$499,000

Portland Avenue Apartments is a six-unit multifamily property located in the Phillips West neighborhood of Minneapolis. The property features a mix of one studio, three one-bedroom, and two two-bedroom residences, offering a range of options for tenants. Positioned less than half a mile from Peavey Field Park, with its basketball courts and soccer field, the property benefits from a convenient location near local recreational amenities. Built in 1885, the property has been well cared for over the years, reflecting consistent maintenance and attention. The six residences average 692 square feet in size, with rents averaging $954 per month. The property also includes six off-street parking spaces, providing added convenience for residents in an urban setting. Portland Avenue Apartments offers an attractive investment opportunity with stable rental income, a desirable unit mix, and a central location. Its combination of historical charm and practical updates makes it a compelling addition to a multifamily portfolio in Minneapolis. Property Highlights -A variety of unit types cater to a broad tenant base: 1 studio, 3 one-bedrooms, and 2 two-bedrooms -All new mechanicals from 2017. Roof, Windows, Mini Splits, plumbing and electrical. -Ample parking with 6 off-street parking spaces -Low expenses: Tenants pay for heat, electric, and hot water. Property taxes benefit from reduced rates due to participation in the 4D tax incentive program.