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2637 Pleasant Ave S 21 Unit Apartment Building $3,561,012 CAD ($169,572 CAD/Unit) 7.27% Cap Rate Minneapolis, MN 55408
Investment Highlights
- LARGE STUDIO, 1-BEDROOM, AND 2-BEDROOM UNITS
- REMODELED UNITS AND COMMON AREAS AND HALLWAYS
- 100% OCCUPIED IN A NON-RENT CONTROLLED CITY / RENTS CAN BE PUSHED
- TWO NEWER HIGH EFFICIENCY HOT WATER BOILERS
- NEWER VINYL REPLACEMENT WINDOWS
Executive Summary
ATTRACTIVE 21-UNIT IN THE HIGHLY SOUGHT AFTER WHITTIER PARK NEIGHBORHOOD OF MINNEAPOLIS, MINNESOTA. ALL BRICK AND STUCCO EXTERIOR BUILT IN 1966 WITH GREAT CURB APPEAL. THE UNIT MIX FEATURES TWO WELL APPOINTED 2-BEDROOMS, FIFTEEN LARGE 1-BEDROOMS, AND FOUR STUDIOS. MOST OF THE APARTMENTS HAVE BEEN RENOVATED INCLUDING NEWER KITCHENS, BATHROOMS, LVP FLOORING, LIGHTING FIXTURES, AND UPDATED APPLIANCE PACKAGES. PROPERTY HAS NEWER DOUBLE PANE VINYL REPLACEMENT WINDOWS, TWO ENERGY EFFICIENT HOT WATER BOILERS, AND NEWER COIN OPERATED LAUNDRY MACHINES. CLOSE PROXIMITY TO THE MINNEAPOLIS COLLEGE OF ART & DESIGN (MCAD), MPLS. INSTITUTE OF ARTS MUSEUM, AND DOWNTOWN. 100% FULLY OCCUPIED!!
Data Room Click Here to Access
Financial Summary (Pro Forma - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$367,546
|
$19.34
|
| Other Income |
$4,931
|
$0.26
|
| Vacancy Loss |
$7,351
|
$0.39
|
| Effective Gross Income |
$365,126
|
$19.22
|
| Taxes |
$44,959
|
$2.37
|
| Operating Expenses |
$61,129
|
$3.22
|
| Total Expenses |
$106,088
|
$5.58
|
| Net Operating Income |
$259,038
|
$13.63
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $367,546 |
| Annual Per SF | $19.34 |
| Other Income (CAD) | |
|---|---|
| Annual | $4,931 |
| Annual Per SF | $0.26 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,351 |
| Annual Per SF | $0.39 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $365,126 |
| Annual Per SF | $19.22 |
| Taxes (CAD) | |
|---|---|
| Annual | $44,959 |
| Annual Per SF | $2.37 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $61,129 |
| Annual Per SF | $3.22 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $106,088 |
| Annual Per SF | $5.58 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $259,038 |
| Annual Per SF | $13.63 |
Property Facts
| Price | $3,561,012 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $169,572 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 7.27% | Building Size | 19,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.75 | No. Stories | 3 |
| No. Units | 21 | Year Built/Renovated | 1966/2010 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R5 - Multi-Family | ||
| Price | $3,561,012 CAD |
| Price Per Unit | $169,572 CAD |
| Sale Type | Investment |
| Cap Rate | 7.27% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 9.75 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 19,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1966/2010 |
| Parking Ratio | 1/1,000 SF |
| Zoning | R5 - Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- High Speed Internet Access
- Refrigerator
- Range
- Double Pane Windows
Site Amenities
- Controlled Access
- Recycling
- Smoke Free
- Wi-Fi
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | $1,052 CAD | 450 - 550 |
| 1+1 | 15 | $1,524 CAD | 650 - 700 |
| 2+1 | 2 | $1,678 CAD | 750 - 900 |
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Walk Score®
Walker's Paradise (90)
Bike Score®
Biker's Paradise (97)
Property Taxes
| Parcel Number | 34-029-24-31-0047 | Total Assessment | $2,489,571 CAD (2024) |
| Land Assessment | $579,246 CAD (2024) | Annual Taxes | $44,959 CAD ($2.37 CAD/SF) |
| Improvements Assessment | $1,910,325 CAD (2024) | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
34-029-24-31-0047
Land Assessment
$579,246 CAD (2024)
Improvements Assessment
$1,910,325 CAD (2024)
Total Assessment
$2,489,571 CAD (2024)
Annual Taxes
$44,959 CAD ($2.37 CAD/SF)
Tax Year
2025 Payable 2025
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2637 Pleasant Ave S
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