Executive Summary

  • Property Type Multifamily
  • Address 2524-2526 Jackson St NE Minneapolis, MN 55418
  • Submarket Holland, Northeast Minneapolis (Arts District)
  • Units 4
  • Unit Mix 1x 3BR/2BA, 1x 2BR/1BA, 2x 1BR/1BA (7 beds | 5 baths)
  • Lot Size 8,369 SF / 0.19 acre
  • Occupancy 100%
  • Year Built 1891 (Fully Renovated 2016)
  • Price $674,999

Investment Overview

Price improved to $674,999. A true hybrid: three of the four units were taken to high-end condition in the 2016 renovation, while the rest is upside you can see. The fourth unit is original and ready for a remodel. Both 1-bedrooms are large and convert easily to 2-bedrooms, and the existing 2-bedroom is the same floor plan, so the conversion is already proven in this building. The lower level has a fully finished bathroom, an egress window and its own meter, and needs a kitchen to become a fifth unit, taking the building from 7 bedrooms to as many as 10 (buyer to verify conforming use with the City). The showpiece is a two-level 3bd/2ba with its own central A/C, a loft, heated tile bath and private balcony. Rents sit under market, the 2-bedroom is being vacated and can be delivered empty, and both 1-bedrooms roll to month-to-month October 1, so a new owner has control from day one. Coin laundry, four large storage units not currently charged for, porch, deck and 8 off-street parking spots.

Fully renovated 3 of 4 units in 2016: hardwood floors, updated kitchens, newer well-maintained furnaces and water heaters.

Premium top-floor unit: two-level 3BR/2BA with a private balcony, a flexible loft, heated-tile bath, and its own central A/C.

100% leased with in-place rents under market; leases roll through 2026 for a natural reset.

Value-add path from 7 bedrooms to 10: convert both 1-beds to 2- beds and finish the lower level as a bonus unit.

Separately-metered lower level already has a finished bath, its own furnace, and a water heater; needs only a kitchen.
Owner-owned coin op laundry and basement storage units that are not being charged to the tenants.

Off street parking lot in rear alley way.

Great outdoor common areas including a large deck, patio, covered front porch, and fire pit area.

Holland neighborhood in the Northeast Arts District, voted #1 Arts District in America; walk to Central Ave.

Location Map

Team

Zach Burnside