1802 11th Ave S 6 Unit Apartment Building $2,718,729 CAD ($453,121 CAD/Unit) Minneapolis, MN 55404
INVESTMENT HIGHLIGHTS
- WALKING DISTANCE TO US BANK STADIUM ! THIS IS THE FIRST BUILDING OVER THE 11TH AVE BRIDGE. COULD BE IDEAL FOR AN OWNER OCCUPANT TO LIVE FOR FREE !
- IT IS SET UP SO IT CAN BE CONDOMINIUMS BUT SHORT TERMS STAYS ARE MOST LIKELY THE BEST USE.
- The entire top of the Parking Canopy is covered with solar panels.
- THIS IS A ONE OF A KIND DESIGNER PROJECT; THE OWNER /Contractor DID MUCH OF THE WORK HIMSELF.
- $100,000 of furniture included in the sale for short terms stays.
- CONTRACT FOR DEED TERM AVAILABLE.
EXECUTIVE SUMMARY
THIS IS BASICALLY A BRAND NEW BUILDING WITH A BEAUTIFUL BROWNSTONE SHELL !
A return to the pre-covid use of short term stays will be the likely course of action for a new owner. The income was up to $229,000. There are many short term stay platforms now; not just AIRBNB. The current leases are month to month.
CONTRACT FOR DEED TERMS considered with sizable down payment.
The owner started out with 12 worn out apartments, gutted the entire building, and put in 6 brand new apartments / condominiums. The units are set up so they can be condos with the values showing up as $450,000 to $480,000.
It is very energy efficient; it was insulted with spray foam and has solar panels.
A return to the pre-covid use of short term stays will be the likely course of action for a new owner. The income was up to $229,000. There are many short term stay platforms now; not just AIRBNB. The current leases are month to month.
CONTRACT FOR DEED TERMS considered with sizable down payment.
The owner started out with 12 worn out apartments, gutted the entire building, and put in 6 brand new apartments / condominiums. The units are set up so they can be condos with the values showing up as $450,000 to $480,000.
It is very energy efficient; it was insulted with spray foam and has solar panels.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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
|
PROPERTY FACTS
| Price | $2,718,729 CAD |
| Price Per Unit | $453,121 CAD |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 8,841 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1902/2017 |
| Parking Ratio | 0.68/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Washer/Dryer
- Yard
- Double Pane Windows
- Patio
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Furnished Units Available
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 4 | - | - |
| 1+1 | 1 | - | - |
| Studios | 1 | - | - |
1 of 1
Walk Score®
Very Walkable (77)
Transit Score®
Excellent Transit (74)
Bike Score®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 26-029-24-34-0049 | Total Assessment | $1,713,856 CAD (2023) |
| Land Assessment | $188,553 CAD (2023) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,525,303 CAD (2023) | Tax Year | 2025 |
ZONING
| Zoning Code | MF |
