Price Reduction
Address
2818 E 31st Street, Minneapolis, MN
Price
$ 685,000
Property Attributes
  • ID#6495781
  • TypeCommercial
  • CountyHENNEPIN
  • CityMinneapolis
  • AreaLibbys Add
  • NeighborhoodLibbys Add
  • Zip55406
  • StyleApartment
  • Year Built1960
  • Taxes$ 9541
  • Price$ 685,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage5324
  • Lot Size4,356 SqFt
Data Source:
Northstar MLS (NSTAR)
Property Description

Updated 6 unit building fully rented with a 7.7% cap rate! 54k on NOI. Great location in Longfellow neighborhood. Walking distance to trails and river. Building consists of (4) 2 bedroom units, (2) 1 bedroom units. Units have been updated over the years. Laundry is in building run by BDS. Building offers 6 Parking spots. Great cash flow and upside. Contract For Deed Available.

Price History
2/28/2024 Listed $699,900
4/23/2024 3% - $685,000

General Features

Sewer City Sewer/Connected
Heating Baseboard,Hot Water
Cooling Wall Unit(s)
Utilities Electric Common,Heating Common,Hot Water Common
Roof Asphalt
Appliances Range,Refrigerator
Construction Materials Stucco
Year Built 1960
Tenant Pays Cable TV,Electricity
Levels Two
Property SubType Apartment
Tax Year 2023
Current Use Residential
Gross Income 83400
OwnerPays Electricity,Fuel,Gas,Grounds Care,Repairs
Accessibility None
County Hennepin
Net Operating Income 54059
Operating Expense 29341
Property Type Commercial Sale
Association Amenities Coin-op Laundry Leased
Contingency None
Subdivision Name Libbys Add
Directions Minnehaha to E 31st
City Minneapolis
Buyer Agent Compensation 2.00
High School District Minneapolis
Zoning Description Business/Commercial
Total Units 6
Street Name 31st
Land Lease Y/N No
Tax Annual Amount 9541
Additional Parcels Y/N No
Days on Market 55
Standard Status Active
Lender Owned No
Buyer Agent Compensation Type %
PostalCity Minneapolis

Interior Features

Basement (Y/N) No
Street Suffix Street
Fuel Natural Gas

Exterior Features

Parking Features Parking Lot
Water Source City Water/Connected
Inclusions Building,Leases,Rental License
Lot Size Area 0.1
Building Area Total 5324
Lot Dimensions 6X70
Lot Size Units Acres
Foundation Area 1962

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in 55406

Price
AVG $1.07M
$690K
Taxes
AVG $17,029
$9,541
Visits
AVG 163
193
Data Provided by Inside Real Estate®
Year Built
AVG 1938
1960

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