2652 Bloomington Avenue

$749,000

For Sale

2652 Bloomington Ave
Minneapolis


  •   Under Contract
Source Documents
Assumable Financing
Water Expenses
Pay 2012 RE Taxes
Unit and Floor Plan
Request Offering Memorandum for 2652 Bloomington Avenue
Photos
Map
Street View
Video
Exterior - Front
Exterior - Rear
Parking
Roof
Kitchen
Living Room
Bathroom
Shower
Bedroom
Common Area
Laundry
Storage Lockers
Hot Water Boiler
Hot Water Heater
Electrical Meters
Fire Control Panel
1 Bedroom Floor Plan
2 Bedroom Floor Plan
Garden Level Floor Plan
Level 1 Floor Plan
Level 2 Floor Plan
Description

The buyer will leverage attractive assumable 2.41% financing and invest excess annual surplus cash flow to fund property updates, move up rents, increasing net income and end value.  After acquisition, a buyer will enjoy immediate above market cash flow (18%) at an achievable 50% expense ratio with a low in-place rent average of $.97 per SF /month.

The Property

Listing Type:
For Sale
Property Type:
Multi-Family
PID #:
35-029-24-42-0064
Property Name:
2652 Bloomington Avenue
Price:
$749000
Total Units:
17
# of Buildings:
1
Year Built:
1963
Occupancy:
94%
Zoning:
R6/Multiple Family
Gross Building SF:
15120
Garden Level Units:
5
Separate Utilities:
Electric
Submetered Utilities:
None

Location

Street:
2652 Bloomington Ave
Minneapolis
Longitude:
W94° 44' 49.833599999884''
Latitude:
N44° 57' 14.2488''

Investment Overview

Net Operating Income:
$69169
Cap Rate:
8.75%
Price Per Unit:
$46470
Potential Gross Income:
$142260
5 Year IRR:
22%
5 YR COC Average:
19%
Price Per Gross SF:
$52.25

Interior Units

Living Room Floors:
Mix (Wood Product/Carpet)
Kitchen Floors:
Vinyl
Bedroom Floors:
Mix (Wood Product/Carpet)
Bathroom Floors:
Ceramic Tub
Countertops:
Laminate
Stoves:
Gas
Cabinets:
Wood
DishWasher:
No
Garbage Disposal:
No
Bathroom:
Shower/Tub
Electrical:
Fuse Box
Heat Delivery:
Gas-Hot Water Boiler
Heat Control/Zones:
In-Unit Controls

Common Area/Exterior

Parking Stalls:
17
Exterior Skin:
Brick/Stucco
Windows:
Aluminum Horizontal Sliders
Common Floors:
Carpet
Roof Type:
Flat
Roof Material:
Tar & Gravel
Storage Units:
20
Laundry:
Owned
Washers:
2
Dryers:
2

Building Systems

Heat:
Gas-Hot Water Boiler
Air Conditioning:
Thru-wall
Domestic Hot Water:
Gas (Rheem 92 gallon)
Fire/Safety:
Central Fire Panel (ESL 1500)
Entry/Security:
Apartment Entry System
Plumbing:
Copper Zone Valve Updates
Electrical:
600 AMP Main, 60 AMP Circuit Breakers

Contact Info

  •  Brad Schaeppi
  •  
  •  612.924.6518
  •  612.770.7447
  •  612.677.3850