3226 Minnehaha Ave
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3226 Minnehaha Ave
12 Unit Apartment Building $1,320,000 ($110,000/Unit) 5.53% Cap Rate Minneapolis, MN 55406
Investment Highlights
- RUBS implemented with Water, Sewer, and Trash
- Newer Pitched Roof
- Onsite Coin-Operated Washer & Dryer / Speed Queen Namebrand / Credit Card Readers
- All 12 units pay their own electric utilities
- Ten off street parking spots in rear lot
Executive Summary
3226 MINNEHAHA AVE. SOUTH IS A STRONG PRODUCING TURN-KEY APARTMENT ASSET IN A GROWING MINNEAPOLIS NEIGHBORHOOD! VERY CONSISTENT OCCUPANCY WITH LOW TURN OVER. NEWER DEVELOPMENTS IN CLOSE PROXIMITY HELP RAISE THE MARKET RENTS ON THESE UNITS. THERE ARE ELEVEN ONE-BEDROOM & ONE STUDIO APARTMENTS AND 10 OFF-STREET PARKING SPACES IN A REAR PARKING LOT. THE EXTERIOR IS A COMBINATION OF BRICK AND STUCCO WITH NEWER VINYL REPLACEMENT WINDOWS. A RUBS PROGRAM (RATIO UTILITY BILLING SYSTEM) HAS ALREADY BEEN IMPLEMENTED FOR TENANTS TO PAY THEIR PORTION FOR WATER, SEWER, AND TRASH. THIS PROPERTY WOULD MAKE THE IDEAL 1031 EXCHANGE UP FROM A 2-4 UNIT RENTAL. CURRENT IN-PLACE NOI $72,995 WITH UPSIDE POTENTIAL TO RAISE RENTS THE NEXT TWO YEARS BY 10-15%. CALL FOR MORE DETAILS.
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Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$119,280
|
$15.78
|
| Other Income |
$7,356
|
$0.97
|
| Vacancy Loss |
$1,192
|
$0.16
|
| Effective Gross Income |
$125,444
|
$16.59
|
| Taxes |
$16,937
|
$2.24
|
| Operating Expenses |
$35,510
|
$4.70
|
| Total Expenses |
$52,447
|
$6.94
|
| Net Operating Income |
$72,997
|
$9.66
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $119,280 |
| Annual Per SF | $15.78 |
| Other Income | |
|---|---|
| Annual | $7,356 |
| Annual Per SF | $0.97 |
| Vacancy Loss | |
|---|---|
| Annual | $1,192 |
| Annual Per SF | $0.16 |
| Effective Gross Income | |
|---|---|
| Annual | $125,444 |
| Annual Per SF | $16.59 |
| Taxes | |
|---|---|
| Annual | $16,937 |
| Annual Per SF | $2.24 |
| Operating Expenses | |
|---|---|
| Annual | $35,510 |
| Annual Per SF | $4.70 |
| Total Expenses | |
|---|---|
| Annual | $52,447 |
| Annual Per SF | $6.94 |
| Net Operating Income | |
|---|---|
| Annual | $72,997 |
| Annual Per SF | $9.66 |
Property Facts Under Contract
| Price | $1,320,000 | Apartment Style | Garden |
| Price Per Unit | $110,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.53% | Building Size | 7,560 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.52 | No. Stories | 2 |
| No. Units | 12 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 1.32/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,320,000 |
| Price Per Unit | $110,000 |
| Sale Type | Investment |
| Cap Rate | 5.53% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 10.52 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 7,560 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.32/1,000 SF |
Unit Amenities
- Cable Ready
- Ceiling Fans
- Granite Countertops
- Carpet
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $850.00 | 650 |
| Studios | 1 | $695.00 | 550 |
1 of 1
Walk Score ®
Very Walkable (82)
Bike Score ®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Number | 01-028-24-14-0021 | Total Assessment | $1,111,000 (2023) |
| Land Assessment | $144,000 (2023) | Annual Taxes | $16,937 ($2.24/SF) |
| Improvements Assessment | $967,000 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
01-028-24-14-0021
Land Assessment
$144,000 (2023)
Improvements Assessment
$967,000 (2023)
Total Assessment
$1,111,000 (2023)
Annual Taxes
$16,937 ($2.24/SF)
Tax Year
2024
zoning
| Zoning Code | R4 (Multi-Family) |
| R4 (Multi-Family) |
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3226 Minnehaha Ave
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