2870 & 2876 & 2882 Humboldt Avenue S, Minneapolis, MN 55408

Property Description

* Sale Price: $5,600,000 * Rare 60 Unit (3 Building) Brownstone Multifamily Portfolio * Located on a 0.49-acre site totaling approximately 21,344 sf * Corner of Lagoon & Humboldt, across from Lunds & Byerly's, near The Lakes, and next to the Midtown Greenway Trail * Longtime family-owned asset * 95% Occupancy - Desirable unit mix: (18) studios, (41) 1 bedrooms, (1) 2 bedroom. * 3 Parcels: 2870 (33-029-24-34-0014), 2882 (33-029-24-34-0016), land parcel between the buildings (33-029-24-34-0015) * Stabilized property with true value-add upside through rent growth, unit/common area improvements and management/operational efficiencies * Perfect 1031 Tax exchange and Investment * Opportunity to acquire three adjacent multifamily buildings in a single transaction (management efficiency) * Desirable Uptown/Lagoon Ave location with excellent access to nearby restaurant, retail, entertainment, parks & transit * Flexible zoning with 2870 Humboldt Avenue South zoned UN3 and 2876/2882 Humboldt Avenue South zoned RM1, allowing for continued multifamily use in an urban residential setting.