446 Madison St NE - Apartments FOR SALE


Minneapolis, MN 55413- St Anthony East
$825,000 USD
612-599-4677
446 Madison St NE, Minneapolis, MN for Sale
$825,000 USD
Apartments - FOR SALE
1/53
null | 7.91% Cap Rate

446 Madison St NE
Minneapolis, MN 55413
St Anthony East


HIGHLIGHTS

  • Outstanding occupancy history- fewer than 30 cumulative vacancy days across all units in 16 years.
  • Turnkey property- fully updated electrical and plumbing by current owners
  • Updated mechanicals- 3 of 4 water heaters replaced since 2021, furnace and radiators less than 4 years old
  • Kitchens and baths fully updated
  • 3 units with private laundry, 1 unit uses basement laundry
  • Tenants pay electric and gas

OVERVIEW

This turnkey four-unit multifamily investment offers immediate, stable cash flow with a strong Net Operating Income (NOI) of $63,345, 100% occupancy, and a long history of exceptionally low vacancy. Meticulously self-managed by the current owner to keep operating costs at a minimum, the property has been exceptionally well maintained and requires no renovation. There's been no deferred maintenance, allowing a new owner to begin generating income immediately. Units 2-4 have private laundry and Unit 1 utilizes basement laundry. Gas and electric are individually metered per unit and paid by tenants. Owners pays water, sewer, trashed- billed by the city of Minneapolis. One tenant serves as caretaker for $110/month. One electric vehicle charger at rear of building can be connected to the electrical meter for any of the units. Current tenants have locked-in rent amounts through 5/31/28 but are on month-to-month leases with 60 days notice. Significant capital improvements, including updated mechanical, plumbing, and electrical systems, help minimize future capital expenditures, while private off-street parking provides an added amenity that tenants value. The property's outstanding condition and stable tenancy make it an attractive, low-maintenance investment for both experienced and first-time multifamily investors. Located in one of Northeast Minneapolis' most desirable neighborhoods, the property boasts an Walk Score of 83, placing tenants within walking distance of neighborhood restaurants, coffee shops, breweries, shopping, and everyday conveniences. Downtown Minneapolis, I-94, and I-35W are just minutes away, and the area offers excellent biking infrastructure and convenient public transportation, further enhancing long-term tenant demand. In addition to its strong in-place performance, the property offers excellent pro forma income potential. Current ownership does not charge tenants for garage rental, pet fees, or basement storage units, providing multiple opportunities for a new owner to increase revenue while maintaining a competitive position in the market. With proven operational stability, a desirable location, quality improvements, and meaningful upside potential, this property represents an exceptional opportunity to acquire a well-positioned multifamily asset in one of Minneapolis' strongest rental markets.

FOR SALE DETAILS

PRICE

$825,000 USD

PRICE/SF

$144 USD /SF

# OF UNITS

4

PRICE/UNIT

$206,250

CAP RATE

7.91%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1888

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,534 SF

ZONING

Multi-Family

APN/PARCEL ID

14-029-24-43-0038

ASK ABOUT THIS PROPERTY

Jennifer GeisingerLuke Real EstateMore Info
612-599-4677

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Jennifer GeisingerLuke Real EstateMore Info
612-599-4677

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