Modesto 2541-2545 Garfield Ave 26 Unit Apartment Building For Sale Minneapolis, MN 55405
INVESTMENT HIGHLIGHTS
- Location – Tenants will be within two blocks of a major grocer, French Meadow Café and Bar, and other lively watering holes.
- Parking – Dedicated 10-space parking lot supplemented by ample street parking
- The 2545 building oozes with character.
- Additional Office – The additional office space is perfect for property management operations or potentially another unit.
- The smaller building at 2541 Garfield has been completely updated in a tasteful manner giving a nod to the vintage charm.
EXECUTIVE SUMMARY
Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale Modesto Apartments.
Modesto Apartments is a two-building multifamily community located in the Whittier neighborhood of Minneapolis. Built in 1905 and 1923, the property features a mix of 1 studio, 18 one-bedroom, and 1 two-bedroom residences, along with an on-site office. This office is currently vacant although it has the potential to be converted to an additional unit. The residences average 621 square feet in size, with current rents averaging $1,098 per month.
Situated on a 0.30-acre lot, the property includes 10 surface parking spaces, providing convenience for residents. Modesto Apartments is within walking distance of Whittier Park, which offers a recreation center, basketball courts, and a baseball diamond. The property’s location enhances its appeal for tenants seeking both outdoor activity and urban convenience.
The 2541 Garfield Avenue building has been extensively redone with top of the line finishes. Flooring, tile, countertops, and fixers. All of the renovations have been updated to match the historical charm.
Additionally, the property is near a variety of highly rated dining options, making it an attractive choice for residents who enjoy Minneapolis’ vibrant food scene. With its strong location, mix of unit sizes, and established rental income, Modesto Apartments presents a compelling investment opportunity in a sought-after neighborhood.
Modesto Apartments is a two-building multifamily community located in the Whittier neighborhood of Minneapolis. Built in 1905 and 1923, the property features a mix of 1 studio, 18 one-bedroom, and 1 two-bedroom residences, along with an on-site office. This office is currently vacant although it has the potential to be converted to an additional unit. The residences average 621 square feet in size, with current rents averaging $1,098 per month.
Situated on a 0.30-acre lot, the property includes 10 surface parking spaces, providing convenience for residents. Modesto Apartments is within walking distance of Whittier Park, which offers a recreation center, basketball courts, and a baseball diamond. The property’s location enhances its appeal for tenants seeking both outdoor activity and urban convenience.
The 2541 Garfield Avenue building has been extensively redone with top of the line finishes. Flooring, tile, countertops, and fixers. All of the renovations have been updated to match the historical charm.
Additionally, the property is near a variety of highly rated dining options, making it an attractive choice for residents who enjoy Minneapolis’ vibrant food scene. With its strong location, mix of unit sizes, and established rental income, Modesto Apartments presents a compelling investment opportunity in a sought-after neighborhood.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
PROPERTY FACTS
| Sale Type | Investment |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 18,500 SF |
| No. Stories | 3 |
| Year Built | 1923 |
| Parking Ratio | 0.22/1,000 SF |
UNIT AMENITIES
- Storage Space
- Heating
- Kitchen
- Hardwood Floors
- Vaulted Ceiling
- Oven
- Range
- Smoke Free
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | 475 |
| 1+1 | 18 | - | 700 |
| 2+1 | 1 | - | 700 |
1 of 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,034,500 | |
| Land Assessment | $540,500 | Total Assessment | $3,575,000 |
ZONING
| Zoning Code | R5 |
