R4 - Multi-Family |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Tub/Shower
- Double Pane Windows
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Gas Range
- Laundry Service
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 10 | $1,548 | 735 - 750 |
| 3+1 | 1 | $2,103 | 1,100 |
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Walk Score®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 22-028-24-43-0070 | Total Assessment | $1,269,000 (2024) |
| Land Assessment | $252,000 (2024) | Annual Taxes | $23,066 ($2.26/SF) |
| Improvements Assessment | $1,017,000 (2024) | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
22-028-24-43-0070
Land Assessment
$252,000 (2024)
Improvements Assessment
$1,017,000 (2024)
Total Assessment
$1,269,000 (2024)
Annual Taxes
$23,066 ($2.26/SF)
Tax Year
2025 Payable 2025
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6141 Nicollet Ave S
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