St. George Apartments 137 E 17th St
35 Unit Apartment Building $3,080,000 ($88,000/Unit) Minneapolis, MN 55403
INVESTMENT HIGHLIGHTS
- Extensively renovated units including kitchens and bathrooms provide low maintenance costs moving forward.
- Tenant paid electric baseboard heat reduces landlord utility charges—leading to an increase in NOI.
- Studio units are larger than market comps.
- Major systems including electric have been fully updated.
- 4D program allows opportunity to restrict units at 60% AMI for 10 years for tax reduction.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $3,080,000 |
| Price Per Unit | $88,000 |
| Sale Type | Investment |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.96 AC |
| Building Size | 21,706 SF |
| Average Occupancy | 94% |
| No. Stories | 4 |
| Year Built/Renovated | 1918/2013 |
UNIT AMENITIES
- Cable Ready
- Dishwasher
- Heating
- Security System
- Ceiling Fans
- Eat-in Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Dining Room
- Window Coverings
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Storage Space
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 31 | - | 400 - 650 |
| 1+1 | 4 | - | 750 |
Walk Score®
Very Walkable (89)
Transit Score®
Excellent Transit (74)
Bike Score®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 27-029-24-43-0077 | Improvements Assessment | $3,418,000 |
| Land Assessment | $192,000 | Total Assessment | $3,610,000 |
ZONING
| Zoning Code | OR3 (BFI3 / Interior 3 Built Form Overlay District OR3 / Institutional Office Residence District) |
