For Sale: Minneapolis MLS# 7162577
Active
NEW!
$285,000
Commercial: 2 Stories
4 br • 3 ba • Built 1920
0.06 acres
Minneapolis schools
MLS# 7162577
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Property Description
Built in 1920, this brick corner building has served the neighborhood for more than a century: first as a medical office, then a grocery, and for decades a barber shop. It's now ready for its next chapter.
The building sits at the signalized corner of Bloomington Avenue and E 26th Street, where about 15, 000 vehicles pass each day. Westbound traffic on 26th heads toward the nearby hospital campus, and transit stops are at the intersection. The C1-zoned storefront faces both streets. The current barber tenant can stay in place, or an owner-user can take over the space for their own business. An owner-occupant may qualify for SBA financing, which offers low down payments.
Upstairs are a fully remodeled 3-bedroom and 1-bedroom apartment with long-term tenants. These units have in-unit laundry which is an attractive amenity. Both are enrolled in Minnesota's 4d low-income classification through 2029, which lowers property taxes. The building also has an open basement for storage and a tandem driveway for two to four vehicles.
It's a strong fit for an investor looking for stable mixed-use income, or a business owner who wants to own their location and have rental income help pay for it.
Buyer to verify all measurements and other details.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$285,000
Property Type:
Commercial
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1920
State:
MN
Property Style:
2 Stories
Zip Code:
55404
Neighborhood/Area:
54
Subdivision Name:
Gales 1st Add
Interior
Bedrooms:
4
Bathrooms:
3
Refrigerators:
Two
Appliances Included:
- Dryer
- Range
- Refrigerator
- Washer
Basement Details:
Full
Exterior
Stories:
Two
Garage Spaces:
0
Foundation Size:
1,564 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Boiler
Parking Features:
- Open
- Unassigned
Unit Amenities:
Washer/Dryer Hookup
Exterior Material:
Frame
Pool:
None
Roof Details:
Flat
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.06
Geolocation:
44.95569, -93.252712
Inclusions:
Building, Leases
Lot Dimensions:
32 x 81
Zoning:
- Business/Commercial
- Residential-Multi-Family
Lot Description:
Corner Lot
Schools
School District:
1
District Phone:
6126680000
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
None
Annual Fuel Expense:
$3,279
Annual Insurance Expense:
$7,895
Annual Maintenance Expense:
$200
Annual Trash Expense:
None
Annual Water/Sewer Expense:
$2,118
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$7,932
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$7,990
Income
Annual Gross Income:
$43,800
Rent
Annual Net Income:
$24,935
Units
Total Units:
3
Miscellaneous
Current Use:
- Beauty/Barber Shop
- Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
Power Company Name:
Xcel Energy
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Peritus Real Estate.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.