For Sale: Minneapolis MLS# 6823043
Active
NEW!
$2,380,000
Commercial: Apartments
Built 1959
0.27 acres
Minneapolis schools
MLS# 6823043
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Property Description
Well-maintained 22-unit multifamily property in a prime Minneapolis location, featuring 5 studios and 17 one-bedroom units. Several recent improvements include updated units, refreshed common hallways, and a new roof. The property has been accepted into the 4d Affordable Housing Incentive Program, resulting in a 78.8% reduction in property taxes beginning in 2026, significantly enhancing long-term cash flow. Strong rental demand due to its proximity to Downtown Minneapolis, major transit lines, hospitals, and employment centers. Excellent opportunity for investors seeking a stabilized asset with substantial operating savings and continued value-add potential.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$2,380,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1959
State:
MN
Property Style:
Apartments
Zip Code:
55404
Neighborhood/Area:
Ventura Village
Subdivision Name:
G N Merriams Add
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
8
Air Conditioning:
Wall Unit(s)
Foundation Size:
5,100 ft2
Handicap Accessible:
None
Heating System:
Boiler
Parking Features:
Parking Lot
Shared Amenities:
Coin-op Laundry Owned
Exterior Material:
Brick/Stone
Lot & Land
Acres:
0.27
Geolocation:
44.961451, -93.265614
Inclusions:
Building
Lot Dimensions:
75 X 159.75
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Gross Expense:
$101,604
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$6,766
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$6,766
Income
Annual Gross Income:
$261,861
Rent
Annual Net Income:
$160,257
Units
Total Units:
22
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of National Realty Guild.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.