33-Unit Apartment
2631 Columbus Avenue South Minneapolis, MN 55407
For Sale
Contact for pricing
Stabilized 33-unit multifamily community with large one-bedroom apartments, remodeled units, and a new roof installed June 2026.
Property Size24,678 SF
Price / SF$158.04
Days on Market17
Property Features for 2631 Columbus Avenue South
General Information
- Standard status
- Active
- Size
- 24,678 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1972
Listing Agency:
MRG Realty Partners
(651) 900-4386
Listed By:
Doug McNicoll · License #40492260
Source:
Crexi
Added: Jul 8
Changed: Jul 23
Last Checked: Jul 23 at 4:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MRG Realty Partners
Investment Insights
Based on property information with market context.
This stabilized 33-unit apartment community features all large one-bedroom units. The property benefits from a RUBS program in place, providing for ownership to recover a portion of utility expenses. According to the seller, a majority of units have been remodeled, and major capital improvements have been completed, including a brand new roof installed in June 2026.
The community is located in a Minneapolis healthcare corridor and is described as having a large rear lot, which the seller notes may support increased parking income. The remarks also indicate potential 4D tax savings and opportunities for storage income.
Overall, the property is positioned as an operational apartment community with prior renovations and a recent roof replacement, alongside additional stated opportunities tied to parking, storage, and tax considerations.
The community is located in a Minneapolis healthcare corridor and is described as having a large rear lot, which the seller notes may support increased parking income. The remarks also indicate potential 4D tax savings and opportunities for storage income.
Overall, the property is positioned as an operational apartment community with prior renovations and a recent roof replacement, alongside additional stated opportunities tied to parking, storage, and tax considerations.
Key Highlights
- 33‑unit multifamily community made up entirely of large one‑bedroom apartments
- Year built 1972
- RUBS program in place to help owners recover a portion of utility expenses
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $642.6k | $26.04 |
| − Vacancy | −$40.5k | −$1.64 |
| EGI | $602.1k | $24.40 |
| − OpEx | −$271.0k | −$10.98 |
| NOI | $331.2k | $13.42 |
24,678 SF · lease $26.04/SF/yr · vacancy 6.30% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.73M
$4.14M – $5.52M
NOI $331,172 @ 7.0% cap · market cap 8.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.89M
$5.15M – $6.87M
NOI $412,136 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Columbus Avenue Apartments
Apartment Building
FAQs
What type of property is this?
Apartment building - Stabilized 33-unit multifamily community with large one-bedroom apartments, remodeled units, and a new roof installed June 2026.
Where is this apartment building located?
The property is located at 2631 Columbus Avenue South Minneapolis, MN.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 33‑unit multifamily community made up entirely of large one‑bedroom apartments; Year built 1972; RUBS program in place to help owners recover a portion of utility expenses
