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Presented By: Stepping Stone Brokers LLC
Archer Apartments is an upscale, modern 43-unit residential apartment building close to the UofM campus, downtown Minneapolis, and the popular St. Anthony Main neighborhood. This rare opportunity to bolster any residential and/or commercial portfolio with a turn-key property does not hit the market often. Operating as a fully residential community under professional management, Archer has achieved consistent occupancy performance of 95%+ since it's completion in 2018. Features and amenities include (39) 1-bedroom units, (4) studio units, (18) parking spots in heated first floor garage, a gym, a secure bike storage room, multiple shared community room spaces including a rooftop deck with built-in grill, an Amazon package locker and modern mail box system, elevator, and Butterfly entry technology system. As an A-Class property situated on a corner lot in NE Minneapolis, Archer is sure to impress investors and tenants alike with full kitchen suites, garbage disposals, and in-unit laundry for each apartment. Buyer and Buyer's agent to verify all measurements.
Presented By: Stepping Stone Brokers LLC
BasementConcrete
Basement (Y/N)Yes
Ceiling Height8-10
FuelNatural Gas
AccessibilityReduced Height Counters, Doors 36 +, Accessible Elevator Installed, Fully Wheelchair, Wheelchair Ramp(s)
Additional Parcels Y/NNo
Amenities UnitBalcony, Cable, Ceiling Fan(s), City View, Exercise Room, Hardwood Floors, Indoor Sprinklers, Kitchen Center Island, Primary Bedroom Walk-In Closet, Main Floor Primary Bedroom, Security System, Security Lights,
AppliancesDishwasher, Disposal, Dryer, Exhaust Fan, Freezer, Gas Water Heater, Microwave, Range, Refrigerator, Stainless Steel Appliances, Washer
Association AmenitiesDeck, Elevator(s), Fire Sprinkler System, Other, Patio
CityMinneapolis
Construction MaterialsAluminum Siding, Block, Metal Siding
ContingencyNone
CoolingWall Unit(s)
CountyHennepin
Current UseResidential
DirectionsFrom 35W, go East on SE 4th Street, then South on 4th Ave SE. Property on NE corner of 4th Ave SE & University Ave SE
Electric Expense9744.24
Fuel Expense4723
Garage Spaces18
Gross Income714926.02
HeatingForced Air
High School DistrictMinneapolis
Insurance Expense24066.87
Land Lease Y/NNo
Lender OwnedNo
LevelsThree Or More
Lot Size UnitsAcres
MaintenanceExpense21757.86
Net Operating Income505023.08
NumberOfUnitsTotal43
Operating Expense212717.25
OwnerPaysJanitorial Service, Grounds Care, Repairs, Sewer, Snow Removal, Taxes, Trash Collection
PostalCityMinneapolis
Property SubtypeApartment, High Rise
Property TypeCommercial Sale
RoofAge 8 Years or Less, Rubber
SewerCity Sewer/Connected
Standard StatusActive
Subdivision NameSaint Anthony Falls
Tax Annual Amount116639
Tax Year2024
Tenant PaysCable TV, Electricity, Insurance, Other, Parking Fee
TopographyLevel
Trash Expense9455.48
UtilitiesElectric Common, Electric Separate, Heating Common, Heating Separate, Hot Water Common, Hot Water Separate
Water Sewer Expense17284.05
Year Built2018
Zoning DescriptionResidential-Multi-Family
Building Area Total32512
Foundation Area7378
InclusionsBuilding, Land, Leases
Lot Dimensions66.00 x 165.00
Lot FeaturesPublic Transit (w/in 6 blks), Corner Lot, Tree Coverage - Light
Lot Size Area0.25
Parking FeaturesAssigned, Covered, Electric, Floor Drain, Garage Door Opener, Heated Garage, Insulated Garage, Parking Garage, Secured, Storage, Underground
Road Frontage TypeCity Street
Road ResponsibilityPublic Maintained Road
Water SourceCity Water/Connected