$749,000
Minneapolis, MN 55403
MLS# 6435233
1 / 59
Property Description
This exceptional investment property was once a mansion and has now been converted to a 9-unit rental. Set on a large city lot, this historic Victorian-era property offers ornate woodwork, original fireplaces, and hardwood floor with inlays. The main floor offers two efficiency units and a large two-bedroom unit. The second floor offers two efficiencies, each with a kitchenette and a private bath. There are 3 private room units, each with kitchenettes, that share a hallway bath. The third floor is a large loft unit perfect for an owner-occupant or VRBO. Generous off-street parking for ten cars. Fully rented and rarely vacant: 8 units are on a month-to-month lease w/60-day notice, Upper loft 1 yr lease. Updated Electric -1st and 2nd floors: 2016. 3rd Floor loft has separate electricity. New 75-gallon water heater. Copper water line to street.
Details
Maps
None
Allow Auto Valuation: Yes
Allow Consumer Comment: No
MLSID: RMLS
Contract Information
Status: Active
Current Price: $749,000
Original List Price: 749000
Contingency: None
ListPrice: 749000
List Date: 2023-09-19
Owner is an Agent?: No
Auction?: No
Office/Member Info
Association: MAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 10
Owner Occupied: No
Year Built: 1890
Yearly/Seasonal: Yearly
Zoning: Business/Commercial,Residential-Multi-Family
Foundation Size: 2356
For Sale or Lease: For Sale
Acres: 0.29
Lot Dimensions: 90x128
Assessment Pending: No
Location, Tax and Other Information
Legal Description: BLOCK 030 JACKSON DANIELS & WHITNEYS ADDN MPLS LOT 4 AND N 40 FT OF LOT 3 INCL ADJ PART OF VAC ST
Map Page: 106
Municipality: Minneapolis
Rental License?: Yes
School District Phone: 612-668-0000
Map Coordinate Source: King's Street Atlas
House Number: 1920
Street Name: Stevens
Street Suffix: Avenue
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55403
Zip Plus 4: 3895
Property ID Number: 2702924430035
Complex/Dev/Subdivision: Jackson Daniels & Whitneys Add
Tax Year: 2023
Tax Amount: 11093
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Tax With Assessments: 11093.4
Directions & Remarks
Public Remarks: This exceptional investment property was once a mansion and has now been converted to a 9-unit rental. Set on a large city lot, this historic Victorian-era property offers ornate woodwork, original fireplaces, and hardwood floor with inlays. The main floor offers two efficiency units and a large two-bedroom unit. The second floor offers two efficiencies, each with a kitchenette and a private bath. There are 3 private room units, each with kitchenettes, that share a hallway bath. The third floor is a large loft unit perfect for an owner-occupant or VRBO. Generous off-street parking for ten cars. Fully rented and rarely vacant: 8 units are on a month-to-month lease w/60-day notice, Upper loft 1 yr lease. Updated Electric -1st and 2nd floors: 2016. 3rd Floor loft has separate electricity. New 75-gallon water heater. Copper water line to street.
Directions: Franklin Avenue to North on 1st Avenue, East on 19th Street, South on Stevens Avenue to address.
Building Information
Building Finished SqFt: 6544
Building SqFt: 7900
Fractional Ownership: No
Income and Expenses
Annual Electric Expense: 4800
Annual Fuel Expense: 6600
Annual Gross Expenses: 28494
Annual Gross Income: 107220
Annual Net Income: 78726
Annual Trash Expense: 3000
Annual Water/Sewer Expense: 3000
Total Annual Expenses: 17400
Lease Details
Land Leased: No
Miscellaneous Information
FIPS Code: 27053
Homestead Desc: Other
Public Survey Info
Range#: 24
Section#: 27
Township#: 29
Structure Information
Sale Includes: Building,Land,Leases,Rental License
Unit 1
No. of 1 Bedroom Units: 5
Unit 2
No. of 2 Bedroom Units: 1
Unit Details
Total Units: 9
Unit Information
Unit Num Effic: 3
Property Features
Accessible: None
Air Conditioning: Ductless Mini-Split; Window
Amenities Shared: None
Basement: Full; Stone
CMU Style: Apartment; Other
Construction Status: Previously Owned
Current Use: Residential
Exterior: Wood
Fencing: None
Floor Description: Wood
Fuel: Natural Gas
Heating: Hot Water
Loan Terms: Cash; Conventional
Lot Description: Tree Coverage - Medium
Neighborhood Name: Steven's Square - Loring Heights
No. of Ranges: One Per Unit
No. of Refrigerators: One Per Unit
On Site Utilities: Electric Common; Heating Common; Hot Water Common
Owners Expense: Electricity; Fuel; Insurance; Lawn; Maintenance/Repair; Snow Removal; Taxes; Trash Collection
Parking Characteristics: Paved Lot; Unassigned; Uncovered/Open
Rental License Type: Standard
Road Frontage: City Street
Roof: Asphalt Shingles; Pitched
Sewer: City Sewer/Connected
Stories: Three Or More
Tenant Expenses: Cable T.V.
Wall Description: Drywall; Plaster
Water: City Water/Connected
Listing Office: RE/MAX Results
Last Updated: September - 26 - 2023
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