3029 Garfield Ave | 3029 Garfield Ave S
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3029 Garfield Ave 3029 Garfield Ave S
6 Unit Block of Flats £734,709 (£122,452/Unit) 6.43% Net Initial Yield Minneapolis, MN 55408
Investment Highlights
- Seller Financing Available! (Contract For Deed)
- Eight On-Site Parking Spaces
- Fully Renovated in 2021/22, and Fully Leased
Executive Summary
CONTRACT FOR DEED AVAILABLE! Fantastic investment opportunity to buy an apartment with seller-financing in the heart of Lyn-Lake! This fully renovated, fully occupied, six-unit building at 3029 Garfield offers modern, updated units with leases running through Summer of 2025. The unit mix consists of 1 x studio, and 5 x one-bedrooms. Tenants enjoy the convenience of mobile-friendly laundry and eight dedicated parking spaces. The property generates over $7,300/month, which includes revenue from rent, parking, pet fees, RUBs, and laundry. A turnkey investment in one of Minneapolis’s most popular rental areas—this is an income-producing property you won’t want to miss! The property can be purchased on a contract for deed with the following terms: 25+% down, 5.0% interest, interest-only monthly payments, on a seven-year term.
Property Facts
| Price | £734,709 | Building Class | C |
| Price Per Unit | £122,452 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 4,800 SF |
| Net Initial Yield | 6.43% | Average Occupancy | 100% |
| No. Units | 6 | Number of Floors | 3 |
| Property Type | Residential | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Apartment Style | Low Rise |
| Price | £734,709 |
| Price Per Unit | £122,452 |
| Sale Type | Investment |
| Net Initial Yield | 6.43% |
| No. Units | 6 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,800 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built | 1960 |
| Parking Ratio | 1.67/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Ceiling Fans
- Stainless Steel Appliances
- Wi-Fi
- Dining Room
- Family Room
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 500 - 600 |
| 1+1 | 5 | - | 700 - 775 |
1 of 1
Walk Score ®
Walker's Paradise (94)
Bike Score ®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 03-028-24-22-0064 | Improvements Assessment | £334,095 |
| Land Assessment | £267,892 | Total Assessment | £601,988 |
PROPERTY TAXES
Parcel Number
03-028-24-22-0064
Land Assessment
£267,892
Improvements Assessment
£334,095
Total Assessment
£601,988
zoning
| Zoning Code | R4 |
| R4 |
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3029 Garfield Ave | 3029 Garfield Ave S
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