Description
SELLER FINANCING AVAILABLE w/ the following terms: 20% down, 5.0% interest (interest-only), on a seven-year term. Fantastic investment opportunity to buy an apartment with seller-financing in the heart of Lyn-Lake! This fully renovated six-unit apartment at 3029 Garfield offers modern, updated units with leases running through Summer of 2025 – one unit has been left vacant to accommodate on-site showings. The unit mix consists of 1 x studio, and 5 x one-bedrooms. Tenants enjoy the convenience of mobile-friendly laundry and eight dedicated parking spaces. The property generates over $7,100/month, which includes revenue from rent, parking, pet fees, RUBs, and laundry – with the seller financing terms, this equates to a cash-on-cash return of over 12%! A turnkey investment in one of Minneapolis’s most popular rental areas—this is an income-producing property you won’t want to miss!
Property Details
- Utility FeaturesElectric Common, Electric Separate, Heating Common, Hot Water Common
- Sewer InformationCity Sewer/Connected
- Utility SourceCity Water/Connected
- SubdivisionMotor Line Add
- Parcel Number0302824220064
- Parking FeaturesParking Lot
- School DistrictMinneapolis
- Property SubtypeApartment
- Property TypePurchase
- CountyHennepin
- Taxes Annual$10,761
- MLS #6725729
- MLS #6725729
- HeatingBoiler
- Cost865000
- Square Feet4412
- Year Built1960
Location
Legal
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Last Updated: . Source: NORTHSTAR
Listing Courtesy
Listing Agent: Paul Begich (#NST502047750)
Listing Office: Compass (#NST49138)
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