2308 Garfield Ave - Apartments FOR SALE


Minneapolis, MN 55405- Whittier
$1,000,000 USD
310-906-3275
2308 Garfield Ave, Minneapolis, MN for Sale
$1,000,000 USD
Apartments - FOR SALE
1/12
null | Request Cap Rate

2308 Garfield Ave
Minneapolis, MN 55405
Whittier


HIGHLIGHTS

  • Professionally Managed/Pride of Ownership: The meticulous care and responsible management of the property is evident when visiting the building
  • Parking: Ample surface parking is a valuable amenity in the urban setting
  • Vibrant Location: Tenants will enjoy easy access to local amenities such as Aldi, Baba’s Hummus House, French Meadow Café, and Leaning Tower of Pizza

OVERVIEW

Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale Garfield Avenue Apartments, a 12-unit apartment community located in the Whittier neighborhood of Minneapolis. 2308 Garfield Avenue S is available for purchase for the first time in over 20 years. We are pleased to present a unique opportunity to purchase a beloved asset in a core urban area. Consisting of 10 one-bedrooms and 2 studios, this property is exceptionally well cared for. Built in 1967, and situated on a .22 acre lot, 2308 Garfield enjoys a great location within walking distance to the commercial district of Lyndale Avenue. Located one street from Lyndale Avenue, tenants will be within walking distance to Aldi, Baba’s Hummus House, French Meadow Café, Wedge Coop, Leaning Tower of Pizza and many others. The property includes an 8-space parking lot, an attractive feature for tenants in the relatively dense urban setting. Major capital improvements include a Duro-last roof from approximately 10 years ago and windows from approximately 10 years ago. With average rents at $967, the opportunity blends consistent cash for the owner and affordability/ convenience for the tenant. Rental demand is predicted to increase over the next couple years ensuring this property remains highly occupied. This exceptionally well run property has excellent current and historical occupancy.

FOR SALE DETAILS

PRICE

$1,000,000 USD

PRICE/SF

$115 USD /SF

# OF UNITS

12

PRICE/UNIT

$83,333

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

2308 Garfield

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1967

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,552 SF

ZONING

R-6, Minneapolis

APN/PARCEL ID

34-029-24-22-0187

ASK ABOUT THIS PROPERTY

Michael JacobsMarcus & MillichapMore Info
310-906-3275

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Michael JacobsMarcus & MillichapMore Info
310-906-3275

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