710 Lowry NE Ave Minneapolis, MN 55418-3622

Property Details for 710 Lowry NE Ave

Year built

1949

Construction

CONCRETE

Lot size

0.15 lot acres

Property size

504 SF

Zone code

C1

Property type

Commercial real estate

APN

11-029-24-41-0123

APU

1102924410123

Description

This exceptional mixed-use property at 710 Lowry Ave N, Minneapolis, MN 55411, presents a compelling value-add investment opportunity. The 4,334 square foot building, constructed in 1922, boasts a desirable location and features five units, including three retail spaces and two residential units (each with two bedrooms and one bathroom). Currently, the main floor retail spaces are combined, occupied by the owner-user, who will vacate upon sale. The business operating within the space is a separate sale and not included in this offering. A below-grade unit offers additional leasing potential. The property includes four parking spaces, a deck, and a recently updated flat top membrane roof (installed six years ago). The building sits on a 4,356 square foot lot and is zoned for commercial business and residential use. The asking price is $449,900, representing a price per square foot of $103.81 and a price per unit of $89,980. The current lease is a gross lease with a one-year term commencing January 1, 2024, and expiring December 31, 2024. The property's Net Operating Income (NOI) is $29,905, yielding a 6.65% cap rate. The occupancy date for the buyer is August 16, 2024. This turnkey property offers immediate cash flow and significant upside potential for a savvy investor. The property is privately owned and classified as Class D.