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Irving Properties Acquires 23-Unit Santiago Apartments From MBR Investments For $2.6M In Minneapolis
SOLD
$2,600,000
Minnesota
See Similar DealsMultiFamily
Sold 01/29/2026
SOLD
Irving Properties Acquires 23-Unit Santiago Apartments From MBR Investments For $2.6M In Minneapolis
516 Southeast University Avenue
See Similar DealsMultiFamily
Sold 01/29/2026
Summary
MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale
The 516 Southeast University Avenue property in Minneapolis, MN, features 23 multifamily units and has been sold for a transaction amount of $2,600,000, resulting in a price per unit of $113,043.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,600,000
- Units: 23
- Buyer: Irving Properties
- Seller: MBR Investments
- Brokers: Abe Roberts & Michael Jacobs - Marcus & Millichap
Abe Roberts and Michael Jacobs of Marcus & Millichap represented MBR Investments in the sale, successfully procuring the buyer, an entity related to Irving Properties.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$138,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,237.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,325.33
Annual Debt Service$147,903.92
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