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$ 450,000
$ 450,000
5,227 Sqft Lot
$ 450,000
$ 450,000
5,227 Sqft Lot
Key Details
Sold Price $450,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Subdivision Minnehaha Park Add
MLS Listing ID 6732823
Sold Date 07/21/25
Year Built 1923
Annual Tax Amount $10,293
Tax Year 2025
Contingent None
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 40x134
Property Description
- Property has a boiler system for heat; the front portion of building has central rooftop
unit for A/C, and other portions have window A/C units 2008 roof
- 3-year old rubber membrane roof on front of building; shingled roof on back side of building
- Washer, dryer, breakroom, and storage in lower level
- 21'x20' detached garage, 2-stalls
- Recent Renovations: New 10'x 25' shed, new shower and kitchen in residential portion, new concrete apron for driveway, painted exterior in 2022, new gutters, new 40 gallon water heater, new awning, new double pane windows for residential portion, new doors upstairs Lower-level laundry
- Seconds from shopping destinations: Grocery, retail, restaurants, and coffee shops
Seller willing to leaseback the main and lower level for 3 years at $3,000/month. The AIRBNB has averaged $2,252/month over the last 18 months. Assuming those numbers, below is how the property performs financially:
Gross Income: $63,024
Operating Expenses:$25,609
Debt Service: $27,345 (25% down payment, $450K purchase price, 6.50% interest rate, 25 year amortization)
Cash Flow After Debt Service: $10,069
Cap Rate: 8.31%
Cash on Cash: 8.95%
Location
State MN
County Hennepin
Zoning Business/Commercial
Rooms
Basement Storage Space, Tile Shower
Interior
Heating Radiator(s)
Cooling Central Air
Fireplace No
Appliance Cooktop, Freezer, Microwave, Refrigerator, Stainless Steel Appliances, Wall Oven, Washer
Exterior
Parking Features Detached, Parking Lot
Garage Spaces 2.0
Utilities Available Electric Common, Heating Common, Hot Water Common
Roof Type Asphalt,Rubber
Present Use Commercial,Residential,Retail
Building
Lot Description Infill Lot
Story One
Foundation 1032
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories One
Structure Type Stucco
Schools
School District Minneapolis