Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale Grand Avenue Apartments, a 10-unit apartment community located in the Whittier neighborhood of Minneapolis. 2016 Grand Ave S is available for purchase for the first time in 24 years. Built in 1967, this professionally run apartment community features 2 studio units, 7 one bedroom units and 1 three bedroom unit. With a total of 5,275 rentable square feet, the properties elegant look and thoughtful care over the years present strong appeal to renters seeking quality housing in an established area. The property includes a 12-space parking lot, an attractive feature for tenants in the relatively dense urban setting. Major capital improvements include a roof from 10 years ago, and windows from 10-20 years ago. With average rents at $910, this opportunity blends consistent cash for the owner and affordability/convenience for the tenant. Rental demand is predicted to increase over the next couple years ensuring this property remains highly occupied. This exceptionally well run property has excellent current and historical occupancy. Located in the Whittier neighborhood of Minneapolis, 2016 Grand Ave, is considered within the “Great Wedge Area” and is within two miles of the downtown metro, one mile to the Chain of Lakes, and walking distance to the Uptown business district. The area is both walkable and great for commuting as a result of its location near I-35W and Hennepin Ave S. The property’s prime location near highly-rated dining destinations, including World Street Kitchen, Black Forest Inn, and Centro Nicollet further enhances its desirability. Positioned in a vibrant neighborhood with easy access to local amenities, 28th Street Apartments offers a compelling investment opportunity with a high potential for long-term wealth creation.