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    Property profile & analytics

    6413 Pleasant Ave Minneapolis, MN 55423

    • Commercial real estate
    • 12,000 SF
    • 0.28 lot acres
    OFF-MARKET
    Value Estimation
    Location Intelligence
    Property ID
    US46-0524980
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 6413 Pleasant Ave

    Year built
    1961
    Lot size
    0.28 lot acres
    Property size
    12,000 SF
    Property type
    Commercial real estate
    APN
    27-028-24-24-0017

    Description

    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.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.283086449271
    Latitude
    44.886535597004

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    Similar Nearby for Sale

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      0.34 Acres

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    6413 Pleasant Ave
    Minneapolis, MN 55423
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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