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707-709 5th St SE 13 Unit Apartment Building $1,196,000 ($92,000/Unit) 7.03% Cap Rate Minneapolis, MN 55414
EXECUTIVE SUMMARY
The Listing Agent will attend all closing unless unable. 3-4 units available for initial showing. All units will become available to show upon an expected purchase agreement. Buyer Agents to verify all unit measurements.
707-709 5th Street Southeast in Minneapolis, MN is a well-maintained vintage 13-unit apartment property located in the heart of the Marcy Holmes neighborhood of Minneapolis. The building consists of nine 1-bedroom units and four studio units. Strong rental history with an opportunity to increase rents. Property has a 6-stall garage for added income. Currently only charging $45 per month. On-site laundry currently is not being charged. Storage units are in the basement and are currently included in the rent. Two more potential income sources. Marcy-Holmes is well known for its commercial districts, St. Anthony Main and Dinkytown, and its immediate proximity to the East Bank of the University of Minnesota-Twin Cities campus. Property is home to U of MN students and working-class individuals. Over 80% of the neighborhood is renters.
707-709 5th Street Southeast in Minneapolis, MN is a well-maintained vintage 13-unit apartment property located in the heart of the Marcy Holmes neighborhood of Minneapolis. The building consists of nine 1-bedroom units and four studio units. Strong rental history with an opportunity to increase rents. Property has a 6-stall garage for added income. Currently only charging $45 per month. On-site laundry currently is not being charged. Storage units are in the basement and are currently included in the rent. Two more potential income sources. Marcy-Holmes is well known for its commercial districts, St. Anthony Main and Dinkytown, and its immediate proximity to the East Bank of the University of Minnesota-Twin Cities campus. Property is home to U of MN students and working-class individuals. Over 80% of the neighborhood is renters.
PROPERTY FACTS
| Price | $1,196,000 | Apartment Style | Low-Rise |
| Price Per Unit | $92,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 7.03% | Building Size | 11,442 SF |
| Gross Rent Multiplier | 10.14 | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | Parking Ratio | 1.4/1,000 SF |
| Zoning | R2B - BFI3 / Interior 3 Built Form Overlay District UA / University Area Overlay District UN2 / Urban Neighborhood District | ||
| Price | $1,196,000 |
| Price Per Unit | $92,000 |
| Sale Type | Investment |
| Cap Rate | 7.03% |
| Gross Rent Multiplier | 10.14 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 11,442 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1924 |
| Parking Ratio | 1.4/1,000 SF |
| Zoning | R2B - BFI3 / Interior 3 Built Form Overlay District UA / University Area Overlay District UN2 / Urban Neighborhood District |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | $720.00 | 500 |
| 1+1 | 9 | $985.00 | 650 |
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Walk Score®
Very Walkable (84)
Bike Score®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Number | 24-029-24-23-0045 | Improvements Assessment | $950,400 |
| Land Assessment | $239,600 | Total Assessment | $1,190,000 |
PROPERTY TAXES
Parcel Number
24-029-24-23-0045
Land Assessment
$239,600
Improvements Assessment
$950,400
Total Assessment
$1,190,000
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707-709 5th St SE
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