727 15th Avenue SE, Minneapolis, MN 55414 (MLS# 6224842)

Overview

Description

We are pleased to offer a one-of-a-kind, high demand, & stable 66-Unit multifamily asset at the University of Minnesota. This offering also serves as an excellent student housing redevelopment site now or in the future. This rare investment opportunity has been under the same family ownership for 24 years and is finally offered for sale. These two buildings totaling 66 units have brand new large student housing construction developments on both sides of the buildings with the U of M practice football field across the street. Excellent convenient Dinkytown location - the heart of the U of M! Once you take a look at this location , it speaks for itself. You will also see the U of M is in the midst of a major student housing transformation at this time with state of the art housing facilities being built across the campus. Here's your chance to be part of this historic change on a Big 10 campus.

General Property Information

Living Area Units: Square Feet
Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 15
Year Built: 1936
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Foundation Size: 7564
For Sale or Lease: For Sale
Acres: 0.42
Lot Dimensions: 330x110
Assessment Pending: Unknown
Garage Stalls: 0

Property Features

Accessible: None Air Conditioning: Window Unit(s) Amenities Shared: Coin-op Laundry Owned Amenities Unit: City View Assumable Loan: Not Assumable Basement: Full CMU Style: Apartments/Multi Family; High Rise; Low Rise Construction Status: Previously Owned Current Use: Commercial; Residential Exterior: Brick/Stone; Stucco Financing Terms: Conventional Fuel: Electric; Natural Gas Heating: Boiler; Hot Water Loan Terms: Cash; Conventional Lock Box Type: None Lot Description: Corner Lot On Site Utilities: Electric Common; Heating Common; Hot Water Separate Owner Pays: Fuel; Insurance; Taxes; Water Parking Characteristics: Paved Lot; Uncovered/Open Pool Description: None Rental License Type: Standard Sewer: City Sewer/Connected Tenant Pays: Cable TV; Electricity Water: City Water/Connected

Contract Information

Availability: Available
Off Market Date: 2023-06-22
Closed Date: 2023-07-21
Sales Close Price: 5220000
Contingency: None
ListPrice: 5750000
Owner is an Agent?: No

Location Tax and Other Information

House Number: 727
Street Name: 15th
Street Suffix: Avenue
Street Direction Suffix: SE
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55414
Complex/Dev/Subdivision: University Add

Additional Parcels Information

Property ID #2: 2402924410021

Building Information

Building Finished SqFt: 25596
Building SqFt: 25596

More Information

Lease Details

Land Leased: Not Applicable
Lease Amount Type: Yearly
Monthly Land Lease Amt: 0

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 24
Section#: 24
Township#: 29

Sale Options

Sale Includes: Building, Land, Leases

Unit Details

Total Units: 66

Office/Member Info

Association: MAAR
MLSID: RMLS

Location, Tax and Other Information

Legal Description: LOT 007 BLOCK 007 UNIVERSITY ADDN TO MPLS
Listing City: Minneapolis
Map Page: 107
Rental License?: Yes
School District: Minneapolis
Map Coordinate Source: RETS
Zip Plus 4: 9348
Property ID Number: 2402924410020
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: We are pleased to offer a one-of-a-kind, high demand, & stable 66-Unit multifamily asset at the University of Minnesota. This offering also serves as an excellent student housing redevelopment site now or in the future. This rare investment opportunity has been under the same family ownership for 24 years and is finally offered for sale. These two buildings totaling 66 units have brand new large student housing construction developments on both sides of the buildings with the U of M practice football field across the street. Excellent convenient Dinkytown location - the heart of the U of M! Once you take a look at this location , it speaks for itself. You will also see the U of M is in the midst of a major student housing transformation at this time with state of the art housing facilities being built across the campus. Here's your chance to be part of this historic change on a Big 10 campus.
Directions: Corner of 15th Ave SE & SE 8th St near the University of Minnesota.

Accessible

None: Yes

Air Conditioning

Window Unit(s): Yes

Amenities Shared

Coin-op Laundry Owned: Yes

Amenities Unit

City View: Yes

Assumable Loan

Not Assumable: Yes

Basement

Foundation Dimensions: No
Full: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes
Stucco: Yes

Financing Terms

Conventional: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Boiler: Yes
Hot Water: Yes

Lock Box Type

None: Yes

Lot Description

Corner Lot: Yes

Owner Pays

Fuel: Yes
Insurance: Yes
Taxes: Yes
Water: Yes

Parking Characteristics

Paved Lot: Yes
Uncovered/Open: Yes

Pool Description

None: Yes

Rental License Type

Standard: Yes

Sewer

City Sewer/Connected: Yes

Water

City Water/Connected: Yes

Tenant Pays

Cable TV: Yes
Electricity: Yes

On Site Utilities

Electric Common: Yes
Heating Common: Yes
Hot Water Separate: Yes

CMU Style

Apartments/Multi Family: Yes
High Rise: Yes
Low Rise: Yes

Current Use

Commercial: Yes
Residential: Yes

Loan Terms

Cash: Yes
Conventional: Yes