6413 Pleasant Ave, Minneapolis, MN 55423

This exceptional 11-unit apartment building, located in the heart of Richfield, Minnesota, presents a compelling investment opportunity. The property boasts 12,000 square feet of net rentable space, spread across a three-story building constructed in 1961 and extensively renovated in 2019. Ten of the eleven units have undergone high-end kitchen remodels, featuring new cabinets, countertops, and energy-efficient stainless steel appliances, including dishwashers. Two units even include built-in microwaves. Significant exterior improvements include a newer roof (replaced in 2014), updated windows, fascia, and gutters, and secured front and back entry doors with sidelights. Further enhancing efficiency, a high-efficiency hot water boiler was installed in Spring 2024. The property sits on a 0.28-acre lot and includes 11 parking spaces. Currently operating at 100% occupancy, the property generates a strong NOI of $83,218.21, representing a 6.16% cap rate. The asking price is $1,349,900, translating to $122,718.18 per unit and $112.49 per square foot. This stabilized, value-add investment is offered in turnkey condition with no delinquencies and is ideally suited for a 1031 exchange. The property's permitted zoning is multi-family, and the Hennepin County APN is 27-028-24-24-0017.