806 6th Street SE
Minneapolis, MN 55414
MLS# 5767997
Status: Closed
8 beds | 3 baths | 4854 sqft
Minneapolis, MN 55414
MLS# 5767997
Status: Closed
8 beds | 3 baths | 4854 sqft
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Property Description
Incredible opportunity to expand your portfolio in Dinkytown/U of M college housing! 806 & 810 6th Street SE are being sold as a “package deal” with a shared 20-space parking lot (810 6th Street SE - MLS #5768571 to occur concurrently with the sale of 810 6th St. SE). Price for both properties is $1,595,000. OVER 200k invested in CapEx for both properties in 2021 (see CapEx in supplements)! TRUE 6.11% cap rate. Annual gross income for both 806 & 810 $154,800. All units filled with no vacancy until August 2022 (except 810 unit 1 leased until August 2021, in process of leasing for 2021-2022). Can lease additional parking spaces for a total projected gross income of $171,300 in 2021-22. 806 is a duplex that can be converted to a triplex (see market expansion in Proforma/supplements). Complete due diligence/CapEx/financials/Proforma/market expansion/survey dropbox link available upon request, contact listing agent. Please refer to summary/detail pages for both 806 and 810 in supplements!!
Details
Maps
None
Allow Auto Valuation Display?: No
Allow Consumer Comment: No
MLSID: RMLS
Contract Information
Availability: Unavailable
Status: Closed
Off Market Date: 2021-06-28
Contingency: None
Current Price: $580,000
Closed Date: 2021-08-09
Original List Price: 635000
Sales Close Price: 580000
List Date: 2021-06-02
Owner is an Agent?: No
Auction?: No
Office/Member Info
Association: MAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Year Built: 1902
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Bedrooms: 8
Bath Three Quarters: 3
Baths Total: 3
Main Floor Total SqFt: 1518
Above Ground SqFt: 3336
Below Grd Total SqFt: 1518
Total SqFt: 4854
FireplaceYN: No
Foundation Size: 1518
Style: (MF) Duplex Other
Total Finished Sqft: 3036.00
Lot Dimensions: 33x165
Acres: 0.13
Assessment Pending: No
Location, Tax and Other Information
Legal Description: LOT 007 BLOCK 007 MILL COS ADDN TO ST ANTHONY FALLS NWLY 1/2
Map Page: 106
Municipality: Minneapolis
Rental License?: Yes
School District Phone: 612-668-0000
House Number: 806
Street Name: 6th
Street Suffix: Street
Street Direction Suffix: SE
Postal City: Minneapolis
Country: US
County: Hennepin
State: MN
Zip Code: 55414
Map Coordinate Source: King's Street Atlas
Property ID Number: 2402924230032
Tax Year: 2021
In Foreclosure?: No
Tax Amount: 8716
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: Incredible opportunity to expand your portfolio in Dinkytown/U of M college housing! 806 & 810 6th Street SE are being sold as a “package deal” with a shared 20-space parking lot (810 6th Street SE - MLS #5768571 to occur concurrently with the sale of 810 6th St. SE). Price for both properties is $1,595,000. OVER 200k invested in CapEx for both properties in 2021 (see CapEx in supplements)! TRUE 6.11% cap rate. Annual gross income for both 806 & 810 $154,800. All units filled with no vacancy until August 2022 (except 810 unit 1 leased until August 2021, in process of leasing for 2021-2022). Can lease additional parking spaces for a total projected gross income of $171,300 in 2021-22. 806 is a duplex that can be converted to a triplex (see market expansion in Proforma/supplements). Complete due diligence/CapEx/financials/Proforma/market expansion/survey dropbox link available upon request, contact listing agent. Please refer to summary/detail pages for both 806 and 810 in supplements!!
Directions: From 35W exit onto University Avenue/4th Street SE. West on 4th Street SE, right onto 8th Avenue SE, then right onto 6th Street SE.
Assessments
Tax With Assessments: 8715.66
Building Information
Finished SqFt Above Ground: 3036
Income and Expenses
Annual Fuel Expense: 2546
Annual Gross Income: 61200
Annual Insurance Expense: 2000
Annual Maintenance Expense: 3060
Annual Net Income: 38819
Annual Repair Expense: 3060
Annual Water/Sewer Expense: 3000
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
DP Resource: Y
FIPS Code: 27053
Homestead: No
Ownership
Fractional Ownership: No
Unit Details
Total Units: 2
Property Features
Accessible: None
Basement: Storage Space; Unfinished
Construction Status: Previously Owned
Exterior: Stucco
Financing Terms: Conventional
Fuel: Natural Gas
Heating: Boiler
Neighborhood Name: Marcy Holmes
Owner Pays: Insurance; Maintenance/Repair; Taxes; Trash Collection
Parking Characteristics: More Parking Onsite for Fee; Paved Lot; Other
Rental License Type: Standard
Roof: Age 8 Years or Less; Asphalt Shingles
Sewer: City Sewer/Connected
Stories: More Than 2 Stories
Tenant Pays: Electricity; Other
Water: City Water/Connected
Listing Office: Edina Realty, Inc.
Last Updated: January - 05 - 2023
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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.
