For Sale: Minneapolis MLS# 7159629
Active
NEW!
$724,900
Commercial: Other
Built 1900
0.17 acres
Minneapolis schools
MLS# 7159629
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Property Description
Iconic Corner Location Offering Income Today and Redevelopment Potential
1005 University Avenue SE presents a rare opportunity to acquire an income-producing multifamily property on a prominent corner near the University of Minnesota. The approximately 7, 405-square-foot site currently features a distinctive Victorian-style nine-unit building, offering investors the ability to maintain rental income while evaluating renovation, repositioning, or future redevelopment strategies.
Located near campus, Dinkytown, transit, dining, and neighborhood amenities, the property benefits from strong visibility and consistent demand within one of Minneapolis’ most active university-area rental markets. This offering may appeal to multifamily investors, student-housing operators, and developers seeking a well-located urban infill opportunity with both current income and long-term upside. Any redevelopment potential is subject to zoning, city approvals, and buyer verification.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$724,900
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1900
State:
MN
Property Style:
Other
Zip Code:
55414
Neighborhood/Area:
50
Subdivision Name:
Saint Anthony Falls
Exterior
Stories:
Three Or More
Garage Spaces:
0
Foundation Size:
2,734 ft2
Handicap Accessible:
None
Heating System:
- Boiler
- Hot Water
Parking Features:
Parking Lot
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.17
Geolocation:
44.981816, -93.241686
Inclusions:
Building
Lot Dimensions:
76 x 95
Zoning:
Residential-Multi-Family
Schools
School District:
1
District Phone:
6126680000
Expenses
Annual Caretaker Expense:
$600
Annual Electric Expense:
$4,810
Annual Fuel Expense:
$7,743
Annual Insurance Expense:
$12,154
Annual Maintenance Expense:
$2,911
Annual Trash Expense:
$2,145
Annual Water/Sewer Expense:
$3,104
Tenant Expenses:
Broadband, Cable TV
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$16,346
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$16,346
Income
Annual Gross Income:
$85,620
Rent
Annual Net Income:
$35,807
Units
Total Units:
9
Miscellaneous
Current Use:
Residential
Fuel System:
Other
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Compass.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.