Home › 3226 Minnehaha Avenue S, Minneapolis, MN 55406 (MLS# 6487512)

3226 Minnehaha Avenue S, Minneapolis, MN 55406 (MLS# 6487512)

$1,320,000
3226 Minnehaha Avenue S
Minneapolis, MN 55406
MLS# 6487512
Status: Closed
11 beds  |  12 baths
3226 Minnehaha Avenue S, Minneapolis, MN 55406
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Property Description
3226 MINNEHAHA AVE. SOUTH IS A STRONG PRODUCING TURN-KEY APARTMENT ASSET IN A GROWING MINNEAPOLIS NEIGHBORHOOD! VERY CONSISTENT OCCUPANCY WITH LOW TURN OVER. NEWER DEVELOPMENTS IN CLOSE PROXIMITY HELP RAISE THE MARKET RENTS ON THESE UNITS. THERE ARE ELEVEN ONE-BEDROOM & ONE STUDIO APARTMENTS AND 10 OFF-STREET PARKING SPACES IN A REAR PARKING LOT. THE EXTERIOR IS A COMBINATION OF BRICK AND STUCCO WITH NEWER VINYL REPLACEMENT WINDOWS. A RUBS PROGRAM (RATIO UTILITY BILLING SYSTEM) HAS ALREADY BEEN IMPLEMENTED FOR TENANTS TO PAY THEIR PORTION FOR WATER, SEWER, AND TRASH. THIS PROPERTY WOULD MAKE THE IDEAL 1031 EXCHANGE UP FROM A 2-4 UNIT RENTAL. CURRENT IN-PLACE NOI $72,995 WITH UPSIDE POTENTIAL TO RAISE RENTS THE NEXT TWO YEARS BY 10-15%. CALL FOR MORE DETAILS.

Details
Maps
Contract Information
Status: Closed
Off Market Date: 2024-03-09
Current Price: 1300000
Closed Date: 2024-12-05
Sales Close Price: 1300000
Contingency: None
ListPrice: 1320000
List Date: 2024-02-09
Owner is an Agent?: No
Auction?: No
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 10
Owner Occupied: No
Waterfront Present: No
Year Built: 1963
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Bedrooms: 11
Baths Total: 12
Foundation Size: 2800
For Sale or Lease: For Sale
Acres: 0.21
Lot Dimensions: 80 x 120
Location Tax and Other Information
House Number: 3226
Street Name: Minnehaha
Street Suffix: Avenue
Street Direction Suffix: S
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55406
Complex/Dev/Subdivision: Burgess Add
Assessments
Tax With Assessments: 16937
Basement
Foundation Dimensions: 90 x 32
Building Information
Building Finished SqFt: 8400
Building SqFt: 8400
Ceiling Height: 8-10
Income and Expenses
Annual Caretaker Expense: 7526
Annual Electric Expense: 4502
Annual Gross Expenses: 52447
Annual Gross Income: 125443
Annual Insurance Expense: 4600
Annual Maintenance Expense: 4200
Annual Net Income: 72995
Annual Trash Expense: 2904
Annual Water/Sewer Expense: 4527
Total Annual Expenses: 52447
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Public Survey Info
Range#: 24
Section#: 01
Township#: 28
Sale Options
Sale Includes: Building, Land, Rental License
Unit 1
Unit Number: 101
Monthly Rent: 850
Full Baths: 1
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Level: Below Ground
Unit Total SqFt: 635
Leased?: Yes
Lease Expiration Date: 2024-12-31
No. of 1 Bedroom Units: 11
Unit 10
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 845
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 302
Unit Total SqFt: 635
Unit 11
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 850
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 303
Unit Total SqFt: 635
Unit 12
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 825
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 304
Unit Total SqFt: 635
Unit 2
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 850
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 102
Unit Total SqFt: 635
Unit 3
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 950
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 103
Unit Total SqFt: 635
Unit 4
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 695
Total Bathrooms: 1
Total Rooms: 3
Unit Number: 104
Unit Total SqFt: 550
Unit 5
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 695
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 201
Unit Total SqFt: 635
Unit 6
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 850
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 202
Unit Total SqFt: 635
Unit 7
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 830
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 203
Unit Total SqFt: 635
Unit 8
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 850
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 204
Unit Total SqFt: 635
Unit 9
Full Baths: 1
Lease Expiration Date: 2024-12-31
Leased?: Yes
Level: Below Ground
Monthly Rent: 850
Total Bathrooms: 1
Total Bedrooms: 1
Total Rooms: 4
Unit Number: 301
Unit Total SqFt: 635
Unit Details
Total Units: 12
Unit Information
No. of Efficiency Units: 1
Property Features
Accessible: None
Air Conditioning: Wall Unit(s)
Appliances: Range; Refrigerator
Assumable Loan: Not Assumable
CMU Style: Apartments/Multi Family
Construction Materials: Block; Frame
Construction Status: Previously Owned
Current Use: Residential
Existing Financing: Conventional
Exterior: Brick/Stone; Stucco
Fencing: None
Financing Terms: Conventional
Flooring: Carpet; Luxury Vinyl Plank
Fuel: Natural Gas
Heating: Boiler
Internet Options: Cable
Loan Terms: Cash; Conventional
On Site Utilities: Electric Separate; Heating Common; Hot Water Common
Owner Pays: Gas; Grounds Care; Insurance; Lawn; Lawn; Maintenance/Repair; Management
Parking Characteristics: Parking Lot
Pool Description: None
Rent Rate per Foot: Per Month
Rental License Type: Standard
Road Frontage: City Street; Paved Streets
Road Responsibility: Public Maintained Road
Roof: Age Over 8 Years; Asphalt Shingles; Pitched
Sewer: City Sewer/Connected
Stories: Three Or More
Tenant Pays: Broadband; Cable TV; Electricity
Topography: Level
Wall Description: Plaster
Water: City Water/Connected
Window Features: Double Pane Windows; ENERGY STAR Qualified Windows; Insulated Windows

Listing Office: Apartment Cash Flow, Inc.

Last Updated: December - 06 - 2025

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.

Wednesday 3rd of June 2026 07:37 AM

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