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For sale 11 days ago

$1,100,000

rooms 1 ba 7381 sqft

3322 Chicago Ave, Minneapolis, MN 55407

Commercial Multifamily

Current Rent **

N/A

Projected Rent **

$9,750

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

3322 Chicago Ave - 5 Unit Apartment Building

Like-new construction, close to 1% rule and fully leased. Appraised for 1.5m in 2023. Incredible opportunity - $1.2m renovation funded by insurance company (storm damage) includes BRAND NEW roof, ALL windows, plumbing, electrical, flooring, bathrooms, kitchens, appliances, and MORE. Each unit has been meticulously gutted and rebuilt from the ground up - all permits pulled and no shortcuts taken.

Fully vacant - opportunity for creative rental strategies OR place your own quality tenants. Spacious 3 bedroom units w/ private laundry in each. Upper 4 units are nearly identical, garden level unit is bigger with exposed beams and impressive floorplan. This is as close to new construction as you'll find - on a quiet block of Chicago. Turnkey and hassle-free - schedule a showing today.

Location:

3322 Chicago Ave, Minneapolis, MN 55407

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.