Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America!
Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.
Investors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don’t miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!
The brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows, brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014.
PROPERTY FACTS
Year Built: 1966
Square Footage: 21,840
Units: 23
Zoning: Multiple-family District
Parking: 10 Garage Stalls plus plenty of off street parking
Exterior: Brick
Heating: Boiler
Roof: Flat – New installed by All Elements, Inc. in 2014
UNIT DESCRIPTION
18 – 2 bedroom, 1 bath – Approx. 910+ Sqft.
5 – 1 bedroom, 1 bath – Approx. 750+ Sqft
PROPERTY IMPROVEMENTS
2022: New Commercial High-Efficiency Water Heater built by Bock.
2018: New Carpet in Hallways, Common Areas, Entry Way
2014: Roof – Durolast by All Elements, Inc. with 15 year warranty
2013: Windows – Installed vinyl replacement sliders by Window World, Inc.
PRICE: $3,300,000
Information is deemed reliable but not guaranteed. Buyer and Buyer’s agent to verify all details.
