2700 Garfield Ave
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2700 Garfield Ave
8 Unit Apartment Building $1,200,000 ($150,000/Unit) 8.14% Cap Rate Minneapolis, MN 55408
Investment Highlights
- In-Place Cap Rate of 8.14%
- Over $11,000/month in Income
- Mixture of Long-Term Tenants, and Furnished Mid/Short-Term Units
- Fully Renovated in 2022/23
Executive Summary
MOTIVATED SELLER - ENCOURAGING OFFERS! Located in the heart of the Whittier neighborhood, this beautifully renovated 8-unit apartment presents an exceptional investment opportunity - featuring a unit mix of seven x one-bedroom units and one x studio, along with five parking stalls. With a mix of long-term tenants and fully furnished mid-term and short-term units, this property is already generating strong income, grossing north of $11,000 per month, representing an in-place cap rate of 7.81%! The property has undergone an extensive renovation, addressing everything from the exterior façade and landscaping to the common areas and in-unit upgrades. Each unit is tastefully updated, ensuring a modern living experience for all residents. Whether you're looking to expand your portfolio or seeking a solid investment in a vibrant Minneapolis neighborhood, 2700 Garfield Avenue South offers a rare blend of immediate income and long-term value appreciation. Don’t miss out on this well-maintained, high-performing asset in one of the city's most sought-after areas!
Property Facts
| Price | $1,200,000 | Apartment Style | Low Rise |
| Price Per Unit | $150,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 8.14% | Building Size | 5,328 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1959 |
| Price | $1,200,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 8.14% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,328 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 500 |
| Studios | 1 | - | 350 |
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Walk Score ®
Walker's Paradise (91)
Bike Score ®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 34-029-24-32-0097 | Improvements Assessment | $871,000 |
| Land Assessment | $151,000 | Total Assessment | $1,022,000 |
PROPERTY TAXES
Parcel Number
34-029-24-32-0097
Land Assessment
$151,000
Improvements Assessment
$871,000
Total Assessment
$1,022,000
zoning
| Zoning Code | R2B |
| R2B |
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Paul Begich -
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2700 Garfield Ave
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