Sold: Minneapolis MLS# 5704261
Sold
$3,600,000 (list price)
$3,395,000
Commercial: Apartments
Built 1972
0.47 acres
Minneapolis schools
MLS# 5704261
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Property Description
FULLY OCCUPIED 33-UNIT IN SOUTH MPLS. IN ABOVE AVERAGE CONDITION! ALL BRICK EXTERIOR W/ NEWER WINDOWS. ROOF IS APPROX. 10-11 YEARS OLD. BUILT IN 1972 WITH UNIT MIX 5-2BD, 27-1BD, AND1-STUDIO. SITS ON CLOSE TO A HALF AN ACRE & BLOCKS FROM ABBOTT NORTHWESTERN HOSPITAL. NET OPERATING INCOME IS APPROX. $216, 199+
Listing
Listing Status:
Sold
Contingency:
None
List Price:
$3,600,000
Sold Price:
$3,395,000
Sold Date:
06/15/2021
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1972
State:
MN
Property Style:
Apartments
Zip Code:
55407
Neighborhood/Area:
Phillips West
Interior
Appliances Included:
- Range
- Refrigerator
Total Ranges:
One Per Unit
Total Refrigerators:
One Per Unit
Basement Details:
- Daylight/Lookout Windows
- Finished
Exterior
Garage Spaces:
0
Other Parking Spaces:
33
Air Conditioning:
Wall Unit(s)
Heating System:
Hot Water
Foundation Size:
7,700 ft2
Handicap Accessible:
None
Unit Amenities:
- Ceiling Fan(s)
- Tile Floors
- Walk-In Closet
Road Frontage:
City Street
Exterior Material:
Brick/Stone
Roof Details:
- Age Over 8 Years
- Flat
Lot
Acres:
0.47
Geolocation:
44.95428900, -93.26351000
Lot Dimensions:
123 x 158
Dev/Complex Name:
Shepards Sub Of Lt 10 Emersons
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
$3,000
Annual Electric Expense:
$2,501
Annual Fuel Expense:
$9,975
Annual Insurance Expense:
$8,500
Annual Maintenance Expense:
$8,000
Annual Gross Expense:
$131,735
Annual Trash Expense:
$8,308
Annual Water/Sewer Expense:
$18,605
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2020
Annual Taxes:
$49,102
Assessment Pending:
Unknown
Taxes w/ Assessments:
$49,294
Income
Annual Gross Income:
$347,935
Rent
Annual Net Income:
$216,199
Unit
Total Units:
33
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
651-253-2144
Jason & Kim Stone
Branch Manager & Co-Branch Manager
Fairway Mortgage NMLS#1018649
Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
It would be our pleasure to assist you with your home purchase!
Listing provided by RMLS,
courtesy of Apartment Cash Flow, Inc..
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.