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31392806
31392805

2 Locations

CJ
MN 871799
WilliamRobert Apartment Advisors
Listed by WilliamRobert Apartment Advisors
$2,990,000
65 days on market
Updated 37 days ago

Laurel and Ashland

Details
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 25,000
Units 26
Cap Rate 6.67%
NOI $199,460
Occupancy 94%
Pro-Forma Cap Rate 7.16%
Pro-Forma NOI $213,960
Class B
Year Built 1920
Year Renovated 2020
Buildings 2
Stories 2
Lot Size (SqFt) 16,800
Zoning R4
Parking Spaces 4 spaces
Investment Type Stabilized
Occupancy Date 03/30/2026
Ownership Fee

Multifamily | 26 Units | $115,000/unit

Marketing description

The sale includes 2 identical 13-unit buildings that sit "Back to Back" on a corner lot. Updated, charming apartments located a few blocks North of Summit Avenue. This apartment building is close to Macalester College, yet tucked into a neighborhood with limited traffic. The building has been updated with carpets, paint, and lighting, while maintaining the character and charm of this vintage building. The apartments feature tile bathrooms, hardwood floors, and have a lot of character. The building has on-site laundry, large storage units, and an electronic buzzer entry system.

Amazing! Completely renovated apartment in a renovated classic Merriam Park apartment building. Beautiful wood floors, tile floor in bathroom, subway tile backsplash in kitchen with black accents, new fridges and stoves, new counters, new 10 inch depth kitchen sink with stainless steel pullout faucet, renovated bathroom with tile surround claw foot tub, new window shades that open from bottom up or top down for added privacy, ceiling fans, great closets, really quiet building. The building has a new laundry room, new carpeting throughout the halls, and new warm LED lighting everywhere! Located just 3 blocks west of Snelling on Laurel, you are a short walk to Starbucks, restaurants, bars, and other shops, and Whole Foods is opening this Spring! Landlord pays for heat, water, sewer, and trash. Recycling is also included in the rent.

Investment highlights

Impeccable 26 units selling at an actual 6.5% Cap Rate. Some rents are slightly below market but not significantly. This is truly a turn-key operation. No large capital improvements necessary. Exceptional location in a quiet neighborhood, yet close to everything. All showings are set through listing agent Chris Johnson of Relay Properties at 612-386-1177.

Listing Contacts

CJ
MN 871799
WilliamRobert Apartment Advisors
Listed by WilliamRobert Apartment Advisors

Valuation Calculator

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$199,460.00
$16,621.67/mo

Valuation Metrics

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DSCR
6.67%
Cap Rate
6.67%
ROI

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Additional Information

Name
Chris Johnson
License
871799
Brokerage
Relay Properties
Brokerage Phone
6123861177
Title
MN
Brokerage Address
6220 Idylwood Lane
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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