Address Not Shown
Minneapolis, MN 55417
2256 sqft | #6732823
Description
PROPERTY HIGHLIGHTS
- Property has a boiler system for heat; the front portion of building has central rooftop
unit for A/C, and other portions have window A/C units 2008 roof
- 3-year old rubber membrane roof on front of building; shingled roof on back side of building
- Washer, dryer, breakroom, and storage in lower level
- 21'x20' detached garage, 2-stalls
- Recent Renovations: New 10'x 25' shed, new shower and kitchen in residential portion, new concrete apron for driveway, painted exterior in 2022, new gutters, new 40 gallon water heater, new awning, new double pane windows for residential portion, new doors upstairs Lower-level laundry
- Seconds from shopping destinations: Grocery, retail, restaurants, and coffee shops
Seller willing to leaseback the main and lower level for 3 years at $3,000/month. The AIRBNB has averaged $2,252/month over the last 18 months. Assuming those numbers, below is how the property performs financially:
Gross Income: $63,024
Operating Expenses:$25,609
Debt Service: $27,345 (25% down payment, $450K purchase price, 6.50% interest rate, 25 year amortization)
Cash Flow After Debt Service: $10,069
Cap Rate: 8.31%
Cash on Cash: 8.95%
Property Details
- AppliancesCooktop, Freezer, Microwave, Refrigerator, Stainless Steel Appliances, Wall Oven, Washer
- Utility FeaturesElectric Common, Heating Common, Hot Water Common
- Basement DescriptionStorage Space, Tile Shower
- Parking FeaturesDetached, Parking Lot
- Sewer InformationCity Sewer/Connected
- Utility SourceCity Water/Connected
- SubdivisionMinnehaha Park Add
- RoofAsphalt, Rubber
- Property SubtypeCommercial Sale
- Parcel Number1802823240118
- CoolingCentral Air
- HeatingRadiator(s)
- Cooling FeaturesCentral Air
- School DistrictMinneapolis
- Lot FeaturesInfill Lot
- Lot DescriptionInfill Lot
- Property TypePurchase
- CountyHennepin
- Taxes Annual$10,293
- MLS #6732823
- MLS #6732823
- Cost450000
- Square Feet2256
- Year Built1923
- Parking Spaces2
- Basement1
Location
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Last Updated:Â . Source: NORTHSTAR
Listing Courtesy
Listing Agent: Royce Durhman (#NST502211908)
Listing Office: Keller Williams Premier Realty Lake Minnetonka (#NST6588)
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