Property Listing
Description
THE NICOLLET AVE APARTMENTS OFFERS INVESTORS A HIGHER RETURN FOR THEIR MONEY THEN MOST DEALS ON THE MARKET TODAY!! THE OWNER HAS CAREFULLY RENOVATED EVERY UNIT WITH NEWER KITCHENS, NEWER BATHROOMS, ALL NEW LIGHTING AND PLUMBING FIXTURES, NEW CARPET, REFINISHED ORIGINAL OAK HARDWOOD FLOORING, AND NEW TILE AND QUARTZ COUNTERTOPS!! EACH KITCHEN HAS ALSO RECEIVED A COMPLETE STAINLESS-STEEL APPLIANCE PACKAGE THAT INCLUDES FULL-SIZE DISHWASHERS. THE LAUNDRY MACHINES ARE LEASED THROUGH BDS ON A REVENUE SHARED PROGRAM AND OFFERS RESIDENTS AN ELECTRONIC PAYMENT SYSTEM. THE OWNER HAS ALSO INCREASED REVENUE SIGNIFICANTLY BY IMPLEMENTING A UTILITY REIMBURSEMENT PROGRAM THROUGH RUBS. THIS ASSET WILL CHANGE HANDS FULLY RENTED AND STABILIZED WITH MARKET RENTS AND LEASES RUNNING THROUGH THIS FALL AND INTO SPRING 2026. THE CURRENT IN PLACE CAP RATE OF 7.93% IS BASED ON A NET OPERATING INCOME $137,250+
Property Information
Status: Active
Sub Type: ********
List Price: $1,730,000
MLS#: 6699993
Current Price: $1,730,000
Address: 6141 Nicollet Avenue S, Minneapolis, MN 55419
City: Minneapolis
State: MN
Postal Code: 55419
Geo Lat: 44.89122
Geo Lon: -93.277737
Subdivision: Nicollet Heights
County: Hennepin
Property Description
Year Built: 1958
Lot Size SqFt: 12632.4
Gen Tax: 22595
Specials Inst: 0
High School: ********
Square Ft. Source:
Above Grade Finished Area:
Below Grade Finished Area:
Below Grade Unfinished Area:
Total SqFt.: ********
Style: ********
Total Bedrooms: 23
Total Bathrooms: 11
Total Full Baths: ********
Garage Type:
Garage Stalls: 0
Waterfront:
Property Features
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Inclusions: Building, Business, Land, Leases, Rental License
Exterior Amenities:
Heat System:
Air Conditioning:
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