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CITY
Minneapolis, MN
UNITS
198
SALES PRICE
$12,500,000
DOWN PAYMENT
$3,125,000
TERMS
Cash or Submit
Highlights
  • Many capital improvements (2010-2012)
  • Large closets in bedrooms and hallways
  • Large and smaller two-bedroom floor plans
  • Intercom security systems
  • Newer unit carpeting
  • Lighted ceiling fans (dining rooms)
  • Maitenance-free picnic tables & grills

Call MBG at (952) 922 -4405

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Description

City Limits Apartments is a 198-unit property with attractive one- and two-bedroom affordable apartments. The property is nicely landscaped with a large onsite leasing office and many community amenities such as a library, fully-equipped community room, and a picnic and playground area with barbeque grills. The Seller has invested close to $700,000 in a variety of capital improvements during the past three years.

The complex employs a Y-shape design for one freestanding and five double buildings. This creative architectural style optimizes space and simplifices on-site management. Each building consists of 18 apartments-six units on three levels surrounding large central corridors. Laundry facilities, available on each floor, are equipped with front-loaded washers and dryers, and feature new laundry tubs and faucets. All buildings have two boilers and 70-gallon water heaters.

Apartment interiors are spacious and well designed. Appointments include neutral decor, decks with sliding glass doors on the 2nd and 3rd levels, wall air conditioners, and baseboard heating with adjustable temperature settings. Galley-style kithcens feature all white appliances, electric ranges with vent hoods, and double-sided stainless steel sinks. Bathrooms include lighted mirrors and vanities and ceramic tile floors and baths.

City Limits, built in 1965-66, conveniently located in the Windom community in South Minneapolis. The property's location allows easy access to Hwy. 62 and 35W and is within walking distance to Cub Foods and other local retail stores.

 

Summary
Property Type
3-story brick & concrete buildings
Year Built
1965
Units / Rents
36 - 1 BR (785 sq. ft.)
162 - 2 BR (860 & 915 sq. ft.)
Heating & Air Conditioning
Hot Water Baseboard with adjustable settings
Laundry
33 washers & 33 dryers (6 in each building)
Assessed Market Value
N/A
Real Estate Taxes
2013 - $116,947
Parcel Size
6.54 acres
Parking
14 garages and ample off-street spaces
Roofs
Flat Roof
©2008 MINNESOTA BROKERAGE GROUP
4725 Excelsior Blvd. Suite 500 / Minneapolis, MN. 55416
952.922.4405