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31871953
31871930

3024 Chicago Ave, Minneapolis, MN 55407

NS
MN 40691605
MRG Realty Partners
ZB
MN 40849122
MRG Realty Partners
LH
MN 40934929
MRG Realty Partners
MRG Realty Partners
Listed by MRG Realty Partners
$579,000
50 days on market
Updated 39 days ago

3024 Chicago Ave Triplex + Carriage House (ADU)

Details
APN 0202824220154
Property Type Multifamily
Sub Type Triplex
Square Footage 2,775
Units 4
Cap Rate 8.4%
NOI $48,651
Occupancy 100%
Tenancy Multi
Class C
Year Built 1908
Year Renovated 2022
Buildings 2
Stories 2
Acreage 0.120
Zoning Residential-Multi-Family
Parking Spaces 4 spaces
Parking Per SqFt 1.44
Sale Condition 1031 exchange

Triplex with BONUS Carriage House

Marketing description

Rare opportunity to own a highly unique piece of Minneapolis history — this 1908 triplex at 3024 Chicago Avenue has been held by the same family since it was built, now offered to the public for the very first time. 3024 offers two spacious 2BR/1BA units and a studio attic, featuring hardwood floors, natural woodwork, built-ins, and three porches. Included with the sale is the fully renovated carriage house ADU at 3026 Chicago Avenue (same parcel) — a private turnkey 1BR/1BA home with a beautiful modern kitchen, in-unit washer/dryer, and furniture which is included in the sale as well. 3026 was previously rented at $2,100/month. An ideal setup for an owner-occupant seeking added privacy or an investor looking to maximize returns across multiple income streams. Recent combined current rents of $5,600/month with market upside. Great location just blocks from Abbott Northwestern and Children's Hospitals, with easy access to I-35W, Midtown Global Market, and the Lake Street corridor. Fast connections to Downtown Minneapolis and Mall of America via the D Line Rapid METRO. Owner currently pays all utilities. Four off-street parking spaces. Coin-op laundry. Strong in-place cash flow with clear rent upside — a true value-add opportunity in a high-demand rental submarket. All measurements deemed reliable but not guaranteed; buyer to verify.

Listing Contacts

NS
MN 40691605
MRG Realty Partners
ZB
MN 40849122
MRG Realty Partners
LH
MN 40934929
MRG Realty Partners
MRG Realty Partners
Listed by MRG Realty Partners

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$48,651.00
$4,054.25/mo

Valuation Metrics

0
DSCR
8.4%
Cap Rate
8.4%
ROI

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Additional Information

Name
Nate Schammel
License
40691605
Brokerage Phone
6519554255
Name
Zachary Burnside
License
40849122
Brokerage
MRG Realty Partners
Brokerage Phone
6128650080
Title
Real Estate Salesperson
Brokerage Address
750 South Plaza Drive
Name
Luke Hermanson
License
40934929
Brokerage
MRG Realty Partners
Brokerage Phone
6514287814
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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