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MLS# 6687483
7444 Cedar Avenue S Richfield, MN 55423
Apartment Cash Flow, Inc. is the brokerage office representing the seller for this listing.
Copyright 2019, Regional Multiple Listing Service of Minnesota, Inc. all rights reserved. Information is deemed reliable but is not guaranteed.
The data relating to real estate for sale on this site comes in part from the broker reciprocity program of the Regional multiple Listing Service of Minnesota, Inc. real estate listings held by brokerage firms other than are marked with the Broker Reciprocity logo or the Broker reciprocity house icon and detailed information about them includes the names(s) of the listing brokers. Mark Tietjen - Rusty's Up North Realty is not a multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Mark Tietjen - Rusty's Up North Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.
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This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America!\n\nBuilt in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.\n\nThe exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.\n\nInvestors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!\n\nThe brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows, brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014.\n\nPROPERTY FACTS\nYear Built: 1966\n\nSquare Footage: 21,840\n\nUnits: 23\n\nZoning: Multiple-family District\n\nParking: 10 Garage Stalls plus plenty of off street parking\n\nExterior: Brick\n\nHeating: Boiler\n\nRoof: Flat - New installed by All Elements, Inc. in 2014\n\nUNIT DESCRIPTION\n18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.\n\n5 - 1 bedroom, 1 bath - Approx. 750+ Sqft\n\nPROPERTY IMPROVEMENTS\n2022: New Commercial High-Efficiency Water Heater built by Bock.\n\n2018: New Carpet in Hallways, Common Areas, Entry Way\n\n2014: Roof - Durolast by All Elements, Inc. with 15 year warranty\n\n2013: Windows - Installed vinyl replacement sliders by Window World, Inc.\n\nPRICE: $3,300,000 \nInformation is deemed reliable but not guaranteed. 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{"ListingKey":"NST7714609","LotSizeArea":"0.89","NST_AgeOfProperty":"59","NST_AgentOwner":"No","InternetAutomatedValuationDisplayYN":"False","InternetConsumerCommentYN":"True","AssociationAmenities":"Coin-op Laundry Owned,Patio","Appliances":"Range,Refrigerator","NST_AssessmentPending":"No","Basement":"Egress Window(s),Finished","BasementYN":"True","PropertySubType":"Apartment","NST_CeilingHeight":"8-10","City":"Richfield","PropertyType":"Commercial Sale","NST_ConstructionMaterialsDesc":"Brick","Contingency":"None","Cooling":"Wall Unit(s)","CountyOrParish":"Hennepin","CurrentUse":"Residential","DaysOnMarket":"195","CumulativeDaysOnMarket":"195","Directions":"Just west of Highway 77 and north of Highway 494","InternetAddressDisplayYN":"True","InternetEntireListingDisplayYN":"True","ManagerExpense":"15957","ElectricExpense":"2000","FuelExpense":"8600","InsuranceExpense":"9200","OtherExpense":"8000","OperatingExpense":"119117","TrashExpense":"7200","WaterSewerExpense":"14500","NST_Expenses":"119117.0000","ConstructionMaterials":"Brick/Stone,Stucco","NST_ForeclosureStatus":"No","FoundationArea":"7280","NST_FractionalOwnershipYN":"No","RoadFrontageType":"City Street","NST_Fuel":"Natural Gas","ParkingFeatures":"Detached,Asphalt","GrossIncome":"333666","AccessibilityFeatures":"None","Heating":"Boiler","OriginalEntryTimestamp":"2025-03-19T02:06:16Z","LandLeaseYN":"False","NST_LastUpdateDate":"2025-09-29","Latitude":"44.867912","NST_LenderOwned":"No","ListAgentKey":"NST38915","ListAgentMlsId":"NST506069385","ListingContractDate":"2025-03-18T05:00:00Z","ListOfficeKey":"NST27376","ListOfficeName":"Apartment Cash Flow, Inc.","ListOfficeMlsId":"NST27376","ListPrice":"2900000","Longitude":"-93.248294","LotFeatures":"Some Trees","LotSizeDimensions":"0.88","LotSizeUnits":"Acres","ListingId":"NST6687483","SourceSystemName":"RMLS","MapCoordinateSource":"King's Street Atlas","AdditionalParcelsYN":"False","NetOperatingIncome":"214548","NST_OfficeBoard":"SPAAR","NST_OwnerOccupied":"No","OwnerPays":"Fuel,Grounds Care,Trash Collection","ParcelNumber":"3502824410002","GarageSpaces":"10","NST_ParkingOpen":"20","PhotosCount":"29","PostalCity":"Minneapolis","PostalCode":"55423","NST_PotentialShortSale":"No","PossibleUse":"Motel/Hotel","PublicRemarks":"Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America!\n\nBuilt in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles.\n\nThe exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer.\n\nInvestors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota!\n\nThe brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows, brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014.\n\nPROPERTY FACTS\nYear Built: 1966\n\nSquare Footage: 21,840\n\nUnits: 23\n\nZoning: Multiple-family District\n\nParking: 10 Garage Stalls plus plenty of off street parking\n\nExterior: Brick\n\nHeating: Boiler\n\nRoof: Flat - New installed by All Elements, Inc. in 2014\n\nUNIT DESCRIPTION\n18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.\n\n5 - 1 bedroom, 1 bath - Approx. 750+ Sqft\n\nPROPERTY IMPROVEMENTS\n2022: New Commercial High-Efficiency Water Heater built by Bock.\n\n2018: New Carpet in Hallways, Common Areas, Entry Way\n\n2014: Roof - Durolast by All Elements, Inc. with 15 year warranty\n\n2013: Windows - Installed vinyl replacement sliders by Window World, Inc.\n\nPRICE: $3,300,000 \nInformation is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.","PublicSurveyRange":"24","PublicSurveySection":"35","PublicSurveyTownship":"28","NST_RangeNum":"One Per Unit","NST_RefrigeratorNum":"One Per Unit","NST_RentalLicenseType":"Standard","NST_RentalLicenseYN":"Yes","RoadResponsibility":"Public Maintained Road","Roof":"Age Over 8 Years,Flat","Inclusions":"Building,Land,Leases,Rental License","HighSchoolDistrict":"Richfield","NST_SchoolDistrictNumber":"280","NST_SchoolDistrictPhone":"612-798-6010","Sewer":"City Sewer/Connected","BuildingAreaTotal":"21840","StateOrProvince":"MN","StandardStatus":"Active","Levels":"Three Or More","StreetDirSuffix":"S","StreetName":"Cedar","StreetNumber":"7444","StreetNumberNumeric":"7444","StreetSuffix":"Avenue","NST_TaxWithAssessments":"48980.0000","TaxYear":"2025","TaxAnnualAmount":"48980","TenantPays":"Cable TV,Electricity","Topography":"Level","NumberOfUnitsTotal":"23","Utilities":"Electric Separate,Heating Common,Hot Water Common","WaterSource":"City 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