446 Madison St NE 4 Unit Apartment Building $1,142,732 CAD ($285,683 CAD/Unit) 7.91% Cap Rate Minneapolis, MN 55413

This turnkey four-unit multifamily investment offers immediate, stable cash flow with a strong Net Operating Income (NOI) of $63,345, 100% occupancy, and a long history of exceptionally low vacancy. Meticulously self-managed by the current owner to keep operating costs at a minimum, the property has been exceptionally well maintained and requires no renovation. There's been no deferred maintenance, allowing a new owner to begin generating income immediately.
Units 2-4 have private laundry and Unit 1 utilizes basement laundry. Gas and electric are individually metered per unit and paid by tenants. Owners pays water, sewer, trashed- billed by the city of Minneapolis. One tenant serves as caretaker for $110/month. One electric vehicle charger at rear of building can be connected to the electrical meter for any of the units. Current tenants have locked-in rent amounts through 5/31/28 but are on month-to-month leases with 60 days notice.
Significant capital improvements, including updated mechanical, plumbing, and electrical systems, help minimize future capital expenditures, while private off-street parking provides an added amenity that tenants value. The property's outstanding condition and stable tenancy make it an attractive, low-maintenance investment for both experienced and first-time multifamily investors.
Located in one of Northeast Minneapolis' most desirable neighborhoods, the property boasts an Walk Score of 83, placing tenants within walking distance of neighborhood restaurants, coffee shops, breweries, shopping, and everyday conveniences. Downtown Minneapolis, I-94, and I-35W are just minutes away, and the area offers excellent biking infrastructure and convenient public transportation, further enhancing long-term tenant demand.
In addition to its strong in-place performance, the property offers excellent pro forma income potential. Current ownership does not charge tenants for garage rental, pet fees, or basement storage units, providing multiple opportunities for a new owner to increase revenue while maintaining a competitive position in the market.
With proven operational stability, a desirable location, quality improvements, and meaningful upside potential, this property represents an exceptional opportunity to acquire a well-positioned multifamily asset in one of Minneapolis' strongest rental markets.