1529 38th St E
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1529 38th St E
11 Unit Apartment Building $1,706,556 CAD ($155,141 CAD/Unit) 8.38% Cap Rate Minneapolis, MN 55407
Investment Highlights
- 7,893 SF multifamily building with 11 units
- Currently 100% occupied
- Over $200k in recent capital improvements
- Zoned CM2 for commercial/multifamily use
- Excellent investment opportunity
- New roof, gutters, soffits, downspouts. Newer concrete surface parking lot, newer boiler/zone valves, newer windows
Executive Summary
Great cash flowing investment opportunity for sale in Minneapolis! This 11 unit apartment building has 1-bedroom and 1-bathroom in each unit. This building has been very well maintained and has over $200k in recent capital improvements! Each unit has been updated along with all the common areas. Recent building improvements include a concrete surface parking lot, high efficiency boiler and zone valves, roof, gutters, soffits, downspouts, windows, and separately metered electrical. Conveniently located close to restaurants, highways, public transportation, shopping, parks and more. Don’t miss this opportunity to own a quality multifamily property!
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,706,556 CAD | Building Class | C |
| Price Per Unit | $155,141 CAD | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 9,054 SF |
| Cap Rate | 8.38% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.1/1,000 SF |
| Apartment Style | Low Rise |
| Price | $1,706,556 CAD |
| Price Per Unit | $155,141 CAD |
| Sale Type | Investment |
| Cap Rate | 8.38% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 9,054 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1959 |
| Parking Ratio | 1.1/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Dining Room
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $1,422 CAD | 575 |
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Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 11-028-24-11-0076 | Total Assessment | $1,396,568 CAD (2023) |
| Land Assessment | $166,552 CAD (2023) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,230,016 CAD (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
11-028-24-11-0076
Land Assessment
$166,552 CAD (2023)
Improvements Assessment
$1,230,016 CAD (2023)
Total Assessment
$1,396,568 CAD (2023)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | CM (CM2) |
| CM (CM2) |
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1529 38th St E
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