Minneapolis, MN 55406 2818 E 31st Street
$699,000
38 more
Presented By: Keller Williams Classic Rlty NW
SQFT • 5,050
Home Details
Prime 6 unit building in the growing Longfellow neighborhood! All the heavy lifting done with recent updates and 100% occupancy! Combination of long term tenants and recent move-ins, with a total gross scheduled rent of $7,245 per month with room to grow! Step into cashflow day one, with great upside with lease renewals next year.
Too many updates to list, see the supplements for a full list of improvements. New high efficiency boiler/hot water heater combi unit along with many new energy efficient appliances account for the extremely low operating cost as seen in the financials. Run your own numbers, but current rents and actual expenses have the building at a 8.35 cap, with aggressive rents pushing it higher. Schedule your showing today, and scoop this cash flowing asset up before it's gone!
Presented By: Keller Williams Classic Rlty NW
Interior Features for 2818 E 31st Street
Other Interior Features
Basement (Y/N)Yes
Foundation Dimensions1960
FuelNatural Gas
General for 2818 E 31st Street
AccessibilityNone
Additional Parcels Y/NNo
AppliancesRange, Refrigerator
Association AmenitiesCoin-op Laundry Leased
CityMinneapolis
Construction MaterialsBrick/Stone, Stucco
ContingencyNone
CoolingWall Unit(s)
CountyHennepin
Current UseResidential
DirectionsMinnehaha to E 31st
Electric Expense522.48
Fuel Expense4438.92
Garage Spaces
Gross Income86940
HeatingBaseboard, Boiler
High School DistrictMinneapolis
Insurance Expense5721.22
Land Lease Y/NNo
Lender OwnedNo
Lot Size UnitsAcres
MaintenanceExpense3577.8
Net Operating Income73657
Number Of Units Total6
Operating Expense13283.28
OwnerPaysGas, Insurance, Grounds Care, Snow Removal, Trash Collection
PostalCityMinneapolis
Property SubtypeApartment
Property TypeCommercial Sale
RoofAsphalt
SewerCity Sewer/Connected
Standard StatusActive
Subdivision NameLibbys Add
Tax Annual Amount11052
Tax Year2025
Tenant PaysElectricity
Trash Expense1349.04
UtilitiesElectric Separate, Heating Common, Hot Water Common
Water Sewer Expense1507.32
Year Built1960
Zoning DescriptionResidential-Multi-Family
Exterior for 2818 E 31st Street
Building Area Total5050
Foundation Area1960
InclusionsBuilding
Lot Dimensions60X70
Lot Size Area0.1
Parking FeaturesParking Lot
Water SourceCity Water/Connected
Additional Details
Price History
John Wichmann
Agent