3200 Bloomington AveMinneapolis, MN 55407

Property Details for 3200 Bloomington Ave

Year built

1912

Property size (Sq ft)

7,920 SF

Property type

Apartment buildings

Description

This stabilized multifamily investment property, located at 3200 Bloomington Ave, Minneapolis, MN 55407, presents a compelling opportunity. The 7,920 square foot building, constructed in 1912 and extensively renovated in 2011, features four units (two stories) with a total of 5,280 square feet of net rentable space. The property boasts 100% occupancy and is zoned R4. Each unit includes in-unit laundry and separately metered gas and electric, significantly reducing landlord responsibilities. The 2011 renovation encompassed roof replacement, window upgrades, mechanical system overhaul, kitchen and bathroom renovations. Individual water heaters and furnaces further enhance tenant independence and operational efficiency. The building also offers ample basement storage with a convenient rear entrance. Current rents are below market value for comparable three- and four-bedroom units in the area, presenting a significant opportunity for rental income growth. The property sits on a 4,557 square foot lot. The asking price is $664,900, translating to $83.95 per square foot. Unit 1 has been converted to a four-bedroom layout, and Unit 2 has the potential for a similar conversion, further increasing the property's value. The scarcity of three- and four-bedroom units in the neighborhood adds to the investment's appeal. This property is ideal for a 1031 exchange.

Location Insight

City

Minneapolis

County

Hennepin

State

Minnesota

Latitude

44.9447

Longitude

-93.2525

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