1010 23Rd Ave, Minneapolis, MN 55418

Property Details for 1010 23Rd Ave

Year built

1900

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a well-maintained four-unit apartment building situated in a highly desirable Minneapolis neighborhood at 1010 23rd Avenue Northeast, Minneapolis, MN 55418. The property, built in 1900, boasts 4,968 square feet on a 5,663 square foot lot and features three stories. Currently operating at 100% occupancy, this Class C multifamily property offers a compelling pro-forma cap rate of 6.27% and a pro-forma NOI of $32,917. The asking price is $525,000, translating to $131,250 per unit and $105.68 per square foot. Significant recent upgrades include a high-efficiency boiler, water heater, electrical, and plumbing systems, minimizing the risk of substantial near-term capital expenditures. Three of the four units are month-to-month, providing flexibility for the new owner. The property includes six parking spaces and is zoned R2B. The building benefits from a large parking area, previously a garage, offering ample tenant parking or potential for outdoor amenity development. All units have "no winter move-out notice" stipulations through February 2025, ensuring consistent cash flow. Unit 3, a spacious two-bedroom unit spanning two floors, presents a unique opportunity for a higher rental income or owner-occupancy. Given the high demand for rental properties in this area and the recent upgrades, this property represents a strong value-add investment opportunity. Please allow 24-36 hours' notice for showings due to full occupancy. APN: 12-029-24-32-0117. This property is offered as-is and is suitable for a 1031 exchange.

Location Insight

City

Minneapolis

County

Hennepin

State

Minnesota

Longitude

-93.2449

Latitude

45.0108