For Sale: Minneapolis MLS# 7143580
Active
NEW!
$410,900
Commercial: 2 Stories
3 br • 3 ba • Built 1907
0.15 acres
Minneapolis schools
MLS# 7143580
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Property Description
Cash flow from day one with a strong positive-leverage spread. 3116 Emerson Ave N is a fully occupied, six-unit mixed-use investment property offering an attractive entry point for the small investor focused on real cash flow—not just future appreciation. Priced at $410, 900, the property generates approximately $79, 812 in annual scheduled income and $40, 083 in-place NOI, producing a 9.75% cap rate. Using the 6.25% financing assumption in the offering memorandum, that represents roughly a 350-basis-point spread between the going-in cap rate and interest rate, creating meaningful positive leverage that is increasingly difficult to find in smaller investment properties.
The asset includes four residential apartments and two commercial spaces, providing six separate income streams and diversification beyond a traditional small multifamily property. All six units are currently occupied, while existing rents still provide modest upside: projected market income increases to approximately $84, 000 annually, supporting an estimated $45, 711 NOI and 11.12% market cap rate. Located on the highly visible corner of Lowry Ave N and Emerson Ave N, the property also benefits from 10 off-street parking stalls serving both residential and commercial tenants. For an investor looking to graduate from duplexes and fourplexes into a larger cash-flowing asset without making the jump to a multi-million-dollar apartment building, this property offers an unusual combination of affordable basis, immediate income, positive leverage, diversified tenancy, and additional rent upside.
Buyer Agents to verify all measurements
Seller open to seller financing option with QUALIFIED BUYER ONLY!!!
Minimum 48 Hr Notices For All Showings!
Showings ONLY being approved with Proof of Funds and/or verified approval letter from bank!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$410,900
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1907
State:
MN
Property Style:
2 Stories
Zip Code:
55411
Neighborhood/Area:
31
Subdivision Name:
Silver Lake Add
Interior
Bedrooms:
3
Bathrooms:
3
Exterior
Stories:
Two
Garage Spaces:
0
Air Conditioning:
Window Unit(s)
Foundation Size:
6,534 ft2
Foundation Dimensions:
157 x 52
Handicap Accessible:
None
Heating System:
Boiler
Parking Features:
Parking Lot
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.15
Geolocation:
45.012825, -93.293968
Inclusions:
Building, Leases, Rental License
Lot Dimensions:
157 x 52
Zoning:
- Business/Commercial
- Other
- Residential-Multi-Family
Schools
School District:
1
District Phone:
6126680000
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$7,385
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$7,385
Income
Annual Gross Income:
$79,812
Rent
Annual Net Income:
$40,083
Units
Total Units:
6
Miscellaneous
Current Use:
- Beauty/Barber Shop
- Church
- Residential
Fuel System:
Natural Gas
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Keller Williams Premier Realty.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.