Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale Sheba Apartments, a 19 unit apartment community located in the Whittier neighborhood of Minneapolis. 2420 1st Ave S is available for purchase for the first time since the early 1990’s. We are pleased to present a unique opportunity to purchase a beloved asset in a core urban area. Consisting of 18 one-bedrooms and 1 two-bedroom, this property has exceptionally large units for the area and vintage. Built in 1921 and situated on a .27 acre lot, Sheba enjoys a great location within walking distance to the commercial hub of Nicollet Ave or Eat Street. Located just two blocks from the Minneapolis Institute of Art, Sheba Apartments benefits from the proximity to one of the city’s most notable cultural institutions. The property’s unique and colorful artwork gives a nod to the ancient Ethiopian Queen of Sheba. Residents also enjoy being steps from Washburn Fair Oak Park, which offers expansive green space with scenic skyline views. The bustling commercial district of Nicollet street is within walking distance adding to the property’s urban accessibility. The pride of ownership and quality tenant base is immediately evident when touring the property. Residents enter welcoming common areas and enjoy amenities such as gardens, dog runs, and laundry facilities. Major capital improvements include a recently replaced roof and fascia/soffit repair. This well maintained, classic, property has the ability to be a great addition to an investors portfolio. With above average unit sizes, a naturally-occurring rent increase opportunity, and a potential contract for deed this property is well suited to be an outstanding performer.