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For Sale:  Minneapolis MLS# 7000803

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Active NEW!
$325,000
/mo Edit
Multi-family:  Four Plex
7 br • 4 ba • Built 1925
3,456 sqft • 0.16 acres
MLS# 7000803
763-576-8286
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    Property Description

    Excellent value-add opportunity in North Minneapolis. This classic 1925 fourplex offers strong upside for an investor or contractor looking to restore a solid multifamily asset and bring it back into cash-flowing condition. The building is currently vacant and being sold as-is. The property experienced a fire in one unit and the front entry, and remediation work has already begun. Based on available information, the majority of the remaining work appears to be smoke and cosmetic restoration, rather than structural in nature. Copper plumbing has been removed, so water is currently off, creating a clear but straightforward scope of work for the next owner. Previously, the building produced solid income and featured separate furnaces and water heaters, helping keep operating expenses low. The property includes a 4-stall detached garage off the alley, offering additional income potential or tenant appeal. Prior updates included newer windows and updated bathrooms, with some units previously renovated. With the right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $325,000
    Price per sq ft: $94
    Property Type: Multi-family
    City: Minneapolis
    Garage Spaces: 4
    County: Hennepin
    Year Built: 1925
    State: MN
    Property Style: Four Plex
    Zip Code: 55412
    Neighborhood/Area: 12
    Subdivision Name: Rheems Add

    Interior

    Bedrooms: 7
    Bathrooms: 4
    Finished Area: 3,456 ft2
    Living Area: 3,456 ft2
    Basement Details:
    • Full
    • Unfinished

    Exterior

    Stories: Two
    Garage Spaces: 4
    Garage Size: 640 ft2
    Foundation Size: 1,728 ft2
    Fencing: Full, Split Rail
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System: Forced Air
    Road Frontage: City Street
    Exterior Material: Frame
    Pool: None
    Roof Details:
    • Age Over 8 Years
    • Flat

    Rooms

    Laundry:
    • In Basement
    • Washer Hookup

    Lot & Land

    Acres: 0.16
    Geolocation: 45.014612, -93.30862
    Lot Dimensions: 54 x 126
    Zoning: Residential-Multi-Family
    Lot Description: Tree Coverage - Light

    Farm

    Topography: Level

    Schools

    School District: 558
    District Phone: 6126680000

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: None
    Annual Fuel Expense: None
    Annual Insurance Expense: None
    Annual Maintenance Expense: None
    Annual Trash Expense: None
    Annual Water/Sewer Expense: None

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $6,390
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $8,405

    Income

    Annual Gross Income: None

    Units

    Total Units: 4

    Miscellaneous

    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Water System: City Water/Connected
    Power Company Name: Xcel Energy

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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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.