$2,650,000
MLS# 7007394
21840 sqft
1 / 43
Property Description
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! Prime for a re-development opportunity! 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 (2014), brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014. In 2025 all the electrical panels were swapped out with new breakers making this asset easier to insure. 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 2025: New Electrical Panels with Circuit Breakers 2023: 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: $2,875,000 Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
Details
Contract Information
Owner is an Agent?: No
Auction?: No
Status: Active
Current Price: $2,650,000
Contingency: None
ListPrice: 2650000
List Date: 2026-01-12
Office/Member Info
Association: SPAAR
General Property Information
Lot Measurement: Acres
Management Company Name: Self Managed
Multiple PIDs?: No
Other Parking Spaces: 20
Owner Occupied: No
Waterfront YN: No
Year Built: 1966
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Lot Dimensions: 150 x 250
Acres: 0.89
Foundation Size: 7000
Garage Stalls: 10
Management Company Phone: 651-263-3653
For Sale or Lease: For Sale
Assessment Pending: No
Location, Tax and Other Information
Legal Description: UNPLATTED 35 028 24 THAT PART OF THE S 1/2 OF N 1/2 OF NE 1/4 OF SE 1/4 LYING E OF ZUBERTS SOUTH VIEW GARDENS THIRD ADDN EX ROAD
Listing City: Richfield
Map Page: 134
Municipality: Richfield
School District: Richfield
School District Phone: 612-798-6010
Zip Plus 4: 1801
Property ID Number: 3502824410002
Tax Year: 2026
Tax Amount: 47073
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: 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! Prime for a re-development opportunity!
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 (2014), brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014. In 2025 all the electrical panels were swapped out with new breakers making this asset easier to insure.
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
2025: New Electrical Panels with Circuit Breakers
2023: 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: $2,875,000
Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
Directions: Right off Highway 77, over looking the airport
Accessible
None: 1
Air Conditioning
Wall Unit(s): 1
Amenities Shared
Coin-op Laundry Owned: 1
Security Building: 1
Appliances
Range: 1
Refrigerator: 1
Assessments
Assessment Balance: 0
Tax With Assessments: 47073
Assumable Loan
Not Assumable: 1
Basement
Full: 1
Storage/Locker: 1
Building Information
Building Finished SqFt: 21840
Building SqFt: 21840
Ceiling Height: 8-10
Construction Materials
Block: 1
Frame: 1
Construction Status
Previously Owned: 1
Existing Financing
Conventional: 1
Exterior
Brick/Stone: 1
Stucco: 1
Fencing
Vinyl: 1
Flooring
Carpet: 1
Luxury Vinyl Plank: 1
Tile: 1
Vinyl/Linoleum: 1
Foundation
Concrete Block: 1
Fuel
Natural Gas: 1
Heating
Boiler: 1
Hot Water: 1
Lease Details
Land Leased: Not Applicable
Lock Box Type
None: 1
Lot Description
Tree Coverage - Light: 1
Miscellaneous Information
Homestead: No
Owner Pays
Maintenance/Repair: 1
Snow Removal: 1
Taxes: 1
Trash Collection: 1
Water: 1
Ownership
Fractional Ownership: No
Parking Characteristics
Parking Lot: 1
Pool Description
None: 1
Public Survey Info
Range#: 24
Section#: 35
Township#: 28
Rental License Type
Standard: 1
Road Frontage
City Street: 1
Paved Streets: 1
Road Responsibility
Public Maintained Road: 1
Roof
Age Over 8 Years: 1
Flat: 1
Rubber: 1
Sale Options
Sale Includes: Building, Land, Leases, Rental License
Sewer
City Sewer/Connected: 1
Stories
Three Or More: 1
Topography
Level: 1
Unit 1
No. of 1 Bedroom Units: 5
Unit Details
Total Units: 23
Wall Description
Drywall: 1
Water
City Water/Connected: 1
Window Features
Double Pane Windows: 1
Insulated Windows: 1
Screens: 1
Income and Expenses
Annual Caretaker Expense: 16683
Annual Electric Expense: 2000
Annual Fuel Expense: 8600
Annual Gross Expenses: 124786
Annual Gross Income: 327600
Annual Insurance Expense: 9200
Annual Maintenance Expense: 8000
Annual Net Income: 208879
Annual Repair Expense: 0
Annual Trash Expense: 7200
Annual Water/Sewer Expense: 14500
Total Annual Expenses: 124786
No. of Ranges
One Per Unit: 1
No. of Refrigerators
One Per Unit: 1
Tenant Pays
Broadband: 1
Cable TV: 1
Electricity: 1
Unit 2
No. of 2 Bedroom Units: 18
On Site Utilities
Electric Separate: 1
Heating Common: 1
Hot Water Common: 1
CMU Style
Apartments/Multi Family: 1
Low Rise: 1
Current Use
Residential: 1
Loan Terms
Cash: 1
Conventional: 1
Potential Use
Income: 1
Rent Rate per Foot
Per Month: 1
Location Tax and Other Information
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55423
Property Features
Accessible: None
Air Conditioning: Wall Unit(s)
Amenities Shared: Coin-op Laundry Owned; Security Building
Appliances: Range; Refrigerator
Assumable Loan: Not Assumable
Basement: Full; Storage/Locker
CMU Style: Apartments/Multi Family; Low Rise
Construction Materials: Block; Frame
Construction Status: Previously Owned
Current Use: Residential
Existing Financing: Conventional
Exterior: Brick/Stone; Stucco
Fencing: Vinyl
Flooring: Carpet; Luxury Vinyl Plank; Tile; Vinyl/Linoleum
Foundation: Concrete Block
Fuel: Natural Gas
Heating: Boiler; Hot Water
Loan Terms: Cash; Conventional
Lock Box Type: None
Lot Description: Tree Coverage - Light
On Site Utilities: Electric Separate; Heating Common; Hot Water Common
Owner Pays: Maintenance/Repair; Snow Removal; Taxes; Trash Collection; Water
Parking Characteristics: Parking Lot
Pool Description: None
Potential Use: Income
Rent Rate per Foot: Per Month
Rental License Type: Standard
Road Frontage: City Street; Paved Streets
Road Responsibility: Public Maintained Road
Roof: Age Over 8 Years; Flat; Rubber
Sewer: City Sewer/Connected
Stories: Three Or More
Tenant Pays: Broadband; Cable TV; Electricity
Topography: Level
Wall Description: Drywall
Water: City Water/Connected
Window Features: Double Pane Windows; Insulated Windows; Screens
Listing Office: Apartment Cash Flow, Inc.
Last Updated: August - 31 - 2026
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. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
