Skip to main content

Multifamily

Penn Avenue Apartments

2200-2220 W 98th St, Bloomington, MN 55431

Listing Price: $1,600,000

Cap Rate
5.89%
Number of Units
8
Price/Unit
$200,000

Investment Overview

Marcus and Millichap is pleased to present for sale, 2200-22 W 98th St, an eight unit apartment building in the City of Bloomington, MN. This is a great opportunity for an investor to purchase a high yield, renovated, asset in the highly-sought-after submarket of West Bloomington. Constructed in 1972, this property is comprised of 8 three-bed/one-bathroom units. Current rent starts at $1,350 and goes up to $1,716 per month with the average rent being $1,635. 7 out of 8 units have been fully renovated with modern finishes. Notable apartment features include in-unit washers & dryers, central heat and air, dishwashers, garage parking, and access to a private fenced-in backyard, perfect for a summer BBQ. Situated on a 32,234 square foot lot, this asset boasts ample parking spaces and a garage for each unit. Located in the City of Bloomington, Minnesota’s 4th largest city, 2200-22 W 98th St benefits from the confluence of major interstates such as 494, 35W and 169 making travel in all directions for work or play a breeze. Adventure seekers will appreciate the parks and trails that run along the Minnesota River, the neighborhood’s southern border. Surrounded by cozy neighborhoods as well as picturesque parks and lakes, Downtown Minneapolis is a 20 minute drive away.

Investment Highlights

  • 7 of 8 Units Have Been Completely Renovated
  • Rare Three Bedroom Units
  • Separately Metered Utilities
  • In-Unit Washer & Dryer | Dishwashers | Individual Furnaces | Individual AC | Individual Hot Water Heaters
  • New Roof in 2011 | New Garage Roof in 2014 | Newer Windows
  • Garage Parking | Ample Surface Spaces | Fenced-In Communal Yard
  • Non Rent Control City; Less than 5 Miles to Nations Largest Shopping Center - Mall of America

Exclusively Listed By

Financing By

Multifamily

Penn Avenue Apartments

Listing Price: $1,600,000

Cap Rate
5.89%
Number of Units
8
Price/Unit
$200,000

Investment Highlights

  • 7 of 8 Units Have Been Completely Renovated
  • Rare Three Bedroom Units
  • Separately Metered Utilities
  • In-Unit Washer & Dryer | Dishwashers | Individual Furnaces | Individual AC | Individual Hot Water Heaters
  • New Roof in 2011 | New Garage Roof in 2014 | Newer Windows
  • Garage Parking | Ample Surface Spaces | Fenced-In Communal Yard
  • Non Rent Control City; Less than 5 Miles to Nations Largest Shopping Center - Mall of America

Investment Overview

Marcus and Millichap is pleased to present for sale, 2200-22 W 98th St, an eight unit apartment building in the City of Bloomington, MN. This is a great opportunity for an investor to purchase a high yield, renovated, asset in the highly-sought-after submarket of West Bloomington. Constructed in 1972, this property is comprised of 8 three-bed/one-bathroom units. Current rent starts at $1,350 and goes up to $1,716 per month with the average rent being $1,635. 7 out of 8 units have been fully renovated with modern finishes. Notable apartment features include in-unit washers & dryers, central heat and air, dishwashers, garage parking, and access to a private fenced-in backyard, perfect for a summer BBQ. Situated on a 32,234 square foot lot, this asset boasts ample parking spaces and a garage for each unit. Located in the City of Bloomington, Minnesota’s 4th largest city, 2200-22 W 98th St benefits from the confluence of major interstates such as 494, 35W and 169 making travel in all directions for work or play a breeze. Adventure seekers will appreciate the parks and trails that run along the Minnesota River, the neighborhood’s southern border. Surrounded by cozy neighborhoods as well as picturesque parks and lakes, Downtown Minneapolis is a 20 minute drive away.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower