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For Sale:  Minneapolis MLS# 7085297

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Active NEW!
$699,900
/mo Edit
Commercial:  Other
Built 1913
0.37 acres
Minneapolis schools
MLS# 7085297
763-576-8286
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    Property Description

    Beautiful Grand Victorian boarding house with active rental license. 18 single rooms which include an owner's suite with 2 bedrooms. Currently there are only 5 units rented at $500 per month. Market rate should be closer to $600 per room on average. 17 rooms are allowed to be rented although the current license has approval for 16. There is an opportunity to generate $10, 200 per month at market rent. There is a steady demand for units and the property is being underutilized. Owners' suite is spacious and has a full kitchen and private bathroom. Possible for an ADU in the basement and above the garage. Many bathrooms have been capped. There is currently one bathroom per floor that is operational. There are a total of 13 bathrooms. Large parking lot can accommodate up to 15 cars. There is a spacious 3 car garage on site and additional carriage house. New roof installed in 2021. Exterior painted in 2021. The property is priced well below assessed value of $937, 000 setting you up for a large reduction in property taxes! This a perfect opportunity for a live in handyman to repair and remodel the property and have the mortgage covered. Lots of unique opportunities for investors or other organizations to cash flow this iconic property!

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $699,900
    Property Type: Commercial
    City: Minneapolis
    Garage Spaces: 2
    County: Hennepin
    Year Built: 1913
    State: MN
    Property Style: Other
    Zip Code: 55404
    Neighborhood/Area: 84
    Subdivision Name: The Neighborhood Blk

    Interior

    Flooring: Carpet, Wood
    Appliances Included:
    • Dishwasher
    • Gas Water Heater
    • Range
    • Refrigerator
    • Wall Oven

    Exterior

    Stories: Three Or More
    Garage Spaces: 2
    Garage Size: 700 ft2
    Air Conditioning: None
    Foundation Size: 1,444 ft2
    Handicap Accessible: None
    Heating System: Boiler
    Parking Features: Detached Garage
    Unit Amenities:
    • Natural Woodwork
    • Paneled Doors
    • Security Lights
    Road Frontage:
    • City Street
    • Sidewalks
    Exterior Material: Brick
    Roof Details: Age 8 Years or Less

    Rooms

    Shared Rooms: Community Room

    Lake & Waterfront

    Waterfront Present: N

    Lot & Land

    Acres: 0.37
    Geolocation: 44.961524, -93.27696
    Inclusions: Building, Business, Fixture/Equipment, Leases, Rental License
    Lot Dimensions: 100 x 160
    Zoning: Residential-Multi-Family

    Farm

    Topography: Level

    Schools

    School District: 1
    District Phone: 6126680000

    Financial & Taxes

    Tax Year: 2026
    Annual Taxes: $16,040
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $17,517

    Units

    Total Units: 18

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: Yes
    Sewer System: City Sewer - In Street
    Available Utilities: Electric Common
    Water System: City Water - In Street

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    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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    Listing provided by RMLS, courtesy of Coldwell Banker Realty - Southwest Regional.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.