1802 11th Ave S - Apartments FOR SALE


Minneapolis, MN 55404- Ventura Village
$1,900,000 USD
612-325-2476
1802 11th Ave S, Minneapolis, MN for Sale
$1,900,000 USD
Apartments - FOR SALE
1/25
null | 8% Cap Rate

1802 11th Ave S
Minneapolis, MN 55404
Ventura Village


HIGHLIGHTS

  • WALKING DISTANCE TO US BANK STADIUM ! THIS IS THE FIRST BUILDING OVER THE 11TH AVE BRIDGE. COULD BE IDEAL FOR AN OWNER OCCUPANT TO LIVE FOR FREE !
  • THIS IS A ONE OF A KIND DESIGNER PROJECT; THE OWNER /Contractor DID MUCH OF THE WORK HIMSELF.
  • IT IS SET UP SO IT CAN BE CONDOMINIUMS BUT SHORT TERMS STAYS ARE MOST LIKELY THE BEST USE.
  • $100,000 of furniture included in the sale for short terms stays.
  • The entire top of the Parking Canopy is covered with solar panels.
  • CONTRACT FOR DEED TERM AVAILABLE.

OVERVIEW

THIS IS BASICALLY A BRAND NEW BUILDING WITH A BEAUTIFUL BROWNSTONE SHELL ! A return to the pre-covid use of short term stays will be the likely course of action for a new owner. The income was up to $229,000. There are many short term stay platforms now; not just AIRBNB. The current leases are month to month. CONTRACT FOR DEED TERMS. The owner started out with 12 worn out apartments, gutted the entire building, and put in 6 brand new apartments / condominiums. The units are set up so they can be condos with the values showing up as $450,000 to $480,000. It is very energy efficient; it was insulted with spray foam and has solar panels.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$215 USD /SF

# OF UNITS

6

PRICE/UNIT

$316,667

CAP RATE

8%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1902

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

MF

APN/PARCEL ID

26-029-24-34-0049

ASK ABOUT THIS PROPERTY

Steven PierceBridge RealtyMore Info
612-325-2476

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Steven PierceBridge RealtyMore Info
612-325-2476

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.