Skip to main content

Multifamily

3020 W 28th St

3020 W 28th St, Minneapolis, MN 55416

Listing Price: $1,150,000

Cap Rate
3.93%
Number of Units
6
GRM
13.15
Occupancy
96.5%
Price/Unit
$191,667
Price/Gross SF
$252.75
Gross SF
4,550

Investment Overview

Marcus & Millichap is pleased to present for sale, the historic Isles-Uptown-Edina Portfolio. Comprised of seven buildings and a total of forty-nine units, investors have the unique opportunity to acquire a portfolio of legacy assets located in some of the States most affluent communities. Built 1926 thru 1961, these boutique multi-family buildings benefits from long-term family ownership and a truly dynamic A+ core location. These properties are being offered for sale on a free-and-clear basis.

Located within the Cedar-Isles-Dean neighborhood of Minneapolis, just blocks from Lake of the Isles, Bde Maka Ska, and Cedar Lake, are five out of the seven buildings. While primarily residential, the area is known for its mixture of lively urban amenities, outdoor leisure activities and proximity to central Minneapolis. Set along a single block of Xerxes Avenue S where three of the city's major greenways intersect are 2770 Xerxes, 2775 Xerxes, 2790 Xerxes, 2825 Cedar, and 3020 28th W. Aside from being uniquely positioned to take advantage of greenway access, commuters can expect to benefit from the city's planned Southwest Green Line LRT Extension. The route is approximately 14.5 miles and will run between Cedar Lake and Lake of the Isles with new LRT stations at West 21st Street and West Lake Street. Service is expected to begin in 2023. Totaling twenty-seven units, the five buildings equate to approximately half of the portfolios combined unit count. Across all unit types and layouts, rents range from $710 to $1,515 with apartments ranging in size from 425 SF and 1450 SF. Amenities offered at these five properties include 12 total garage stalls, on-site laundry, granite kitchen floors and fireplaces (2775 Xerxes Avenue S), and formal dining spaces (both 2825 Cedar Lake Parkway and 3020 W 28th Street).

Investment Highlights

  • Opportunity to Acquire a 7 Building Legacy Portfolio in Irreplaceable A+ Location
  • High Barrier-to-Entry Neighborhoods of Cedar-Isles-Dean/Uptown/Edina
  • Additional Rent Premiums of $150-$400 Per Unit Through Strategic Upgrades
  • 5 of 7 Buildings located on One Block of Xerxes Avenue South; Steps from Cedar Lake
  • Long Term Family Ownership; Well Maintained and Cared For
  • Proximity to Planned Southwest Green Line LRT Extension Along the Chain of Lakes

Exclusively Listed By

Listing Price: $1,150,000

Cap Rate
3.93%
Number of Units
6
GRM
13.15
Occupancy
96.5%
Price/Unit
$191,667
Price/Gross SF
$252.75
Gross SF
4,550

Investment Highlights

  • Opportunity to Acquire a 7 Building Legacy Portfolio in Irreplaceable A+ Location
  • High Barrier-to-Entry Neighborhoods of Cedar-Isles-Dean/Uptown/Edina
  • Additional Rent Premiums of $150-$400 Per Unit Through Strategic Upgrades
  • 5 of 7 Buildings located on One Block of Xerxes Avenue South; Steps from Cedar Lake
  • Long Term Family Ownership; Well Maintained and Cared For
  • Proximity to Planned Southwest Green Line LRT Extension Along the Chain of Lakes

Investment Overview

Marcus & Millichap is pleased to present for sale, the historic Isles-Uptown-Edina Portfolio. Comprised of seven buildings and a total of forty-nine units, investors have the unique opportunity to acquire a portfolio of legacy assets located in some of the States most affluent communities. Built 1926 thru 1961, these boutique multi-family buildings benefits from long-term family ownership and a truly dynamic A+ core location. These properties are being offered for sale on a free-and-clear basis.

Located within the Cedar-Isles-Dean neighborhood of Minneapolis, just blocks from Lake of the Isles, Bde Maka Ska, and Cedar Lake, are five out of the seven buildings. While primarily residential, the area is known for its mixture of lively urban amenities, outdoor leisure activities and proximity to central Minneapolis. Set along a single block of Xerxes Avenue S where three of the city's major greenways intersect are 2770 Xerxes, 2775 Xerxes, 2790 Xerxes, 2825 Cedar, and 3020 28th W. Aside from being uniquely positioned to take advantage of greenway access, commuters can expect to benefit from the city's planned Southwest Green Line LRT Extension. The route is approximately 14.5 miles and will run between Cedar Lake and Lake of the Isles with new LRT stations at West 21st Street and West Lake Street. Service is expected to begin in 2023. Totaling twenty-seven units, the five buildings equate to approximately half of the portfolios combined unit count. Across all unit types and layouts, rents range from $710 to $1,515 with apartments ranging in size from 425 SF and 1450 SF. Amenities offered at these five properties include 12 total garage stalls, on-site laundry, granite kitchen floors and fireplaces (2775 Xerxes Avenue S), and formal dining spaces (both 2825 Cedar Lake Parkway and 3020 W 28th Street).

Exclusively Listed By

MM Texture Background
MM Textured Background Lower