Property Listing
Description
Portland Avenue Apartments is a six-unit multifamily property located in the Phillips West neighborhood of Minneapolis. The property features a mix of one studio, three one-bedroom, and two two-bedroom residences, offering a range of options for tenants. Positioned less than half a mile from Peavey Field Park, with its basketball courts and soccer field, the property benefits from a convenient location near local recreational amenities. Built in 1885, the property has been well cared for over the years, reflecting consistent maintenance and attention. The six residences average 692 square feet in size, with rents averaging $954 per month. The property also includes six off-street parking spaces, providing added convenience for residents in an urban setting. Portland Avenue Apartments offers an attractive investment opportunity with stable rental income, a desirable unit mix, and a central location. Its combination of historical charm and practical updates makes it a compelling addition to a multifamily portfolio in Minneapolis. Property Highlights -A variety of unit types cater to a broad tenant base: 1 studio, 3 one-bedrooms, and 2 two-bedrooms -All new mechanicals from 2017. Roof, Windows, Mini Splits, plumbing and electrical. -Ample parking with 6 off-street parking spaces -Low expenses: Tenants pay for heat, electric, and hot water. Property taxes benefit from reduced rates due to participation in the 4D tax incentive program.
Property Information
Status: Active
Sub Type: ********
List Price: $499,000
MLS#: 7048349
Current Price: $499,000
Address: 2524 Portland Avenue, Minneapolis, MN 55404
City: Minneapolis
State: MN
Postal Code: 55404
Geo Lat: 44.956499
Geo Lon: -93.268102
Subdivision: Hales Add
County: Hennepin
Property Description
Year Built: 1885
Lot Size SqFt: 6969.6
Gen Tax: 1985
Specials Inst: 0
High School: Minneapolis
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Total SqFt.: ********
Style: ********
Total Bedrooms: 7
Total Bathrooms: 6
Total Full Baths: ********
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Garage Stalls: 0
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Property Features
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Inclusions: Building, Fixture/Equipment, Land, Leases, Rental License
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