3029 Garfield Ave 3029 Garfield Ave S 6 Unit Apartment Building $1,246,122 CAD ($207,687 CAD/Unit) 6.67% Cap Rate Minneapolis, MN 55408
INVESTMENT HIGHLIGHTS
- Seller Financing Available! (25% down, 5.0% interest (interest-only), 7-Year Term)
- Eight On-Site Parking Spaces
- Fully Renovated in 2021/22, and Fully Leased
- RUBs and Pet Rent In-Place
EXECUTIVE SUMMARY
MOTIVATED SELLER - ENCOURAGING OFFERS! SELLER FINANCING AVAILABLE w/ the following terms: 25% down, 5.0% interest (interest-only), on a seven-year term. Fantastic investment opportunity to buy an apartment with seller-financing in the heart of Lyn-Lake! This fully renovated six-unit apartment at 3029 Garfield offers modern, updated units with leases running through Summer of 2025 – one unit has been left vacant to accommodate on-site showings. The unit mix consists of 1 x studio, and 5 x one-bedrooms. Tenants enjoy the convenience of mobile-friendly laundry and eight dedicated parking spaces. The property generates over $7,300/month, which includes revenue from rent, parking, pet fees, RUBs, and laundry – with the seller financing terms, this equates to a cash-on-cash return of over 10%! A turnkey investment in one of Minneapolis’s most popular rental areas—this is an income-producing property you won’t want to miss!
PROPERTY FACTS
| Price | $1,246,122 CAD |
| Price Per Unit | $207,687 CAD |
| Sale Type | Investment |
| Cap Rate | 6.67% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,800 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 1.67/1,000 SF |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Ceiling Fans
- Stainless Steel Appliances
- Wi-Fi
- Dining Room
- Family Room
- Vinyl Flooring
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,447 CAD | 500 - 600 |
| 1+1 | 5 | $1,678 CAD | 700 - 775 |
1 of 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 03-028-24-22-0064 | Improvements Assessment | $605,035 CAD |
| Land Assessment | $485,144 CAD | Total Assessment | $1,090,178 CAD |
CONTACT
-
Paul Begich -
EMORY Properties
