7444 Cedar Avenue S, Minneapolis, MN 55423

$2,650,000

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Property Type: Commercial Square Footage: 21,840 Lot Size (sq. ft.): 38,768 Status: Active

Current Price: $2,650,000 List Date: 1/12/2026 Last Modified: 8/31/2026

Overview

Description

Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America! Prime for a re-development opportunity! Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles. The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work o ... (Read more) Introducing a unique investment opportunity in the heart of Richfield, Minnesota! This expansive property located at 7444 Cedar Ave boasts a total of 23 units with a combined square footage of 21,840, making it an ideal investment for those looking to expand their apartment rental portfolio. The asset sits on over 0.88 acres, on a bus route, and close to the Mall of America! Prime for a re-development opportunity! Built in 1966, this very well-maintained building features a mix of 18 spacious two-bedroom units and 5 cozy one-bedroom units, providing a variety of options for potential renters. Additionally, the property includes 10 detached garages, ensuring that tenants have ample space to park their vehicles. The exterior of the property is well-maintained and features a classic brick façade, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major transportation routes, making it easy for tenants to commute to work or enjoy all that Richfield has to offer. Investors looking for a turn-key property with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is fully occupied and turn-key in a non-rent controlled city on Minnesota! The brick exterior façade makes this property shine. There are many updates in recent years including the front and rear entryways, security cameras, newer vinyl windows (2014), brand new commercial grade water heater replaced in 2023, and a newer roof on both the building and garages replaced in 2014. In 2025 all the electrical panels were swapped out with new breakers making this asset easier to insure. PROPERTY FACTS Year Built: 1966 Square Footage: 21,840 Units: 23 Zoning: Multiple-family District Parking: 10 Garage Stalls plus plenty of off street parking Exterior: Brick Heating: Boiler Roof: Flat - New installed by All Elements, Inc. in 2014 UNIT DESCRIPTION 18 - 2 bedroom, 1 bath - Approx. 910+ Sqft. 5 - 1 bedroom, 1 bath - Approx. 750+ Sqft PROPERTY IMPROVEMENTS 2025: New Electrical Panels with Circuit Breakers 2023: New Commercial High-Efficiency Water Heater built by Bock. 2018: New Carpet in Hallways, Common Areas, Entry Way 2014: Roof - Durolast by All Elements, Inc. with 15 year warranty 2013: Windows - Installed vinyl replacement sliders by Window World, Inc.

Listing Details MLS# 7007394

General Property Information

Lot Measurement: Acres
Management Company Name: Self Managed
Multiple PIDs?: No
Other Parking Spaces: 20
Owner Occupied: No
Waterfront YN: No
Year Built: 1966
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Foundation Size: 7000
Garage Stalls: 10
Management Company Phone: 651-263-3653
For Sale or Lease: For Sale
Acres: 0.89
Lot Dimensions: 150 x 250
Assessment Pending: No

Property Features

Accessible: None Air Conditioning: Wall Unit(s) Amenities Shared: Coin-op Laundry Owned; Security Building Appliances: Range; Refrigerator Assumable Loan: Not Assumable Basement: Full; Storage/Locker CMU Style: Apartments/Multi Family; Low Rise Construction Materials: Block; Frame Construction Status: Previously Owned Current Use: Residential Existing Financing: Conventional Exterior: Brick/Stone; Stucco Fencing: Vinyl Flooring: Carpet; Luxury Vinyl Plank; Tile; Vinyl/Linoleum Foundation: Concrete Block Fuel: Natural Gas Heating: Boiler; Hot Water Loan Terms: Cash; Conventional Lock Box Type: None Lot Description: Tree Coverage - Light On Site Utilities: Electric Separate; Heating Common; Hot Water Common Owner Pays: Maintenance/Repair; Snow Removal; Taxes; Trash Collection; Water Parking Characteristics: Parking Lot Pool Description: None Potential Use: Income Rent Rate per Foot: Per Month Rental License Type: Standard Road Frontage: City Street; Paved Streets Road Responsibility: Public Maintained Road Roof: Age Over 8 Years; Flat; Rubber Sewer: City Sewer/Connected Stories: Three Or More Tenant Pays: Broadband; Cable TV; Electricity Topography: Level Wall Description: Drywall Water: City Water/Connected Window Features: Double Pane Windows; Insulated Windows; Screens

Contract Information

Contingency: None
ListPrice: 2650000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 7444
Street Name: Cedar
Street Suffix: Avenue
Street Direction Suffix: S
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55423

Assessments

Tax With Assessments: 47073

Building Information

Building Finished SqFt: 21840
Building SqFt: 21840
Ceiling Height: 8-10

More Information

Income and Expenses

Annual Caretaker Expense: 16683
Annual Electric Expense: 2000
Annual Fuel Expense: 8600
Annual Gross Expenses: 124786
Annual Gross Income: 327600
Annual Insurance Expense: 9200
Annual Maintenance Expense: 8000
Annual Net Income: 208879
Annual Trash Expense: 7200
Annual Water/Sewer Expense: 14500
Total Annual Expenses: 124786

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 24
Section#: 35
Township#: 28

Sale Options

Sale Includes: Building, Land, Leases, Rental License

Unit 1

No. of 1 Bedroom Units: 5

Unit 2

No. of 2 Bedroom Units: 18

Unit Details

Total Units: 23

Listing Office: Apartment Cash Flow, Inc.

Last Updated: August - 31 - 2026

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.

7444 Cedar Avenue S, Minneapolis, MN 55423 (MLS# 7007394)