For Sale: Minneapolis MLS# 7002981
Active
$575,000
Multi-family: Triplex
6 br • 4 ba • Built 1917
3,529 sqft • 0.11 acres
MLS# 7002981
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Property Description
This unique offering features two separate homes on one shared lot, creating a rare and flexible investment opportunity with gross income of $82, 496! The first property, 627 E 28th Street, is a multi-family home with approximately 1, 400 finished square feet and includes two 1-bedroom, 1-bath units arranged in an up-and-down layout. The upper unit is currently leased as a long-term rental, while the main-level unit operates as a short-term rental. The second property, 2801 Oakland Avenue, is a single-family home zoned R5 with 2, 129 finished square feet, offering 4 bedrooms and 2 bathrooms and currently used for short-term rentals by the owner. Both homes are set up for easy rental management with separate, secure entry access for each unit. Furniture may be purchased separately. The Oakland Avenue home has seen extensive updates, including renovated kitchen and bathrooms, updated flooring, vinyl-clad replacement windows, and a newer roof. All bedrooms feature electronic key access, and the lower-level bedroom also works well as a flexible living or family room space. The 28th Street duplex has also been updated throughout, with refreshed kitchens and baths, refurbished windows, window treatments, a newer boiler, and a new roof. Both properties are truly turnkey, with a proven track record of strong rental performance, boasting nearly 300 guest reviews and an exceptional 4.92-star average rating on Airbnb. Additional features include a shared two-car detached garage and a shared parking lot. Any future lot division would require city approval. This is an outstanding opportunity for investors or owner-occupants looking to generate income in multiple ways. Schedule your tour today!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$575,000
Price per sq ft:
$163
Property Type:
Multi-family
City:
Minneapolis
Garage Spaces:
2
County:
Hennepin
Year Built:
1917
State:
MN
Property Style:
Triplex
Zip Code:
55407
Neighborhood/Area:
63
Subdivision Name:
Auditors Sub 215
Interior
Bedrooms:
6
Bathrooms:
4
Finished Area:
3,529 ft2
Living Area:
3,529 ft2
Refrigerators:
Three
Basement Details:
Block
Exterior
Stories:
Two
Garage Spaces:
2
Garage Dimensions:
20x20
Garage Size:
400 ft2
Foundation Size:
1,506 ft2
Fencing:
Chain Link, Partial
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Baseboard
- Boiler
- Forced Air
- Hot Water
Parking Features:
- Detached Garage
- Insulated Garage
- Parking Lot
Road Frontage:
City Street
Exterior Material:
Concrete
Roof Details:
Age 8 Years or Less
Lot & Land
Acres:
0.11
Geolocation:
44.951774, -93.266112
Lot Dimensions:
114 x 41
Zoning:
Residential-Multi-Family
Schools
School District:
558
District Phone:
6126680000
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$3,002
Annual Fuel Expense:
$3,281
Annual Insurance Expense:
$4,213
Annual Maintenance Expense:
$450
Annual Trash Expense:
$3,778
Annual Water/Sewer Expense:
$2,676
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$8,248
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$8,248
Income
Annual Gross Income:
$82,496
Rent
Annual Net Income:
$45,857
Units
Total Units:
3
Miscellaneous
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
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 Keller Williams Premier Realty Lake Minnetonka.
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.