Marcus & Millichap closed the sale of two five-unit apartment buildings in South Minneapolis. The assets sold for a combined price of $2 million or $200,000 a unit.
Abe Roberts, vice president of investments in Marcus & Millichap’s Minneapolis office and a director within the firm’s exclusive National Multi-Housing Group, procured the buyer in this transaction.
Completed in 1904, 2437 Dupont Ave. South sits on .13 acres, features five tandem parking stalls and offers five apartments, three two-bedrooms and two three-bedrooms. The two-bedroom apartments had recently been receiving $1,475 in rent at time of sale. The three-bedroom apartments had been receiving between $1,550-$1,800. During the last 10 years, the property has had a new roof installed, mini-split AC/heat units added, and front and rear doors replaced. This property is located at 2437 Dupont Ave. S in Minneapolis.
Completed in 1926, 1932 Emerson Avenue South sits on .15 acres and offers five apartments, one one-bedroom and four two-bedrooms. Around the time of sale, the two-bedroom apartments had been receiving $1,575 to $1,650 in rent. The single one-bedroom apartment had received $1,250 in rent.
This community boasts amenities such as bike storage, onsite laundry, a BBQ area and off-street parking, which is included in rent. This property is located at 1932 Emerson Ave. S in Minneapolis.