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2110 1st Ave S
Minneapolis, MN 55404
Multifamily Property For Sale
·
18 Units
Executive Summary
Beautiful Grand Victorian boarding house with active rental license. 18 single rooms which include an owner's suite with 2 bedrooms. Currently there are only 5 units rented at $500 per month. Market rate should be closer to $600 per room on average. 17 rooms are allowed to be rented although the current license has approval for 16. There is an opportunity to generate $10,200 per month at market rent. There is a steady demand for units and the property is being underutilized. Owners' suite is spacious and has a full kitchen and private bathroom. Possible for an ADU in the basement and above the garage. Many bathrooms have been capped. There is currently one bathroom per floor that is operational. There are a total of 13 bathrooms. Large parking lot can accommodate up to 15 cars. There is a spacious 3 car garage on site and additional carriage house. New roof installed in 2021. Exterior painted in 2021. The property is priced well below assessed value of $937,000 setting you up for a large reduction in property taxes! This a perfect opportunity for a live in handyman to repair and remodel the property and have the mortgage covered. Lots of unique opportunities for investors or other organizations to cash flow this iconic property!
All showing requests must come through Ryan Quade 612-229-7926 ryan.quade@cbrealty.com
All showing requests must come through Ryan Quade 612-229-7926 ryan.quade@cbrealty.com
Property Facts
| Price Per Unit | $54,058 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| No. Units | 18 | Building Size | 8,582 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1913 |
| Apartment Style | Low-Rise | ||
| Zoning | OR2 | ||
| Price Per Unit | $54,058 CAD |
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 8,582 SF |
| No. Stories | 2 |
| Year Built | 1913 |
| Zoning | OR2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 3 | - | - |
Property Taxes
| Parcel Number | 34-029-24-12-0061 | Improvements Assessment | $1,134,460 CAD |
| Land Assessment | $168,223 CAD | Total Assessment | $1,302,683 CAD |
Property Taxes
Parcel Number
34-029-24-12-0061
Land Assessment
$168,223 CAD
Improvements Assessment
$1,134,460 CAD
Total Assessment
$1,302,683 CAD
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