UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 7007394
Year Built 1966
Annual Tax Amount $47,073
Tax Year 2026
Contingent None
Lot Size 0.890 Acres
Lot Dimensions 150 x 250
Property Description
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.
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Rooms
Basement Finished, Full, Storage/Locker
Interior
Heating Boiler, Hot Water
Cooling Wall Unit(s)
Flooring Carpet, Luxury Vinyl Plank, Tile, Vinyl
Inclusions Building, Land, Leases, Rental License
Fireplace No
Appliance Range, Refrigerator
Exterior
Parking Features Parking Lot
Garage Spaces 10.0
Fence Vinyl
Pool None
Utilities Available Electric Separate, Heating Common, Hot Water Common
Roof Type Age Over 8 Years,Flat,Rubber
Present Use Residential
Building
Lot Description Tree Coverage - Light
Story Three Or More
Foundation 7000
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Three Or More
Structure Type Block,Frame
New Construction false
Schools
School District Richfield
Nearby School & Business
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