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509 6th Street SE 509 6th St SE

6 Unit Block of Flats £547,711 (£91,285/Unit) 7.37% Net Initial Yield Minneapolis, MN 55414

Investment Highlights

  • University of Minnesota Off-Campus Housing Area

Executive Summary

THIS TRIPLEX IS A RARE FIND WITH POTENTIAL TO INCREASE RENTAL INCOME WITHIN THE MARCY-HOLMES NEIGHBORHOOD - A POPULAR UNIVERSITY OF MINNESOTA OFF-CAMPUS HOUSING AREA! BUILT IN 1916, NEWLY REFINISEHD HARDWOOD FLOORS, INTRIOR PAINT, LOVELY SUNROOMS, LARGE DRIVEWAY FOR OFF-STREET PARKING, NEWER ROOF & GUTTERS - OVERALL IN GOOD CONDITION READY TO LEASE. ALL UNITS RENTED WITH STRONG POSSIBILITIES TO INCREASE RENT ROLL AFTER CURRENT LEASES EXPIRE. EACH UNIT COMES WITH APPLIANCES AND IN-UNIT LAUNDRY MACHINES. WALKABLE TO PARKS, RESTAURANTS AND THE UNIVERSITY OF MN. QUESTIONS CALL DAN O'BRIEN AT 612-562-3773

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income £54,928 £7.60
Other Income - -
Vacancy Loss - -
Effective Gross Income £54,928 £7.60
Taxes - -
Operating Expenses - -
Total Expenses £14,535 £2.01
Net Operating Income £40,393 £5.59

Financial Summary (Actual - 2023)

Gross Rental Income
Annual £54,928
Annual Per SF £7.60
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual £54,928
Annual Per SF £7.60
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual £14,535
Annual Per SF £2.01
Net Operating Income
Annual £40,393
Annual Per SF £5.59

Property Facts

Price £547,711
Price Per Unit £91,285
Sale Type Investment
Net Initial Yield 7.37%
Gross Rent Multiplier 0.09
No. Units 6
Property Type Residential
Property Subtype
Apartment
  • Multifamily Dormitory
Building Class C
Lot Size 0.26 AC
Building Size 7,225 SF
Average Occupancy 100%
Number of Floors 3
Year Built 1916
Parking Ratio 1.11/1,000 SF

Unit Amenities

  • Dishwasher
  • Washer/Dryer
  • Heating
  • Ceiling Fans
  • Tile Floors
  • Wooden Floors
  • Refrigerator
  • Range
  • Tub/Shower
  • Sunroom
  • Yard
  • Vinyl Flooring
  • Window Coverings

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
6+2 1 - 3,000
3+1 2 - 1,600
2+1 3 - 1,225
Walk Score ®
Very Walkable (83)
Bike Score ®
Biker's Paradise (99)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

zoning

Zoning Code Multi-Family
Multi-Family
  • Listing ID: 32286651

  • Date on Market: 28/06/2024

  • Last Updated:

  • Address: 509 6th St SE, Minneapolis, MN 55414

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