1009 Park Ave
Minneapolis, MN 55404
Drexel Apartments · Immeuble residentiel Propriété À vendre · 75 Unités

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.