For Sale: Minneapolis MLS# 7048349
Active
NEW!
$499,000
Commercial: Other
7 br • 6 ba • Built 1885
0.16 acres
MLS# 7048349
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Property Description
Portland Avenue Apartments is a six-unit multifamily property located in the Phillips West neighborhood of Minneapolis. The property features a mix of one studio, three one-bedroom, and two two-bedroom residences, offering a range of options for tenants. Positioned less than half a mile from Peavey Field Park, with its basketball courts and soccer field, the property benefits from a convenient location near local recreational amenities.
Built in 1885, the property has been well cared for over the years, reflecting consistent maintenance and attention. The six residences average 692 square feet in size, with rents averaging $954 per month. The property also includes six off-street parking spaces, providing added convenience for residents in an urban setting.
Portland Avenue Apartments offers an attractive investment opportunity with stable rental income, a desirable unit mix, and a central location. Its combination of historical charm and practical updates makes it a compelling addition to a multifamily portfolio in Minneapolis.
Property Highlights
-A variety of unit types cater to a broad tenant base: 1 studio, 3 one-bedrooms, and 2 two-bedrooms
-All new mechanicals from 2017. Roof, Windows, Mini Splits, plumbing and electrical.
-Ample parking with 6 off-street parking spaces
-Low expenses: Tenants pay for heat, electric, and hot water. Property taxes benefit from reduced rates due to participation in the 4D tax incentive program.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$499,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1885
State:
MN
Property Style:
Other
Zip Code:
55404
Neighborhood/Area:
63
Subdivision Name:
Hales Add
Interior
Bedrooms:
7
Bathrooms:
6
Exterior
Garage Spaces:
0
Foundation Size:
1,762 ft2
Handicap Accessible:
Other
Heating System:
Ductless Mini-Split
Parking Features:
Parking Lot
Roof Details:
Pitched
Lot & Land
Acres:
0.16
Geolocation:
44.956499, -93.268102
Inclusions:
Building, Fixture/Equipment, Land, Leases, Rental License
Lot Dimensions:
55X125
Zoning:
Residential-Multi-Family
Schools
School District:
558
District Phone:
6126680000
Expenses
Tenant Expenses:
Electricity, Heat
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$1,985
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$1,985
Income
Annual Gross Income:
$68,701
Rent
Annual Net Income:
$37,656
Units
Total Units:
6
Miscellaneous
Current Use:
Residential
Fuel System:
Electric
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water - In Street
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Marcus & Millichap.
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.