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1009 Park Ave
Minneapolis, MN 55404
Drexel Apartments · Multifamily Property For Sale
·
75 Units
INVESTMENT HIGHLIGHTS
- Immediate Upside
- Strong Submarket Fundamentals
EXECUTIVE SUMMARY
Michel Commercial is pleased to present The Drexel Apartments—a mixed-use asset featuring 75 apartment homes and five ground-floor retail spaces in the heart of Minneapolis. Located just blocks from the Minneapolis Convention Center and major healthcare campuses, The Drexel offers investors the opportunity to acquire a well-located, urban-core asset with immediate upside.
Property Overview
The Drexel offers residents a rare blend of historic character and modern convenience. This beautifully restored 1901 building features studio- one- and two-bedroom apartments with original millwork, high ceilings, curved brick accents, and oversized windows. With an on-site elevator and controlled access, residents enjoy secure, comfortable living just steps from downtown, parks, restaurants, and transit hubs.
Exceptional Connectivity
The Drexel offers unmatched access to the core of downtown Minneapolis, placing residents within walking distance of major employers, cultural landmarks, and vibrant city amenities. Its location on Park Avenue provides seamless connectivity to I-35W
and I-94, ensuring quick commutes throughout the Twin Cities. With public transit and light rail options just blocks away, The Drexel combines historic charm with modern urban convenience in a highly accessible, employment-rich corridor.
Investment Potential
The Drexel offers several paths for value creation. The most immediate opportunity lies in improving occupancy by accepting Section 8 voucher residents. Additional upside can be achieved by enhancing operational efficiency through a Ratio Utility Billing System (RUBS) and by applying for 4d tax classification, which would significantly reduce the property’s tax burden.
Property Overview
The Drexel offers residents a rare blend of historic character and modern convenience. This beautifully restored 1901 building features studio- one- and two-bedroom apartments with original millwork, high ceilings, curved brick accents, and oversized windows. With an on-site elevator and controlled access, residents enjoy secure, comfortable living just steps from downtown, parks, restaurants, and transit hubs.
Exceptional Connectivity
The Drexel offers unmatched access to the core of downtown Minneapolis, placing residents within walking distance of major employers, cultural landmarks, and vibrant city amenities. Its location on Park Avenue provides seamless connectivity to I-35W
and I-94, ensuring quick commutes throughout the Twin Cities. With public transit and light rail options just blocks away, The Drexel combines historic charm with modern urban convenience in a highly accessible, employment-rich corridor.
Investment Potential
The Drexel offers several paths for value creation. The most immediate opportunity lies in improving occupancy by accepting Section 8 voucher residents. Additional upside can be achieved by enhancing operational efficiency through a Ratio Utility Billing System (RUBS) and by applying for 4d tax classification, which would significantly reduce the property’s tax burden.
PROPERTY FACTS Under Contract
| Sale Type | Investment | Lot Size | 0.92 AC |
| No. Units | 75 | Building Size | 62,816 SF |
| Property Type | Multifamily | Average Occupancy | 72% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1901 |
| Building Class | C | ||
| Zoning | R6 - High-Density Multi-Family Residential District | ||
| Sale Type | Investment |
| No. Units | 75 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.92 AC |
| Building Size | 62,816 SF |
| Average Occupancy | 72% |
| No. Stories | 3 |
| Year Built | 1901 |
| Zoning | R6 - High-Density Multi-Family Residential District |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Range
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Storage Space
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | - | 450 |
| 1+1 | 60 | - | 650 - 700 |
| 2+1 | 3 | - | 750 - 900 |
| 2+2 | 3 | - | 950 |
PROPERTY TAXES
| Parcel Number | 26-029-24-32-0034 | Improvements Assessment | $6,956,073 CAD |
| Land Assessment | $1,225,386 CAD | Total Assessment | $8,181,458 CAD |
PROPERTY TAXES
Parcel Number
26-029-24-32-0034
Land Assessment
$1,225,386 CAD
Improvements Assessment
$6,956,073 CAD
Total Assessment
$8,181,458 CAD
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