Updated 5 days ago

$775,000

2201 5th Avenue SMinneapolis, MN 55404

Type: Commercial

1929 Year Built

Description

Investment opportunity in Phillips West! This 10-unit building features a mix of one-bedroom and two-bedroom units, with convenient on-site parking. Recent updates include a freshly painted exterior and other exterior improvements, while 70% of the units have been renovated, offering room for further upgrades and rent growth. Located near major highways, public transportation, and popular Minneapolis destinations, this property provides strong rental demand and significant potential for income growth. Don’t miss the chance to capitalize on this value-add investment opportunity.

MLS ID: 6639533

Directions: Turn left onto 5th Ave S.

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Property Details

Essential Details

MLS #: 6639533

Listing courtesy of: Keller Williams Premier Realty

Price: $775,000

Type: Commercial

Contingency: None

Foreclosure: No

Zoning: Business/Commercial

Current Use: Residential

Total Units: 10

Annual Gross Income: $123,240

Net Operating Income: $68,277

Annual Gross Expense: $54,962

Annual Electric Expense: $9,600

Parking Features: Open

Other Parking Spaces: 5

Building Details

Owner Occupied: No

Construction Materials: Stucco

AccessibilityFeatures: None

Heating: Hot Water

Style: Apartment

Year Built: 1929

Foundation Area: 2,485

Sewer: City Sewer - In Street

Water Source: City Water/Connected

Utilities: Heating Separate

Lot Details

Complex/Dev/Sub Name: Howards Add

Lot Dimensions: 52x124

School Information

District: Minneapolis

District Number: 1

District Phone: 612-668-0000

Community Information

County: Hennepin

Survey Range: 24

Survey Section: 34

Survey Township: 29

Taxes

Tax Year: 2024

Tax Amount: $11,453

Assessment Pending: No

Taxes w/Assessments: $11,453

This listing was last updated by Keller Williams Premier Realty on 12/16/2024 at 10:27 am.

Information is deemed to be reliable, but is not guaranteed. Such information cannot be duplicated or distributed in any manner without the express written consent of the owning association. Data is deemed reliable but not guaranteed.

Records last updated at 12/22/2024 12:45 am.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity^SM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Castle Realty of Twin Cities are marked with the Broker Reciprocity^SM logo or the Broker Reciprocity^SM thumbnail logo (little black house) and detailed information about them includes the name of the listing brokers.

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