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2050 W Broadway AVE Minneapolis, MN 55411
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Key Details
Sold Price $425,000
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
Square Footage 3,588 sqft
Price per Sqft $118
Subdivision Forest Heights
MLS Listing ID 5349456
Sold Date 02/01/21
Year Built 1904
Annual Tax Amount $2,939
Tax Year 2020
Contingent None
Lot Size 5,662 Sqft
Acres 0.13
Lot Dimensions 45x125
Property Description
In the heart of Broadway & Penn. Come see all the new development that surround this Triplex. The building has been gutted and re-built; EVERYTHING IS NEW - Electrical, Plumbing, Duct Work, Water Heaters, HVAC, Framing, Insulation, Drywall, leveling of floors, Windows, bathrooms, kitchens, finish work, doors, AC and the list goes on. All units have separate front and back entrances, separate HVAC, separate utilities and a shared basement area for storage and laundry. 3 furnaces. 3 water heaters. 3 central air units. Common laundry area in basement. Storage space in basement. APPLIANCES ARE BEING INSTALLED. Sprinkler system in building. Based on the average rents and estimation for additional income, CAP Rates are coming in at 8.03% and Cash on Cash is 13.90% with 25% down at a rate of 4.5%. With tax breaks, that's a 17.24% return. These are the best returns I've seen in this market.
Location
State MN
County Hennepin
Zoning Business/Commercial,Residential-Multi-Family
Rooms
Family Room Other
Basement Daylight/Lookout Windows, Full
Interior
Heating Forced Air
Fireplace No
Exterior
Parking Features Detached
Garage Spaces 2.0
Fence None
Roof Type Age 8 Years or Less,Asphalt
Building
Lot Description Public Transit (w/in 6 blks)
Story More Than 2 Stories
Foundation 1204
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories More Than 2 Stories
Structure Type Brick/Stone,Vinyl Siding
New Construction false
Schools
School District Minneapolis
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