Chris Motteberg
MLS#7085297
STATUSActive
PROPERTY TYPECommercial - Business
SUBDIVISIONThe Neighborhood Blk
SCHOOLMinneapolis
Property Description
Beautiful Grand Victorian boarding house with active rental license. 18 single rooms which include an owner's suite with 2 bedrooms. Currently there are only 5 units rented at $500 per month. Market rate should be closer to $600 per room on average. 17 rooms are allowed to be rented although the current license has approval for 16. There is an opportunity to generate $10,200 per month at market rent. There is a steady demand for units and the property is being underutilized. Owners' suite is spacious and has a full kitchen and private bathroom. Possible for an ADU in the basement and above the garage. Many bathrooms have been capped. There is currently one bathroom per floor that is operational. There are a total of 13 bathrooms. Large parking lot can accommodate up to 15 cars. There is a spacious 3 car garage on site and additional carriage house. New roof installed in 2021. Exterior painted in 2021. The property is priced well below assessed value of $937,000 setting you up for a large reduction in property taxes! This a perfect opportunity for a live in handyman to repair and remodel the property and have the mortgage covered. Lots of unique opportunities for investors or other organizations to cash flow this iconic property!
Property Features
Property Type: Commercial - Business
Cooling: None
Fuel Type: Natural Gas
Garage: 2
Heating: Boiler
Lot Size: 0.37 Acres
Roof Type: Age 8 Years or Less
Stories: 3.0
Taxes: $16,039
Year Built: 1913
Feature Descriptions
Appliances: Dishwasher, Gas Water Heater, Range, Refrigerator, Wall Oven
Current Use: Residential
Days on Site: 2
Exterior: Brick
Foundation Size: 1444
Lot Dimensions: 100x160
Owners Expense: All Utilities, Common Area Maintenance, Exterior Maintenance, Fuel, Snow Removal, Taxes, Trash Collection, Water
Parcel#: 3402924120061
Parking: Detached Garage
Road Frontage: City Street, Sidewalks
Sale Includes: Building, Business, Fixture/Equipment, Leases, Rental License
Sewer: City Sewer - In Street
Shared Rooms: Community Room
Units: 18
Utilities: Electric Common
Water: City Water - In Street
Local Schools
School District: Minneapolis
Listed By / Shown By
Listed By
Agency Name: Coldwell Banker Realty - Southwest Regional
Agency Phone: 952-844-6000
Shown By
Agent Name: Chris Motteberg
Agent Phone: (218) 637-0200
Agency Title: LeBlanc Realty
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2110 1st Avenue S | MLS# 7085297
This commercial property located at 2110 1st Avenue S, Minneapolis, MN 55404 is currently listed for sale with an asking price of $699,900. 1st Avenue S is located within the Minneapolis school district. Search Minneapolis real estate on cmotteberg.leblancrealty.com today.