6413 Pleasant AveMinneapolis, MN 55423

For Sale
$1,349,900

11-Unit Apartment Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
91
This exceptional 11-unit apartment building, located in the heart of Richfield, Minnesota, presents a compelling investment opportunity. The property boasts 12,000 square feet of net rentable space, spread across a three-story building constructed in 1961 and extensively renovated in 2019. Ten of the eleven units have undergone high-end kitchen remodels, featuring new cabinets, countertops, and energy-efficient stainless steel appliances, including dishwashers. Two units even include built-in microwaves. Significant exterior improvements include a newer roof (replaced in 2014), updated windows, fascia, and gutters, and secured front and back entry doors with sidelights. Further enhancing efficiency, a high-efficiency hot water boiler was installed in Spring 2024. The property sits on a 0.28-acre lot and includes 11 parking spaces. Currently operating at 100% occupancy, the property generates a strong NOI of $83,218.21, representing a 6.16% cap rate. The asking price is $1,349,900, translating to $122,718.18 per unit and $112.49 per square foot. This stabilized, value-add investment is offered in turnkey condition with no delinquencies and is ideally suited for a 1031 exchange. The property's permitted zoning is multi-family, and the Hennepin County APN is 27-028-24-24-0017.

Highlights

  • 11-unit apartment building in Richfield, MN.
  • 10 of 11 units feature high-end kitchen remodels with new cabinets, countertops, and stainless steel appliances, including dishwashers; two units also have built-in microwaves.
  • Exterior improvements include new windows, fascia, gutters, and a roof (replaced 2014). Secured entry doors at front and rear.
  • High-efficiency hot water boiler installed in Spring 2024.
  • Professionally managed by the owner; no delinquencies; turnkey condition.

Property Details for 6413 Pleasant Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
12,000 SF
Class
C
Year Built/Renovated
1961/2019
Buildings
1
Stories
3
Lot Size (sq. ft)
12,197 SF
Units
11

Location Insight

City
Minneapolis
County
Hennepin
State
Minnesota
Latitude
44.886535597004
Longitude
-93.283086449271
6413 Pleasant Ave, Minneapolis, Minnesota

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6413 Pleasant Ave
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