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$900,000  (list price)
$822,775
/mo Edit
Commercial:  Apartments
Built 1961
0.18 acres
Minneapolis schools
MLS# 6531642
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    Property Description

    Located in the heart of the King Field neighborhood of Minneapolis. Rare opportunity to purchase a true multi-family building in this neighborhood. The building has seven units: six - 1BR/1BA units and one 2BR/2BA unit. A laundry room with coin operated machines and storage closets for each unit. The corner lot includes seven parking spaces. A new boiler was installed five years ago. The roof is three years old. Wall unit AC’s in each unit. Clean, well kept units. Solid original tile bathrooms, pink or blue, pick your 60's look. High occupancy rate and room for rent increases. Three blocks to cafes and restaurants and less than 10 blocks from Lake Harriet.

    Listing

    Contingency: None
    City: Minneapolis
    County: Hennepin
    State: MN
    Property Style: Apartments
    Zip Code: 55409
    Neighborhood/Area: King Field
    Subdivision Name: Marsh & Bartletts 1st Add

    Interior

    Appliances Included:
    • Cooktop
    • Range
    • Refrigerator

    Exterior

    Stories: Two
    Other Parking Spaces: 7
    Air Conditioning: Wall Unit(s)
    Foundation Size: 2,860 ft2
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Radiator(s)
    Parking Features: Paved
    Shared Amenities: Coin-op Laundry Owned
    Unit Amenities:
    • Hardwood Floors
    • Tile Floors
    Road Frontage: City Street
    Exterior Material: Brick/Stone
    Roof Details: Age 8 Years or Less

    Lot & Land

    Acres: 0.18
    Geolocation: 44.924826, -93.284783
    Inclusions: Building, Land, Leases
    Lot Dimensions: 60X131
    Zoning: Residential-Multi-Family

    Schools

    School District: 1
    District Phone: 612-668-0000

    Expenses

    Annual Insurance Expense: $4,316
    Annual Gross Expense: $35,589
    Tenant Expenses: Electricity

    Financial & Taxes

    Tax Year: 2024
    Annual Taxes: $12,956
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $12,956

    Income

    Annual Gross Income: $83,358

    Rent

    Annual Net Income: $47,769

    Units

    Total Units: 7

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Common
    • Heating Common
    • Hot Water Common
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you with your home purchase!

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    Listing provided by RMLS, courtesy of Morgan And Trust Realty.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.