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$1,175,000
Est. payment /mo
9,147 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Subdivision Bloomington Ave Add
MLS Listing ID 7088960
Year Built 1963
Annual Tax Amount $5,471
Tax Year 2026
Contingent None
Lot Size 9,147 Sqft
Lot Dimensions 75 X 123
Property Description
11-unit all 1BR/1BA multifamily in Minneapolis's Powderhorn Park neighborhood offered at $1,175,000 ($106,818/door). Less than a block from Powderhorn Park's 66 acres of green space, lake, athletic fields, and recreation center, the property sits in one of the strongest rental locations in the submarket. Recent capital upgrades include a newer water heater and mechanicals, new sewer piping, and new LVP flooring in the lower level. Many units have been renovated with additional upside remaining on long term tenant turns. The property carries a very low tax base as part of the Minneapolis 4D program. Potential NOI of $94,017 with stable in-place cash flow and a straightforward value-add path on turns at a basis that still pencils in today's market. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more information.
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Interior
Heating Boiler
Inclusions Building, Fixture/Equipment, Land, Rental License
Fireplace No
Exterior
Parking Features Parking Lot
Utilities Available Electric Common, Electric Separate, Heating Common, Hot Water Common
Present Use Residential
Building
Story Two
Foundation 3190
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Two
New Construction false
Schools
School District Minneapolis
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Listed by Mike Sowers • Commercial Investors Group LLC
Nearby School & Business
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