6141 Nicollet AVE S Active Save Request In-Person Tour Request Virtual Tour
Minneapolis,MN 55419
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 12,632 sqft
Price per Sqft $136
Subdivision Nicollet Heights
MLS Listing ID 6699993
Bedrooms 23
Year Built 1958
Annual Tax Amount $22,595
Lot Size 0.290 Acres
Property Description
THE NICOLLET AVE APARTMENTS OFFERS INVESTORS A HIGHER RETURN FOR THEIR MONEY THEN MOST DEALS ON THE MARKET TODAY!! THE OWNER HAS CAREFULLY RENOVATED EVERY UNIT WITH NEWER KITCHENS, NEWER BATHROOMS, ALL NEW LIGHTING AND PLUMBING FIXTURES, NEW CARPET, REFINISHED ORIGINAL OAK HARDWOOD FLOORING, AND NEW TILE AND QUARTZ COUNTERTOPS!! EACH KITCHEN HAS ALSO RECEIVED A COMPLETE STAINLESS-STEEL APPLIANCE PACKAGE THAT INCLUDES FULL-SIZE DISHWASHERS. THE LAUNDRY MACHINES ARE LEASED THROUGH BDS ON A REVENUE SHARED PROGRAM AND OFFERS RESIDENTS AN ELECTRONIC PAYMENT SYSTEM. THE OWNER HAS ALSO INCREASED REVENUE SIGNIFICANTLY BY IMPLEMENTING A UTILITY REIMBURSEMENT PROGRAM THROUGH RUBS. THIS ASSET WILL CHANGE HANDS FULLY RENTED AND STABILIZED WITH MARKET RENTS AND LEASES RUNNING THROUGH THIS FALL AND INTO SPRING 2026. THE CURRENT IN PLACE CAP RATE OF 7.93% IS BASED ON A NET OPERATING INCOME $137,250+
Location
State MN
County Hennepin
Community Nicollet Heights
Interior
Heating Boiler
Cooling Window
Exterior
Parking Features Paved Lot
Utilities Available Electric Separate,Heating Common,Hot Water Common
Roof Type Age Over 8 Years,Flat
Building
Water City Water/Connected
Structure Type Block,Brick