2524 Jackson Street NE, Minneapolis, MN 55418 (MLS# 7097885)

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Property Description
The 2016 renovation went to the bones: new foundation, all new electric, plumbing and HVAC, a third floor and a full basement. Three of the four units were finished high-end, and the showpiece is a two-level 3bd/2ba with its own central A/C, a loft, heated tile bath and private balcony. The 2-bedroom is vacant 8/31, so an owner occupant can move in. The fourth unit is still original, and that is where the rest of the upside starts. Both 1-bedrooms are large and convert easily to 2-bedrooms, and the existing 2-bedroom is the same floor plan, so the conversion is already proven here. The lower level has a finished bathroom, an egress window and own meter, and needs a kitchen to become a fifth unit, taking the building from 7 bedrooms to as many as 10 (buyer to verify conforming use with the City). All rents are below market and both 1-bedrooms roll to month-to-month October 1, so there is value to capture day one. Four storage units not billed, porch, deck and 8 off-street parking.

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