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2818 E 31st ST Minneapolis, MN 55406
4,356 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Coming Soon
Purchase Type For Sale
Subdivision Libbys Add
MLS Listing ID 6770334
Year Built 1960
Annual Tax Amount $11,052
Tax Year 2025
Contingent None
Lot Size 4,356 Sqft
Acres 0.1
Lot Dimensions 60X70
Property Sub-Type Apartment
Property Description
Amazing value add opportunity awaits! Prime 6 unit building in the growing Longfellow neighborhood! All the heavy lifting done with recent updates and unit turns, leaving just the leasing left to do! Two long term tenants remain in the building giving you a stable base of reliable income to start. Four units freshly turned and renovated giving the new owner the opportunity to place new tenants at market rate. Too many updates to list, see the supplements for a full list of improvements. New high efficiency boiler/hot water heater combi unit along with many new energy efficient appliances account for the extremely low operating cost as seen in the financials. Run your own numbers, but conservative estimates on rent with actual expenses have the building at a 7.6 cap, with aggressive rents hitting over a 9 cap. Schedule your showing today, and scoop up this cash flowing asset before its gone!
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Interior
Heating Baseboard, Boiler
Cooling Wall Unit(s)
Inclusions Building
Fireplace No
Appliance Range, Refrigerator
Exterior
Parking Features Parking Lot
Utilities Available Electric Separate, Heating Common, Hot Water Common
Roof Type Asphalt
Present Use Residential
Building
Foundation 1960
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone,Stucco
Schools
School District Minneapolis
Listed by Michael Moe • Superior Property Management