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1701 Elm Street SE, Minneapolis, MN 55414

$6,438,000
Property Type: Commercial Bedrooms: 88 Lot Size (sq. ft.): 54,886 Status: Closed
Current Price: $6,438,000 List Date: 12/20/2023 Last Modified: 10/01/2025

Overview

Description

All units have been taken care of meticulously with many updates and ongoing preventative maintenance. Each unit has hardwood flooring and ceramic tile or porcelain tile flooring, all apartments are located just a few blocks from the University of Minnesota near Dinkytown and the U of MN East Bank Campus and SE Como and Marcy Holmes neighborhoods. Located on Metro transit routes, close to shopping and events. This is an amazing opportunity to own your own block in the heart Minneapolis. Phase I completed without any issues. Additional investment opportunities available.

Listing Details MLS# 6470543

General Property Information

Lot Measurement
Acres
Multiple PIDs?
Yes
Owner Occupied
No
Year Built
1987
Yearly/Seasonal
Yearly
Zoning
Residential-Multi-Family
Foundation Size
6748
For Sale or Lease
For Sale
Acres
1.26
Lot Dimensions
172x167
Other Parking Spaces
0
Garage Stalls
0

Property Features

Accessible: None CMU Style: Apartments/Multi Family Construction Status: Previously Owned Current Use: Residential Exterior: Brick/Stone Financing Terms: Other Fuel: Natural Gas Heating: Hot Water Loan Terms: Cash; Conventional; FHA; VA On Site Utilities: Electric Separate; Heating Common; Hot Water Common Parking Characteristics: Assigned Sewer: City Sewer/Connected Water: City Water/Connected

Contract Information

Off Market Date
2024-07-16
Closed Date
2024-09-30
Sales Close Price
6438000
Contingency
None
ListPrice
6900900
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
1701
Street Name
Elm
Street Suffix
Street
Street Direction Suffix
SE
Postal City
Minneapolis
County
Hennepin
State
MN
Zip Code
55414
Complex/Dev/Subdivision
Mcmillans Sub Blks Rollins Add

Additional Parcels Information

Property ID #2
2402924140128

Assessments

Assessment Balance
1988.55
Tax With Assessments
113947.24

More Information

Building Information

Building Finished SqFt
28658

Income and Expenses

Annual Electric Expense
8699
Annual Fuel Expense
21976
Annual Gross Expenses
257008
Annual Gross Income
763242
Annual Insurance Expense
9013
Annual Maintenance Expense
58751
Annual Net Income
506235
Annual Trash Expense
6764
Annual Water/Sewer Expense
19713
Total Annual Expenses
257008

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Public Survey Info

Range#
24
Section#
24
Township#
29

Sale Options

Sale Includes
Building, Rental License

Unit 1

Unit Number
Yes
Total Bedrooms
2
Leased?
Yes
Lease Expiration Date
2024-09-26

Unit 10

Total Bedrooms
2
Unit Number
10

Unit 11

Total Bedrooms
2
Unit Number
11

Unit 12

Total Bedrooms
2
Unit Number
12

Unit 13

Total Bedrooms
2
Unit Number
13

Unit 14

Total Bedrooms
2
Unit Number
14

Unit 15

Total Bedrooms
2
Unit Number
15

Unit 2

No. of 2 Bedroom Units
44
Total Bedrooms
2
Unit Number
2

Unit 3

Total Bedrooms
2
Unit Number
3

Unit 4

Total Bedrooms
2
Unit Number
4

Unit 5

Total Bedrooms
2
Unit Number
5

Unit 6

Total Bedrooms
2
Unit Number
6

Unit 7

Total Bedrooms
2
Unit Number
7

Unit 8

Total Bedrooms
2
Unit Number
8

Unit 9

Total Bedrooms
2
Unit Number
9

Unit Details

Total Units
44

Office/Member Info

Association
SPAAR
MLSID
RMLS

Location, Tax and Other Information

Legal Description
BLOCK 007 MCMILLANS SUBD BLKS ROLLINS ADD MPLS LOTS 6 THRU 9 INCL EXCEPT STREET BLOCK 007 MCMILLANS SUBD BLKS ROLLINS ADD MPLS LOTS 12 THUR 15 INCL
Listing City
Minneapolis
Map Page
107
Municipality
Minneapolis
Rental License?
No
School District
Minneapolis
School District Phone
612-668-0000
Zip Plus 4
2349
Property ID Number
2402924140127
Tax Year
2023
Tax Amount
111958.69
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
All units have been taken care of meticulously with many updates and ongoing preventative maintenance. Each unit has hardwood flooring and ceramic tile or porcelain tile flooring, all apartments are located just a few blocks from the University of Minnesota near Dinkytown and the U of MN East Bank Campus and SE Como and Marcy Holmes neighborhoods. Located on Metro transit routes, close to shopping and events. This is an amazing opportunity to own your own block in the heart Minneapolis. Phase I completed without any issues. Additional investment opportunities available.
Directions
Kasota Ave/Energy Park Drive (CR32) to SE Elm, left, follow to property on right.

Accessible

None
Yes

Construction Status

Previously Owned
Yes

Exterior

Brick/Stone
Yes

Financing Terms

Other
Yes

Fuel

Natural Gas
Yes

Heating

Hot Water
Yes

Parking Characteristics

Assigned
Yes

Sewer

City Sewer/Connected
Yes

Water

City Water/Connected
Yes

On Site Utilities

Electric Separate
Yes
Heating Common
Yes
Hot Water Common
Yes

CMU Style

Apartments/Multi Family
Yes

Current Use

Residential
Yes

Loan Terms

Cash
Yes
Conventional
Yes
FHA
Yes
VA
Yes
Listing Office: RE/MAX Professionals
IDX
Last Updated: October - 01 - 2025
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
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