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

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