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Really Good Rentals Acquires 48-unit Mixed-use Property From Dan Carlson For $11.6M In Minneapolis
SOLD
$11,600,000
Minnesota
See Similar DealsMixed-use
Sold 07/08/2025
SOLD
Really Good Rentals Acquires 48-unit Mixed-use Property From Dan Carlson For $11.6M In Minneapolis
5401 Chicago Avenue South
See Similar DealsMixed-use
Sold 07/08/2025
Summary
MINNESOTA
Asset Type:Mixed-use
Transaction Type:Sale
The property at 5401 Chicago Avenue is a mixed-use asset located in Minneapolis, MN. It features a total of 48 units and was sold for $11,600,000, amounting to a per unit price of $241,667.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $11,600,000
- Buyer: Really Good Rentals
- Seller: Dan Carlson - New Life Properties
- Broker: Chris Missling - Grant Johnson Group
- Units: 48
- PPU: $241,667
Chris Missling from the Grant Johnson Group represented the seller, Dan Carlson from New Life Properties, in the transaction with Really Good Rentals. The acquisition involves plans for Really Good Rentals to exit the city's 4d affordable housing program, which will allow for rent increases but will eliminate tax incentives.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$618,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,212.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,989.92
Annual Debt Service$659,879.02
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