$6,438,000
Minneapolis, MN 55414
MLS# 6470543
Status: Closed
88 beds
1 / 25
Property Description
All units have been taken care of meticulously with many updates and ongoing preventative maintenance. Each unit has hardwood flooring and ceramic tile or porcelain tile flooring, all apartments are located just a few blocks from the University of Minnesota near Dinkytown and the U of MN East Bank Campus and SE Como and Marcy Holmes neighborhoods. Located on Metro transit routes, close to shopping and events. This is an amazing opportunity to own your own block in the heart Minneapolis. Phase I completed without any issues. Additional investment opportunities available.
Details
Maps
Contract Information
Owner is an Agent?: No
Auction?: No
Status: Closed
Off Market Date: 2024-07-16
Current Price: $6,438,000
Closed Date: 2024-09-30
Sales Close Price: 6438000
Contingency: None
ListPrice: 6900900
List Date: 2023-12-20
Office/Member Info
Association: SPAAR
MLSID: RMLS
General Property Information
Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 0
Owner Occupied: No
Year Built: 1987
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Lot Dimensions: 172x167
Acres: 1.26
Foundation Size: 6748
Garage Stalls: 0
For Sale or Lease: For Sale
Bedrooms: 88
Location, Tax and Other Information
Legal Description: BLOCK 007 MCMILLANS SUBD BLKS ROLLINS ADD MPLS LOTS 6 THRU 9 INCL EXCEPT STREET
BLOCK 007 MCMILLANS SUBD BLKS ROLLINS ADD MPLS LOTS 12 THUR 15 INCL
Listing City: Minneapolis
Map Page: 107
Municipality: Minneapolis
Rental License?: No
School District: Minneapolis
School District Phone: 612-668-0000
Zip Plus 4: 2349
Property ID Number: 2402924140127
Tax Year: 2023
Tax Amount: 111958.69
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: All units have been taken care of meticulously with many updates and ongoing preventative maintenance. Each unit has hardwood flooring and ceramic tile or porcelain tile flooring, all apartments are located just a few blocks from the University of Minnesota near Dinkytown and the U of MN East Bank Campus and SE Como and Marcy Holmes neighborhoods. Located on Metro transit routes, close to shopping and events. This is an amazing opportunity to own your own block in the heart Minneapolis. Phase I completed without any issues. Additional investment opportunities available.
Directions: Kasota Ave/Energy Park Drive (CR32) to SE Elm, left, follow to property on right.
Accessible
None: 1
Additional Parcels Information
Property ID #2: 2402924140128
Assessments
Assessment Balance: 1988.55
Tax With Assessments: 113947.24
Building Information
Building Finished SqFt: 28658
Construction Status
Previously Owned: 1
Exterior
Brick/Stone: 1
Financing Terms
Other: 1
Fuel
Natural Gas: 1
Heating
Hot Water: 1
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Assigned: 1
Public Survey Info
Range#: 24
Section#: 24
Township#: 29
Sale Options
Sale Includes: Building, Rental License
Sewer
City Sewer/Connected: 1
Unit 1
Lease Expiration Date: 2024-09-26
Leased?: Yes
Unit Number: 1
Total Bedrooms: 2
Unit Details
Total Units: 44
Water
City Water/Connected: 1
Income and Expenses
Annual Electric Expense: 8699
Annual Fuel Expense: 21976
Annual Gross Expenses: 257008
Annual Gross Income: 763242
Annual Insurance Expense: 9013
Annual Maintenance Expense: 58751
Annual Net Income: 506235
Annual Trash Expense: 6764
Annual Water/Sewer Expense: 19713
Total Annual Expenses: 257008
Unit 2
No. of 2 Bedroom Units: 44
Unit Number: 2
Total Bedrooms: 2
Unit 3
Unit Number: 3
Total Bedrooms: 2
Unit 4
Unit Number: 4
Total Bedrooms: 2
Unit 5
Unit Number: 5
Total Bedrooms: 2
Unit 6
Unit Number: 6
Total Bedrooms: 2
Unit 7
Unit Number: 7
Total Bedrooms: 2
On Site Utilities
Electric Separate: 1
Heating Common: 1
Hot Water Common: 1
CMU Style
Apartments/Multi Family: 1
Current Use
Residential: 1
Loan Terms
Cash: 1
Conventional: 1
FHA: 1
VA: 1
Unit 10
Total Bedrooms: 2
Unit Number: 10
Unit 11
Total Bedrooms: 2
Unit Number: 11
Unit 12
Total Bedrooms: 2
Unit Number: 12
Unit 13
Total Bedrooms: 2
Unit Number: 13
Unit 14
Total Bedrooms: 2
Unit Number: 14
Unit 15
Total Bedrooms: 2
Unit Number: 15
Unit 8
Total Bedrooms: 2
Unit Number: 8
Unit 9
Total Bedrooms: 2
Unit Number: 9
Location Tax and Other Information
House Number: 1701
Street Name: Elm
Street Suffix: Street
Street Direction Suffix: SE
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55414
Complex/Dev/Subdivision: Mcmillans Sub Blks Rollins Add
Property Features
Accessible: None
CMU Style: Apartments/Multi Family
Construction Status: Previously Owned
Current Use: Residential
Exterior: Brick/Stone
Financing Terms: Other
Fuel: Natural Gas
Heating: Hot Water
Loan Terms: Cash; Conventional; FHA; VA
On Site Utilities: Electric Separate; Heating Common; Hot Water Common
Parking Characteristics: Assigned
Sewer: City Sewer/Connected
Water: City Water/Connected
Listing Office: RE/MAX Professionals
Last Updated: October - 01 - 2025
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