2110 1st Avenue S, Minneapolis, MN 55404

Property Description

Beautiful Grand Victorian boarding house with active rental license. 18 single rooms which include an owner's suite with 2 bedrooms. Currently there are only 5 units rented at $500 per month. Market rate should be closer to $600 per room on average. 17 rooms are allowed to be rented although the current license has approval for 16. There is an opportunity to generate $10,200 per month at market rent. There is a steady demand for units and the property is being underutilized. Owners' suite is spacious and has a full kitchen and private bathroom. Possible for an ADU in the basement and above the garage. Many bathrooms have been capped. There is currently one bathroom per floor that is operational. There are a total of 13 bathrooms. Large parking lot can accommodate up to 15 cars. There is a spacious 3 car garage on site and additional carriage house. New roof installed in 2021. Exterior painted in 2021. The property is priced well below assessed value of $937,000 setting you up for a large reduction in property taxes! This a perfect opportunity for a live in handyman to repair and remodel the property and have the mortgage covered. Lots of unique opportunities for investors or other organizations to cash flow this iconic property!