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446 Madison St NE 4 Unit Apartment Building Offered at $1,252,363 CAD at a 7.14% Cap Rate Minneapolis, MN 55413
Investment Highlights
- Outsanding occupancy history- fewer than 30 cumulative vacancy days across all units in 16 years.
- Self-managed to keep expenses minimal
- Pro forma cap rate of 7.41% with modest revenue enhancements
Executive Summary
Excellent investment opportunity in the heart of NE Minneapolis. Main level units have central A/C and forced air heat. Upper level units have window A/C and new radiators. Surface parking for 5 vehicles, plus 3 individual garage stalls, and an EV charger that can be hooked into any unit's electric bill. Near-perfect occupancy in the past 16 years. All leases in-place until May 31, 2028.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$121,500
|
$24.30
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$121,500
|
$24.30
|
| Taxes |
$15,831
|
$3.17
|
| Operating Expenses |
$16,030
|
$3.21
|
| Total Expenses |
$31,861
|
$6.37
|
| Net Operating Income |
$89,640
|
$17.93
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $121,500 |
| Annual Per SF | $24.30 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $121,500 |
| Annual Per SF | $24.30 |
| Taxes (CAD) | |
|---|---|
| Annual | $15,831 |
| Annual Per SF | $3.17 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $16,030 |
| Annual Per SF | $3.21 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $31,861 |
| Annual Per SF | $6.37 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $89,640 |
| Annual Per SF | $17.93 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Range
- Porch
Site Amenities
- Laundry Facilities
- Vintage Building
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | $2,533 CAD | 815 - 925 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 14-029-24-43-0038 | Total Assessment | $833,494 CAD (2025) |
| Land Assessment | $113,916 CAD (2025) | Annual Taxes | $15,831 CAD ($2.77 CAD/SF) |
| Improvements Assessment | $719,578 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
14-029-24-43-0038
Land Assessment
$113,916 CAD (2025)
Improvements Assessment
$719,578 CAD (2025)
Total Assessment
$833,494 CAD (2025)
Annual Taxes
$15,831 CAD ($2.77 CAD/SF)
Tax Year
2026
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446 Madison St NE
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