Updated Oct 29, 2024
Seva Inc. Acquires 66-Unit Apartment Property Near University Of Minnesota For $5.22M
727 15th Avenue Southeast Minneapolis, Minnesota 55414, Usa
$5,220,000
Units
66
Asset Type
MultiFamily
Closing
Aug 4, 2023
About this deal
AI
A 66-unit apartment property near the University of Minnesota has been sold for $5.22 million after 24 years. The property, located at 721 & 727 15th Avenue Southeast in Minneapolis, offers a multifamily asset encompassing 0.42 acres. Seva Inc., related to a private investor, bought the property from Larlee LLLP.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,220,000
- Address: 721 & 727 15th Avenue Southeast, Minneapolis
- Market: Minneapolis
- ACRES: 0.42
- Buyer: Seva Inc.
- Seller: Larlee LLLP
- Brokers: Mark Hulsey & Hayden Hulsey - ReMax Results Commercial
- Units: 66
- PPU: $79,091
The purchase was facilitated by Mark Hulsey and Hayden Hulsey from ReMax Results Commercial, who represented both the buyer and the seller in this transaction.
Players
Portland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.04%
Cash-on-Cash
-0.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93