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Seva Inc. Acquires 66-Unit Apartment Property Near University Of Minnesota For $5.22M

Property Image
SOLD
$5,220,000
MH
HH

Minnesota

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MultiFamily
Sold 08/04/2023
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Property Image
SOLD

Seva Inc. Acquires 66-Unit Apartment Property Near University Of Minnesota For $5.22M

727 15th Avenue Southeast Minneapolis, Minnesota 55414, Usa

See Similar Deals
MultiFamily
Sold 08/04/2023
MH
HH
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

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

MH
Re/Max
Mark Hulsey
2 deals$13.2M volume
BROKER
HH
Re/Max
Hayden Hulsey
2 deals$13.2M volume
BROKER

Details

SOLD
IMAGE: Hayden Hulsey & Mark Hulsey DATE: 08/04/2023 ADDRESS: 721 & 727 15th Avenue Southeast MARKET: Minneapolis ASSET TYPE: Multifamily ~ ACRES: 0.42 BUYER: Seva Inc. SELLER: Larlee LLLP BROKERS: Mark Hulsey & Hayden Hulsey - ReMax Results Commercial (@Remax) SALE PRICE: $5,220,000 UNITS: 66 ~ PPU: $79,091 NOTE: A 66-unit apartment property near the University of Minnesota sold for $5.22 million after 24 years. Seva Inc., related to a private investor, purchased the property from Larlee LLLP.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$278,400.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,545.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,745.46
Annual Debt Service$296,945.56