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Key Details
Sold Price $865,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Motor Line Add
MLS Listing ID 6725729
Sold Date 07/02/25
Year Built 1960
Annual Tax Amount $10,761
Tax Year 2025
Contingent None
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 46' x 128'
Property Sub-Type Apartment
Property Description
SELLER FINANCING AVAILABLE w/ the following terms: 20% down, 5.0% interest (interest-only), on a seven-year term. Fantastic investment opportunity to buy an apartment with seller-financing in the heart of Lyn-Lake! This fully renovated six-unit apartment at 3029 Garfield offers modern, updated units with leases running through Summer of 2025 – one unit has been left vacant to accommodate on-site showings. The unit mix consists of 1 x studio, and 5 x one-bedrooms. Tenants enjoy the convenience of mobile-friendly laundry and eight dedicated parking spaces. The property generates over $7,100/month, which includes revenue from rent, parking, pet fees, RUBs, and laundry – with the seller financing terms, this equates to a cash-on-cash return of over 12%! A turnkey investment in one of Minneapolis's most popular rental areas—this is an income-producing property you won't want to miss!
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Interior
Heating Boiler
Fireplace No
Exterior
Parking Features Parking Lot
Utilities Available Electric Common, Electric Separate, Heating Common, Hot Water Common
Present Use Residential
Building
Foundation 1616
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone,Stucco
Schools
School District Minneapolis
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