7444 Cedar AVE S, Richfield, MN 55423 - MLS#6687483

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Nick Leavy

EXIT Realty Metro

nick@ermetro.com +1(612) 236-5331

$3,300,000

Est. payment - /mo

0.89 Acres Lot

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UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID 6687483

Year Built 1966

Annual Tax Amount $48,980

Tax Year 2025

Contingent None

Lot Size 0.890 Acres

Acres 0.89

Lot Dimensions 0.88

Property Sub-Type Apartment

Property Description

Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America!

Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.

The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.

Investors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!

The brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows, brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014.

PROPERTY FACTS
Year Built: 1966

Square Footage: 21,840

Units: 23

Zoning: Multiple-family District

Parking: 10 Garage Stalls plus plenty of off street parking

Exterior: Brick

Heating: Boiler

Roof: Flat - New installed by All Elements, Inc. in 2014

UNIT DESCRIPTION
18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.

5 - 1 bedroom, 1 bath - Approx. 750+ Sqft

PROPERTY IMPROVEMENTS
2022: New Commercial High-Efficiency Water Heater built by Bock.

2018: New Carpet in Hallways, Common Areas, Entry Way

2014: Roof - Durolast by All Elements, Inc. with 15 year warranty

2013: Windows - Installed vinyl replacement sliders by Window World, Inc.

PRICE: $3,300,000
Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.

Location

State MN

County Hennepin

Zoning Residential-Multi-Family

Rooms

Basement Egress Window(s), Finished

Interior

Heating Boiler

Cooling Wall Unit(s)

Inclusions Building, Land, Leases, Rental License

Fireplace No

Appliance Range, Refrigerator

Exterior

Parking Features Detached, Asphalt

Garage Spaces 10.0

Utilities Available Electric Separate, Heating Common, Hot Water Common

Roof Type Age Over 8 Years,Flat

Present Use Residential

Building

Lot Description Tree Coverage - Light

Story Three Or More

Foundation 7280

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories Three Or More

Structure Type Brick/Stone,Stucco

Schools

School District Richfield

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Listed by Nathan Opatz • Apartment Cash Flow, Inc.

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