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7444 Cedar Avenue S, Minneapolis, MN 55423

$2,875,000

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

Current Price: $2,875,000 List Date: 1/12/2026 Last Modified: 5/27/2026

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. PRICE: $2,875,000 Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.

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
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: 2875000
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
Assessment Balance: 0

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
Annual Repair Expense: 0

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

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: UNPLATTED 35 028 24 THAT PART OF THE S 1/2 OF N 1/2 OF NE 1/4 OF SE 1/4 LYING E OF ZUBERTS SOUTH VIEW GARDENS THIRD ADDN EX ROAD
Listing City: Richfield
Map Page: 134
Municipality: Richfield
School District: Richfield
School District Phone: 612-798-6010
Zip Plus 4: 1801
Property ID Number: 3502824410002
Tax Year: 2025
Tax Amount: 47073
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: 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. PRICE: $2,875,000 Information is deemed reliable but not guaranteed. Buyer and Buyer's agent to verify all details.
Directions: Right off Highway 77, over looking the airport

Accessible

None: Yes

Air Conditioning

Wall Unit(s): Yes

Amenities Shared

Coin-op Laundry Owned: Yes
Security Building: Yes

Appliances

Range: Yes
Refrigerator: Yes

Assumable Loan

Not Assumable: Yes

Basement

Full: Yes
Storage/Locker: Yes

Construction Materials

Block: Yes
Frame: Yes

Construction Status

Previously Owned: Yes

Existing Financing

Conventional: Yes

Exterior

Brick/Stone: Yes
Stucco: Yes

Fencing

Vinyl: Yes

Flooring

Carpet: Yes
Luxury Vinyl Plank: Yes
Tile: Yes
Vinyl/Linoleum: Yes

Foundation

Concrete Block: Yes

Fuel

Natural Gas: Yes

Heating

Boiler: Yes
Hot Water: Yes

Lock Box Type

None: Yes

Lot Description

Tree Coverage - Light: Yes

Owner Pays

Maintenance/Repair: Yes
Snow Removal: Yes
Taxes: Yes
Trash Collection: Yes
Water: Yes

Parking Characteristics

Parking Lot: Yes

Pool Description

None: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes
Paved Streets: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age Over 8 Years: Yes
Flat: Yes
Rubber: Yes

Sewer

City Sewer/Connected: Yes

Stories

Three Or More: Yes

Topography

Level: Yes

Wall Description

Drywall: Yes

Water

City Water/Connected: Yes

Window Features

Double Pane Windows: Yes
Insulated Windows: Yes
Screens: Yes

No. of Ranges

One Per Unit: Yes

No. of Refrigerators

One Per Unit: Yes

Tenant Pays

Broadband: Yes
Cable TV: Yes
Electricity: Yes

On Site Utilities

Electric Separate: Yes
Heating Common: Yes
Hot Water Common: Yes

CMU Style

Apartments/Multi Family: Yes
Low Rise: Yes

Current Use

Residential: Yes

Loan Terms

Cash: Yes
Conventional: Yes

Potential Use

Income: Yes

Rent Rate per Foot

Per Month: Yes

Documents

7444 Cedar Ave 23 units.pdf ›

Listing Office: Apartment Cash Flow, Inc.

Last Updated: May - 27 - 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. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.