403 6th St. NE is turn of the century 4 plex that is in excellent turnkey condition with a prime location. This convenient location will always attract undergrad & grad students from the U of M who enjoy nearby attractions such as Lunds, Brasa, Surdyk's, and main bus lines. The property offers classic hardwood floors, unique woodwork and updated bathrooms. Tenants can enjoy onsite amenities such as: off-street parking, bike parking, new commercial washer/dryer, large amounts of extra storage, outside garden area, and ceiling fans. This property offers a unique blend of vintage features with modern updates that will always be in high demand.
The Property
Listing Type:
Sold
Property Type:
Multi-Family
PID #:
23-029-24-11-0279
Property Name:
Marcy Holmes 4 Plex
Price:
$316200
Total Units:
4
# of Buildings:
1
Year Built:
1900
Occupancy:
100%
Zoning:
R2B / Two Family District
Gross Building SF:
4647
Gross Rented SF:
3098
Garden Level Units:
0
Location
Street:
403 6th St. SE
Minneapolis
Longitude:
W94° 45' 7.5816000000941''
Latitude:
N44° 59' 17.559599999999''
Investment Overview
Net Operating Income:
$20694
Cap Rate:
6.5%
Price Per Unit:
$79750
Potential Gross Income:
$38880
Gross Rent Multiplier:
8.61
5 Year IRR:
9.10%
5 YR COC Average:
5.64%
Price Per Gross SF:
$69
Price Per Rented SF:
$103
Interior Units
Living Room Floors:
Hardwood & Carpet
Kitchen Floors:
Ceramic Tile & Linoleum
Bedroom Floors:
Hardwood
Bathroom Floors:
Ceramic Tile & Linoleum
Countertops:
Vinyl & Wood
Stoves:
Gas
Cabinets:
Wood
DishWasher:
No
Garbage Disposal:
No
Bathroom:
Shower/Tub
Electrical:
Circuit Breakers
Heat Delivery:
Gas-Hot Water Boiler
Heat Control/Zones:
1 Main Control
Common Area/Exterior
Parking Stalls:
5
Exterior Skin:
Stucco / Stone
Windows:
Vinyl / Wood Vertical Sliders
Common Floors:
Carpet
Roof Type:
Pitched
Roof Material:
Asphalt Shingles
Storage Units:
4 plus Common Storage Area
Laundry:
Owned
Washers:
1 Commercial Maytag
Dryers:
1 Commercial Maytag
Amenities:
Off-street parking, bike parking, new commercial washer/dryer, large amounts of extra storage, outside garden area, and ceiling fans.
Request a visit
Watch this property
Brad Schaeppi
612.924.6518
612.770.7447
612.677.3850