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2101 23rd Ave N, Minneapolis, MN 55411, USA

$250,000

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OfferMarket Exclusive Listing

Up and down duplex with value-add opportunity in a prime development area of Willard - Hay neighborhood.

Duplex overview 

Unit 2101:

  • Market rent as 4BR: $2,000/month (Section 8)
  • Market rent as 3BR: $1,746/month (Section 8)

Unit 2103:

  • Market rent as 2BR: $1,300/month (Section 8)

Value add

  • Attic can be finished for additional ~800 SF, can be 3rd unit
  • Basement has coin-operated washer ($2 per wash)
  • Electricity: separate
  • Gas: separate

Comps

  • 1651 1651/1653 Penn Ave N, Minneapolis, MN 55411 (duplex, sold: 7/8/21, $325,000)
  • 1011 Humboldt Ave N, Minneapolis, MN 55411 (duplex, sold: 6/10/21, $305,000)
  • 3118 Newton Ave N, Minneapolis, MN 55411 (duplex, sold 6/18/21, $255,000)

Property notes

  • Roof replaced in 2014
  • New gutters, soffits
  • Plumbing partially updated
  • New vinyl flooring

Property tax

  • Total: $2,033.76
  • County: $595.60
  • Hennepin County Regional Rail Authority: $20.67
  • City of Minneapolis: $857.76
  • School District - Voter Approved Levies: $146.02
  • School District - Other Local Levies: $319.33
  • Metropolitan Special Taxing District Tax: $35.44
  • Other Special Taxing Districts: $39.76
  • Non-School Voter-Approved Referenda Levies: $19.18

Assumptions

  • Cash-on-cash return and monthly cash flow is unlevered (no debt)
  • Total monthly rent: $3,300