2115 44th Ave N - Financials
Unit |
Style |
Baths |
Current |
Resident Pays |
Expiration |
| 101 | 2 BR | 1 | $1,250 | Electricity | Month To Month |
| 102 | Studio | 1 | $1,060 | Month To Month | |
| 201 | 2 BR | 1 | $1,350 | Electricity | Month To Month |
| 202 | 1 BR | 1 | $1,250 | Electricity | 3/1/2024 |
| 301 | 2 BR | 1 | $1,060 | Electricity | Month To Month |
| 302 | 1 BR | 1 | $1,060 | Electricity | Month To Month |
| Total | 9 | 6 | $7,030 |
Laundry income brings in an additional $100 + / month
Expenses |
Monthly |
Annually |
% of Gross Rent |
Notes |
| Taxes | $479 | $5,742 | 6.8% |
4D reduced Tax. Also includes $712.24 / yr special assessment |
| Insurance | $333 | $4,000 | 4.7% | |
| Rental License | $17 | $200 | 0.2% | Tier 1 |
| Gas | $285 | $3,420 | 4.1% | Centerpoint Energy |
| Electricity | $110 | $1,320 | 1.6% | Xcel Energy - Common areas plus efficiency unit |
| Water, Sewer & Trash | $526 | $6,312 | 7.5% | City of Minneapolis |
| Lawn / Snow | $200 | $2,400 | 2.8% | Neighbor |
| Interior Cleaning | $100 | $1,200 | 1.4% | Resident - Rent Credit |
| Property Management | $0 | $0 | 0% | Owner-Managed |
| Advertising / Leasing | $0 | $0 | 0% | Owner- Managed |
| Routine Maintenance | $240 | $2,880 | 3.4% | Estimate - Varies |
| Total | $2,290 | $27,474 | 32.6% |
Investment Analysis
| Scheduled Rent | $84,360 |
| Estimated Vacancy at 5% | -$4,218 |
| Laundry Income | $1,200 |
| Effective Gross Income | $81,342 |
| Expenses | -$27,474 |
| Net Operating Income | $53,808 |
| Sales Price | $700,000 |
| Price Per Unit | $116,667 |
| Price Per Sq Ft | $138 |
| Down Payment (25%) | $175,000 |
| New Financing | $525,000 |
| Example Financing at 6.3% amortized over 25 years* |
$3,480 / month $41,754 / year |
| Debt Coverage Ratio | 1.29 |
| Rent To Value Ratio | 1% |
| Gross Rent Multiplier | 8.3 |
| Cap Rate | 7.69% |
*This is not an offer for financing. Please confirm availability with your lender.
Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
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