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32675794
32675793

349 15th Avenue NE, Minneapolis, MN 55413 For Sale

MM
40977007
$575,000
47 days on market
Updated 29 days ago

349 15th Avenue NE

Details
APN 1402924210003
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,748
Units 3
Cap Rate 6.28%
NOI $36,120
Occupancy 100%
Tenancy Multi
Rent Bumps No
Pro-Forma Cap Rate 7.1%
Pro-Forma NOI $40,800
Year Built 1958
Stories 2
Acreage 0.107
Zoning Residential-Multi-Family
Investment Type Stabilized

349 15th Avenue NE, Minneapolis, MN 55413-2028

Marketing description

The perfect addition or start to your portfolio is here! This all-brick, 1958 built triplex features a rare 3-bedroom, 2-bathroom unit spanning the entire main floor, plus two 1-bedroom, 1-bathroom units on the upper level. All units have been nicely updated with stainless steel appliances, stone countertops, dishwasher in each unit, and numerous other improvements to ensure peak rental income. Currently generating almost $60k in annual income with room to grow. Coin laundry is available for shared use by all units. The roof, mechanicals, and windows are all in great condition and on the newer side, ensuring stress-free management and lower CapEx concerns. Located in the heart of NE Minneapolis, one of the most sought-after rental locations in the city ensures lower vacancy and turnover from day one.

Listing Contacts

MM
40977007

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$36,120.00
$3,010.00/mo

Valuation Metrics

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DSCR
6.28%
Cap Rate
6.28%
ROI

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