3521 12th Avenue S,Minneapolis, MN 55407
Minneapolis, MN 55407
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.
Details
| MLS # | 7088960 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1963 |
| Days On Site | 78 |
| Listing Provided By | Commercial Investors Group LLC | Mike Sowers |
Features
| SQ Feet | 9,570 |
|---|---|
| Basement | Y |
| Story(s) | 2 |
| Units | 11 |
| Zoning | Residential-Multi-Family |
| Acreage | 0.21 |
Interior
| Heating | Boiler |
|---|
Parking
| Parking Features | Parking Lot |
|---|
Utilities
| Utilities | Electric Common, Electric Separate, Heating Common, Hot Water Common |
|---|
Taxes
| Property | 5471 |
|---|
Area Information
| State | MN |
|---|---|
| County | Hennepin |
| City | Minneapolis |
| Zip Code | 55407 |
| Area | 64 |
| Community Name | Bloomington Ave Add |
| School District | 1 |
| High School | Minneapolis |
| Listing VS Median (in Bloomington Ave Add) | |
Price: $1,175,000 low | high Med: $1,175,000 sqft: 9,570 low | high Med: 9,570 $ / sqft: $123 low | high Med: $123 On site: 78 low | high Med: 78 | |
Market Activity 55407
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Listings courtesy of Northstar MLS as distributed by MLS GRID.
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Learn More About This Property
| State | MN |
|---|---|
| County | Hennepin |
| City | Minneapolis |
| Zip Code | 55407 |
| Area | 64 |
| Community Name | Bloomington Ave Add |
| School District | 1 |
| High School | Minneapolis |
| Listing VS Median (in Bloomington Ave Add) | |
Price: $1,175,000 low | high Med: $1,175,000 sqft: 9,570 low | high Med: 9,570 $ / sqft: $123 low | high Med: $123 On site: 78 low | high Med: 78 | |
 | $1,275,0003545 12th Avenue SMinneapolis, MN 55407 |
 | $1,145,0003537 11th Avenue SMinneapolis, MN 55407 |