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Multifamily

707 University Ave SE

707 University Ave SE, Minneapolis, MN 55414

Listing Price: Request For Offer

Number of Units
20
Occupancy
97.0%
Gross SF
13,340

Investment Overview

For the first time in 50 years, Marcus & Millichap is honored to present for sale, 707 University Apartments, a 20-unit apartment community located in the Marcy-Holmes neighborhood of Minneapolis, Minnesota. Centered within the city's oldest neighborhood, just northeast of the Mississippi River near I-35W, 707 University Apartments benefit from proximity to downtown Minneapolis and the University of Minnesota's Minneapolis (U of M) campus. Directly across the river from the downtown metro and just blocks from the Dinkytown neighborhood, this location attracts an eclectic mix of students, artists, and young professionals. Notably, Marcy-Holmes and other nearby historic districts boast some of Minneapolis most recognizable landmarks and prominent architectural styles. With contemporary buildings, landscapes, and streets intermingled with those reminiscent of the 1800's, these neighborhoods are highly valued for their quality and character. The cobblestone riverfront stretch of SE Main Street is popular among locals and is just blocks from the property. Residents may explore cafes, restaurants, and bars on Main Street with options such as Jefe Urban Cocina, Hideaway Cabin Bar, Aster Cafe, and Pracna the oldest restaurant on the oldest street in Minneapolis. Constructed in 1920, this all-brick exterior, garden-style building is comprised of a single studio unit at 400 square feet, 6 one-bedroom units at 510 square feet, and 13 three-bedroom units at 760 square feet. 707 University Apartments feature eight off-street parking stalls and is less than one block from the University Ave SE & 8th Ave SE Metro Transit bus stop that has routes going to the U of M. Aside from vehicular modes of transportation, bikeways also weave throughout the neighborhood, including an on-street bikeway along University Ave SE which is significant to the students population who make up three-fourths of the current tenant base. 707 University has benefitted from having been cared for by long-term ownership who within the last 15-20 years have replaced the roof and windows, and more recently the boiler (2020).

Investment Highlights

  • Long-Term Ownership (50+ Years)
  • Strong Historical Occupancy | Well-Maintained and Cared For
  • Phenomenal Location Near University of Minnesota
  • On-Site Leasing Office | Eight Off-Street Parking Stalls
  • Value-Add Opportunity to Raise Rents to Market Levels
  • Capital Expenditures Include New Boiler (2020)

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
20
Occupancy
97.0%
Gross SF
13,340

Investment Highlights

  • Long-Term Ownership (50+ Years)
  • Strong Historical Occupancy | Well-Maintained and Cared For
  • Phenomenal Location Near University of Minnesota
  • On-Site Leasing Office | Eight Off-Street Parking Stalls
  • Value-Add Opportunity to Raise Rents to Market Levels
  • Capital Expenditures Include New Boiler (2020)

Investment Overview

For the first time in 50 years, Marcus & Millichap is honored to present for sale, 707 University Apartments, a 20-unit apartment community located in the Marcy-Holmes neighborhood of Minneapolis, Minnesota. Centered within the city's oldest neighborhood, just northeast of the Mississippi River near I-35W, 707 University Apartments benefit from proximity to downtown Minneapolis and the University of Minnesota's Minneapolis (U of M) campus. Directly across the river from the downtown metro and just blocks from the Dinkytown neighborhood, this location attracts an eclectic mix of students, artists, and young professionals. Notably, Marcy-Holmes and other nearby historic districts boast some of Minneapolis most recognizable landmarks and prominent architectural styles. With contemporary buildings, landscapes, and streets intermingled with those reminiscent of the 1800's, these neighborhoods are highly valued for their quality and character. The cobblestone riverfront stretch of SE Main Street is popular among locals and is just blocks from the property. Residents may explore cafes, restaurants, and bars on Main Street with options such as Jefe Urban Cocina, Hideaway Cabin Bar, Aster Cafe, and Pracna the oldest restaurant on the oldest street in Minneapolis. Constructed in 1920, this all-brick exterior, garden-style building is comprised of a single studio unit at 400 square feet, 6 one-bedroom units at 510 square feet, and 13 three-bedroom units at 760 square feet. 707 University Apartments feature eight off-street parking stalls and is less than one block from the University Ave SE & 8th Ave SE Metro Transit bus stop that has routes going to the U of M. Aside from vehicular modes of transportation, bikeways also weave throughout the neighborhood, including an on-street bikeway along University Ave SE which is significant to the students population who make up three-fourths of the current tenant base. 707 University has benefitted from having been cared for by long-term ownership who within the last 15-20 years have replaced the roof and windows, and more recently the boiler (2020).

Exclusively Listed By

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