3029 Garfield Ave | 3029 Garfield Ave S
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3029 Garfield Ave 3029 Garfield Ave S
6 Unit Apartment Building $1,318,247 CAD ($219,708 CAD/Unit) 6.43% Cap Rate Minneapolis, MN 55408
Investment Highlights
- Seller Financing Available! (Contract For Deed)
- Eight On-Site Parking Spaces
- Fully Renovated in 2021/22, and Fully Leased
Executive Summary
CONTRACT FOR DEED AVAILABLE! Fantastic investment opportunity to buy an apartment with seller-financing in the heart of Lyn-Lake! This fully renovated, fully occupied, six-unit building at 3029 Garfield offers modern, updated units with leases running through Summer of 2025. 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. A turnkey investment in one of Minneapolis’s most popular rental areas—this is an income-producing property you won’t want to miss! The property can be purchased on a contract for deed with the following terms: 25+% down, 5.0% interest, interest-only monthly payments, on a seven-year term.
Property Facts
| Price | $1,318,247 CAD | Building Class | C |
| Price Per Unit | $219,708 CAD | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 4,800 SF |
| Cap Rate | 6.43% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Apartment Style | Low Rise |
| Price | $1,318,247 CAD |
| Price Per Unit | $219,708 CAD |
| Sale Type | Investment |
| Cap Rate | 6.43% |
| 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 |
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 | - | 500 - 600 |
| 1+1 | 5 | - | 700 - 775 |
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Walk Score ®
Walker's Paradise (94)
Bike Score ®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 03-028-24-22-0064 | Improvements Assessment | $594,767 CAD |
| Land Assessment | $476,910 CAD | Total Assessment | $1,071,677 CAD |
PROPERTY TAXES
Parcel Number
03-028-24-22-0064
Land Assessment
$476,910 CAD
Improvements Assessment
$594,767 CAD
Total Assessment
$1,071,677 CAD
zoning
| Zoning Code | R4 |
| R4 |
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3029 Garfield Ave | 3029 Garfield Ave S
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