8400 Minnetonka Blvd Minneapolis, MN 55426
- Commercial real estate
- 1.74 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 8400 Minnetonka Blvd
- Lot size
- 1.74 lot acres
- Property type
- Commercial real estate
Description
This exceptional 50-unit apartment complex presents a compelling investment opportunity in Minneapolis, Minnesota. Located at 8400 Minnetonka Blvd, in Hennepin County, zip code 55426, this property boasts a prime location adjacent to the Cedar Bike Trail. The complex comprises four buildings, including two 11-unit structures, one 27-unit building, and a single-family home, all situated on a spacious 1.74-acre lot. Built in 1958 and 1962, the buildings are three stories high and classified as Class C multifamily. The property offers a strong pro-forma NOI of $320,337, translating to a 6.10% pro-forma cap rate. The asking price is $5,250,000. An attractive feature is the presence of an assumable loan with a fixed interest rate of 3.91% extending to February 2027. The property benefits from significant recent development within a half-mile radius, including the Texa-Tonka strip center and new apartment construction, suggesting strong potential for future appreciation. This well-positioned multifamily asset offers a compelling blend of established income and growth potential. The property's location and existing infrastructure provide a solid foundation for a successful investment.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Minneapolis
- County
- Hennepin
- State
- Minnesota
- Longitude
- -93.3862753
- Latitude
- 44.9499263
