3343 15TH AVE S
Multifamily | 8.30% CAP | 5 Units
Marketing description
3343 15th Ave S presents a compelling opportunity to acquire a well-maintained, income-producing five-unit multifamily asset in one of Minneapolis' most established and sought-after urban neighborhoods. Consisting of approximately ±4,450 square feet, the property offers stable cash flow with future upside potential through continued rental growth and operational efficiencies.
Situated in the highly desirable Powderhorn community, the property benefits from strong renter demand driven by its central location and neighborhood amenities. Residents enjoy convenient access to Powderhorn Park, local restaurants, coffee shops, neighborhood retail, and a variety of cultural attractions that contribute to the area's vibrant character and strong sense of community. The property is also well-connected to major transportation corridors and public transit routes, providing easy access to Downtown Minneapolis, the Midtown Greenway, and major employment centers throughout the Twin Cities.
The surrounding area is known for its historic charm, diverse housing stock, and active neighborhood atmosphere, making it a consistently attractive destination for renters. With a Walk Score of approximately 72, residents can accomplish many daily errands on foot while enjoying the convenience of urban living.
Investment highlights
- Attractive opportunity for both yield-focused investors and operators seeking value-add potential in a proven rental location
- Desirable unit mix consisting of four one-bedroom units and one three-bedroom unit, appealing to a broad tenant base
- High projected pro forma cap rate of 8.58%, driven by the opportunity to increase NOI through operational efficiencies and reduction of current ownership expenses
- Located directly adjacent to Powderhorn Park, providing tenants with immediate access to trails, green space, recreational amenities, and community events
- Convenient access to major retail, restaurants, and neighborhood amenities along Lake Street
- Off-street parking available
- Recently updated boiler and newer mechanical updates
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