1529 38th St E
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1529 38th St E
11 Unit Block of Flats £950,495 (£86,409/Unit) 8.38% Net Initial Yield Minneapolis, MN 55407
Investment Highlights
- 7,893 SF multifamily building with 11 units
- Currently 100% occupied
- Over $200k in recent capital improvements
- Zoned CM2 for commercial/multifamily use
- Excellent investment opportunity
- New roof, gutters, soffits, downspouts. Newer concrete surface parking lot, newer boiler/zone valves, newer windows
Executive Summary
Great cash flowing investment opportunity for sale in Minneapolis! This 11 unit apartment building has 1-bedroom and 1-bathroom in each unit. This building has been very well maintained and has over $200k in recent capital improvements! Each unit has been updated along with all the common areas. Recent building improvements include a concrete surface parking lot, high efficiency boiler and zone valves, roof, gutters, soffits, downspouts, windows, and separately metered electrical. Conveniently located close to restaurants, highways, public transportation, shopping, parks and more. Don’t miss this opportunity to own a quality multifamily property!
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | £950,495 | Building Class | C |
| Price Per Unit | £86,409 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 9,054 SF |
| Net Initial Yield | 8.38% | Average Occupancy | 100% |
| No. Units | 11 | Number of Floors | 3 |
| Property Type | Residential | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.1/1,000 SF |
| Apartment Style | Low Rise |
| Price | £950,495 |
| Price Per Unit | £86,409 |
| Sale Type | Investment |
| Net Initial Yield | 8.38% |
| No. Units | 11 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 9,054 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built | 1959 |
| Parking Ratio | 1.1/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Wooden Floors
- Refrigerator
- Oven
- Tub/Shower
- Dining Room
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 11 | £792.08 | 575 |
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Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 11-028-24-11-0076 | Total Assessment | £789,703 (2023) |
| Land Assessment | £94,178 (2023) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £695,525 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
11-028-24-11-0076
Land Assessment
£94,178 (2023)
Improvements Assessment
£695,525 (2023)
Total Assessment
£789,703 (2023)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
zoning
| Zoning Code | CM (CM2) |
| CM (CM2) |
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1529 38th St E
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