For Sale: Minneapolis MLS# 6727020
Active
$795,000
Commercial: Apartments
Built 1971
0.17 acres
Minneapolis schools
MLS# 6727020
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Property Description
First time available since 1999, this well-maintained 8-unit apartment building is a rare find in the heart of the Powderhorn neighborhood. The unit mix includes six 1-bedroom apartments and two studio units, all under the care of a dedicated owner-operator who has taken great pride in providing a quality, well-kept living environment for tenants.
Also available for sale is an adjacent vacant lot, located at 3037 15th Ave S. Currently serving as green space, the lot is perfect for gardening, outdoor gatherings, or recreation. Even more, the lot presents a potential development opportunity for added value, whether for additional residential units, structured parking, or creative infill concepts (buyer to verify zoning and development options with the city).
The property is enrolled in the Minneapolis 4d Affordable Housing Program, offering a significant property tax reduction in exchange for maintaining affordable rents—a major financial advantage for investors focused on long-term performance and community-minded housing.
Located just a short walk from Powderhorn Park and the vibrant Lake Street corridor, residents enjoy easy access to green space, public transit, and a mix of eclectic restaurants, shops, and cultural amenities that make this area a Minneapolis gem.
Whether you're looking to expand your portfolio, live on-site, or explore future development, this offering combines location, stability, tax benefits, and upside—making it a standout opportunity in today's market.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$795,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1971
State:
MN
Property Style:
Apartments
Zip Code:
55407
Neighborhood/Area:
Powderhorn Park
Subdivision Name:
Williams Add
Interior
Ranges:
Six or More
Refrigerators:
Six or More
Appliances Included:
- Range
- Refrigerator
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
6
Air Conditioning:
Wall Unit(s)
Foundation Size:
2,684 ft2
Handicap Accessible:
None
Heating System:
- Boiler
- Hot Water
Parking Features:
Concrete
Shared Amenities:
Coin-op Laundry Owned
Exterior Material:
Stucco
Lot & Land
Acres:
0.17
Geolocation:
44.947352, -93.253417
Inclusions:
Building, Leases
Lot Dimensions:
60 x 123
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
612-668-0000
Expenses
Annual Caretaker Expense:
$3,540
Annual Electric Expense:
$521
Annual Fuel Expense:
$3,048
Annual Insurance Expense:
$3,722
Annual Maintenance Expense:
$5,442
Annual Gross Expense:
$27,318
Annual Trash Expense:
$2,521
Annual Water/Sewer Expense:
$3,707
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$2,238
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$2,588
Income
Annual Gross Income:
$91,056
Rent
Annual Net Income:
$63,738
Units
Total Units:
8
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Listing provided by RMLS,
courtesy of First Select.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.