4 unit building in Minneapolis
Great income property for an investor or owner occupant.
Many recent updates make this 4 unit building a good opportunity to immediately generate income.
3220 3rd Ave. S
Minneapolis, MN 55408
8 Beds, 4 Baths
~ Each of the four units is a 2 bedroom which rents for $850/month.
~ Updates since 2007 include:
~ Roof
~ Four furnaces
~ Four water heaters
~ New gas lines
~ New countertops & cabinets
~ Updates to electrical & plumbing
With a monthly income of $3400, the price seems really good. What are taxes like? How is the rental market in that area?
Taxes there are almost $6,000 - for now. It should be less, but the property sold in 2005 in the mid $300s.
Two bedrooms in the area are all around $800, give or take $100. The seller keeps it full with just a sign on the front.
Mark Westpfahl is a REALTOR® and Minnesota real estate broker in Saint Paul serving the entire twin cities area.
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