Log In/Sign Up
Your email has been sent.
7444 Cedar Ave S 23 Unit Apartment Building $2,875,000 ($125,000/Unit) 7.27% Cap Rate Richfield, MN 55423
INVESTMENT HIGHLIGHTS
- NEWER ROOF AND WINDOWS
- 10 DETACHED GARAGES
- SITS ON A SUPER LARGE 0.88 ACRES
- ALL BRICK EXTERIOR
- 100% FULLY OCCUPIED AND STABILIZED
- NEWER ELECTRICAL CIRCUIT PANELS
EXECUTIVE SUMMARY
Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America! Prime for a re-development opportunity!
Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.
Investors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!
The brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows (2014), brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014. In 2025 all the electrical panels were swapped out with new breakers making this asset easier to insure.
PROPERTY FACTS
Year Built: 1966
Square Footage: 21,840
Units: 23
Zoning: Multiple-family District
Parking: 10 Garage Stalls plus plenty of off street parking
Exterior: Brick
Heating: Boiler
Roof: Flat - New installed by All Elements, Inc. in 2014
UNIT DESCRIPTION
18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.
5 - 1 bedroom, 1 bath - Approx. 750+ Sqft
PROPERTY IMPROVEMENTS
2025: New Electrical Panels with Circuit Breakers
2023: New Commercial High-Efficiency Water Heater built by Bock.
2018: New Carpet in Hallways, Common Areas, Entry Way
2014: Roof - Durolast by All Elements, Inc. with 15 year warranty
2013: Windows - Installed vinyl replacement sliders by Window World, Inc.
PRICE: $2,875,000
Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.
Investors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!
The brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows (2014), brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014. In 2025 all the electrical panels were swapped out with new breakers making this asset easier to insure.
PROPERTY FACTS
Year Built: 1966
Square Footage: 21,840
Units: 23
Zoning: Multiple-family District
Parking: 10 Garage Stalls plus plenty of off street parking
Exterior: Brick
Heating: Boiler
Roof: Flat - New installed by All Elements, Inc. in 2014
UNIT DESCRIPTION
18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.
5 - 1 bedroom, 1 bath - Approx. 750+ Sqft
PROPERTY IMPROVEMENTS
2025: New Electrical Panels with Circuit Breakers
2023: New Commercial High-Efficiency Water Heater built by Bock.
2018: New Carpet in Hallways, Common Areas, Entry Way
2014: Roof - Durolast by All Elements, Inc. with 15 year warranty
2013: Windows - Installed vinyl replacement sliders by Window World, Inc.
PRICE: $2,875,000
Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$327,600
|
$15.60
|
| Other Income |
$10,980
|
$0.52
|
| Vacancy Loss |
$4,914
|
$0.23
|
| Effective Gross Income |
$333,666
|
$15.89
|
| Taxes |
$47,073
|
$2.24
|
| Operating Expenses |
$77,713
|
$3.70
|
| Total Expenses |
$124,786
|
$5.94
|
| Net Operating Income |
$208,880
|
$9.95
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $327,600 |
| Annual Per SF | $15.60 |
| Other Income | |
|---|---|
| Annual | $10,980 |
| Annual Per SF | $0.52 |
| Vacancy Loss | |
|---|---|
| Annual | $4,914 |
| Annual Per SF | $0.23 |
| Effective Gross Income | |
|---|---|
| Annual | $333,666 |
| Annual Per SF | $15.89 |
| Taxes | |
|---|---|
| Annual | $47,073 |
| Annual Per SF | $2.24 |
| Operating Expenses | |
|---|---|
| Annual | $77,713 |
| Annual Per SF | $3.70 |
| Total Expenses | |
|---|---|
| Annual | $124,786 |
| Annual Per SF | $5.94 |
| Net Operating Income | |
|---|---|
| Annual | $208,880 |
| Annual Per SF | $9.95 |
PROPERTY FACTS
| Price | $2,875,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.88 AC |
| Cap Rate | 7.27% | Building Size | 21,840 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.61 | No. Stories | 3 |
| No. Units | 23 | Year Built/Renovated | 1966/2010 |
| Property Type | Multifamily | Parking Ratio | 1.37/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Multi-Family - MultiFamily | ||
| Price | $2,875,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 7.27% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.61 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.88 AC |
| Building Size | 21,840 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1966/2010 |
| Parking Ratio | 1.37/1,000 SF |
| Zoning | Multi-Family - MultiFamily |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Carpet
- Yard
- Double Pane Windows
- Freezer
- Intercom
- Lawn
- Vinyl Flooring
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Picnic Area
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $1,050 | 750 |
| 2+1 | 18 | $1,225 | 910 - 1,000 |
1 1
PROPERTY TAXES
| Parcel Number | 35-028-24-41-0002 | Total Assessment | $2,900,000 (2024) |
| Land Assessment | $276,000 (2024) | Annual Taxes | $47,073 ($2.16/SF) |
| Improvements Assessment | $2,624,000 (2024) | Tax Year | 2026 Payable 2026 |
PROPERTY TAXES
Parcel Number
35-028-24-41-0002
Land Assessment
$276,000 (2024)
Improvements Assessment
$2,624,000 (2024)
Total Assessment
$2,900,000 (2024)
Annual Taxes
$47,073 ($2.16/SF)
Tax Year
2026 Payable 2026
1 of 37
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
7444 Cedar Ave S
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.