Best cap rate in town
15 W 22nd St, Minneapolis, MN 55404
For saleProperty type
Multifamily
Unit / Space count
19
Year built
1915
Stories
4
Number of buildings
1
Building size
10,170 SF
Unit mix
6x 1+1, 13x 2+1
Bedrooms
32
Number of Buildings
1
Stories
4
Zoning
Office/Residential – 3
Onsite Laundry Facility
Yes
On-site Parking
Yes
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Property description
Classic brownstone multifamily property with 18 total units, all of which have been recently remodeled. The unit mix consists of six (6) 1BR / 1BA units averaging approximately 425 SF and twelve (12) 2BR / 2BA units averaging approximately 600 SF. A RUBS (Ratio Utility Billing System) is in place, allowing ownership to recover a portion of common utility expenses by allocating costs back to residents based on unit size and occupancy. The property is enrolled in Hennepin County’s 4d Affordable Housing Program, providing a 75% reduction in property taxes and supporting improved net operating performance. Amenities include basement laundry and storage, along with a package concierge area in the common space. Major building systems have been well maintained. The EPDM roof was installed within the last five years. The Weil-McLain steam boiler was fully overhauled last winter, including a new heat exchanger, burner assembly, controls, replacement of in-unit radiator steam vents, verification of radiator pitch, and a full system inspection.
Property highlights
- Recently remodeled classic brownstone multifamily property with a total of 18 units, providing a fresh and modern living experience for residents.
- Diverse unit mix offering six 1BR/1BA units and twelve 2BR/2BA units, catering to various tenant needs with sizes averaging 425 SF and 600 SF respectively.
- Implementation of a Ratio Utility Billing System (RUBS) that helps recover common utility expenses from residents, contributing to better cost management and profitability.
- Enrollment in Hennepin County’s 4d Affordable Housing Program ensures a significant 75% reduction in property taxes, enhancing the property’s net operating income.
- Excellent amenities including basement laundry and storage facilities, as well as a package concierge area for added convenience, boosting the property’s appeal to prospective tenants.
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