$600,000
Minneapolis, MN 55407
MLS# 6253072
Status: Closed
8 beds | 4 baths | 5526 sqft
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Property Description
Located adjacent to South High School, this late 50's construction (known for being well-built) 4 Plex has been very well maintained and professionally managed by an experienced owner to position the property for an easy takeover. Tenants are charged back for water-sewer-trash, units are separately metered for electricity, and the owner pays for gas/heat. Mechanicals, roof, and windows are in good shape leaving no immediate projects for a buyer. There's meat on the bone for an investor to bring the remaining two units to market rent (+$300/M), charge appropriately for a storage closet and large storage room in the basement (+$200/M), charge for parking (+$125/M). This brings potential income close to $70,000/ year! The owner is looking to complete a 1031 exchange, and if not for that opportunity, they would likely keep it as it runs so smoothly. Units have quickly rented when turned over.
Details
Maps
None
MLSID: RMLS
Contract Information
Status: Closed
Off Market Date: 2023-03-14
Contingency: None
Current Price: $600,000
Closed Date: 2023-05-05
Original List Price: 625000
ListPrice: 615000
Sales Close Price: 600000
List Date: 2022-09-29
Owner is an Agent?: Yes
Auction?: No
Office/Member Info
Association: SPAAR
General Property Information
# Carport Spaces: 5
Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Year Built: 1959
Yearly/Seasonal: Yearly
Bedrooms: 8
Bath Full: 4
Baths Total: 4
Main Floor Total SqFt: 1842
Above Ground SqFt: 3684
Below Grd Total SqFt: 1842
Total SqFt: 5526
FireplaceYN: No
Foundation Size: 1842
Style: (MF) Four Plex
Total Finished Sqft: 5526.00
Lot Dimensions: 45x125
Acres: 0.13
Location, Tax and Other Information
Legal Description: LOT 008 BLOCK 002 MINNEHAHA ADDN TO MPLS S 45 FT
Listing City: Minneapolis
Map Page: 106
Municipality: Minneapolis
Rental License?: Yes
School District Phone: 612-668-0000
House Number: 3017
Street Name: 19th
Street Suffix: Avenue
Street Direction Suffix: S
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55407
Zip Plus 4: 1907
Map Coordinate Source: RETS
Property ID Number: 0102824220018
Complex/Dev/Subdivision: Minnehaha Add
Tax Year: 2023
In Foreclosure?: No
Tax Amount: 6662.72
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: Located adjacent to South High School, this late 50's construction (known for being well-built) 4 Plex has been very well maintained and professionally managed by an experienced owner to position the property for an easy takeover.
Tenants are charged back for water-sewer-trash, units are separately metered for electricity, and the owner pays for gas/heat. Mechanicals, roof, and windows are in good shape leaving no immediate projects for a buyer.
There's meat on the bone for an investor to bring the remaining two units to market rent (+$300/M), charge appropriately for a storage closet and large storage room in the basement (+$200/M), charge for parking (+$125/M). This brings potential income close to $70,000/ year!
The owner is looking to complete a 1031 exchange, and if not for that opportunity, they would likely keep it as it runs so smoothly. Units have quickly rented when turned over.
Directions: Cedar north to 21st, go west to 19th, go north. Property on right
Assessments
Tax With Assessments: 6662.72
Building Information
Finished SqFt Above Ground: 3684
Finished SqFt Below Ground: 1842
Income and Expenses
Annual Caretaker Expense: 2895
Annual Electric Expense: 450
Annual Fuel Expense: 3200
Annual Gross Expenses: 24167
Annual Gross Income: 62892
Annual Insurance Expense: 3200
Annual Maintenance Expense: 2316
Annual Net Income: 38726
Annual Repair Expense: 1
Annual Trash Expense: 1753
Annual Water/Sewer Expense: 3400
Total Annual Expenses: 24167
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
DP Resource: Yes
Homestead: No
Ownership
Fractional Ownership: No
Public Survey Info
Range#: 24
Section#: 01
Township#: 28
Unit 1
Furnished?: N
Lease Expiration Date: 2023-04-30
Leased?: Y
Unit Number: 1
Annual Rent: 15000
Finished SqFt: 900
Full Baths: 1
Monthly Expense: 1
Monthly Rent: 1250
No. of Units Like This: 1
Oth Parking Spaces: 1
Total Baths: 1
Total Bedrooms: 2
Total Rooms: 5
Unit 2
Furnished?: N
Lease Expiration Date: 2024-03-31
Leased?: Y
Level: Main Level
Unit Number: 2
Annual Rent: 15180
Finished SqFt: 900
Full Baths: 1
Monthly Expense: 1
Monthly Rent: 1265
No. of Units Like This: 1
Oth Parking Spaces: 1
Total Baths: 1
Total Bedrooms: 2
Total Rooms: 5
Unit 3
Furnished?: N
Lease Expiration Date: 2023-07-31
Leased?: Y
Level: 2nd Level
Unit Number: 3
Annual Rent: 13200
Finished SqFt: 900
Full Baths: 1
Monthly Expense: 1
Monthly Rent: 1100
No. of Units Like This: 1
Oth Parking Spaces: 1
Total Baths: 1
Total Bedrooms: 2
Total Rooms: 5
Unit 4
Furnished?: N
Lease Expiration Date: 2023-08-31
Leased?: Y
Level: 2nd Level
Unit Number: 4
Annual Rent: 13200
Finished SqFt: 900
Full Baths: 1
Monthly Expense: 1
Monthly Rent: 1100
No. of Units Like This: 1
Oth Parking Spaces: 1
Total Baths: 1
Total Bedrooms: 2
Total Rooms: 5
Unit Details
Total Units: 4
Property Features
Accessible: None
Amenities Shared: Coin-op Laundry Owned
Assumable Loan: Not Assumable
Basement: Shared Access; Storage Space; Storage/Locker; Unfinished
Construction Status: Previously Owned
Electric: 100 Amp Service
Existing Financing: Conventional
Exterior: Brick/Stone; Stucco
Fencing: Chain Link
Financing Terms: Conventional
Fuel: Natural Gas
Heating: Boiler
Laundry: In Basement
Lock Box Type: Combo
Lot Description: Corner Lot
No. of Ranges: Four
No. of Refrigerators: Four
Owner Pays: Fuel; Insurance; Taxes
Parking Characteristics: Paved Lot
Rental License Type: Standard
Roof: Pitched
Sellers Terms: Cash; Conventional
Sewer: City Sewer/Connected
Stories: Two
Tenant Pays: Electricity; Fuel; Trash Collection; Water
Unit 1 Cooling: Window
Unit 2 Cooling: Window
Unit 3 Cooling: Window
Unit 4 Cooling: Window
Water: City Water/Connected
Listing Office: MRG Realty Partners, LLC
Last Updated: May - 09 - 2024
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