Property

Minneapolis, MN 55406 2818 E 31st Street

$699,000

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Presented By: Keller Williams Classic Rlty NW
  • MLS# 6770334
  • 08/14/2025
  • Request Tour
  • Request Info
  • Beds • 10
  • Baths • 6
  • 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 $7,400 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 over an 8 cap, with aggressive rents pushing it higher. Schedule your showing today, and add this cash flowing asset to your portfolio!
Presented By: Keller Williams Classic Rlty NW

Interior Features for 2818 E 31st Street

Bedrooms

Total Bedrooms10

Bathrooms

Total Baths6

Other Interior Features

Basement (Y/N)Yes
Foundation Dimensions1960
FuelNatural Gas

General for 2818 E 31st Street

AccessibilityNone
Additional Parcels Y/NNo
AppliancesRange, Refrigerator
CityMinneapolis
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
New ConstructionNo
Number Of Units Total6
Operating Expense13283.28
OwnerPaysGas, Insurance, Grounds Care, Snow Removal, Trash Collection, Water
PostalCityMinneapolis
Property TypeCommercial Sale
RoofAsphalt
SewerCity Sewer/Connected
Standard StatusActive
Subdivision NameLibbys Add
Tax Annual Amount11051.6
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
Price $699,000
MLS#6770334
List Date 08/14/2025
Property Type Commercial
Phone (612) 309-4749
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