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For Sale:  Richfield MLS# 7043836

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Active NEW!
$624,999
/mo Edit
Multi-family:  Fourplex
7 br • 4 ba • Built 1966
4,008 sqft • 0.26 acres
MLS# 7043836
763-576-8286
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    Property Description

    Rarely available fourplex in a highly convenient Richfield location offering strong rental demand and long-term tenants. This well-maintained property features three 2-bedroom units and one 1-bedroom unit, making it an ideal addition to an investor’s portfolio, owner occupant or a great opportunity for a first-time multifamily buyer looking to build passive income. Recent capital improvements provide peace of mind, including a new boiler (2025), newer windows and a complete remodel of Unit 2 in 2024 featuring new carpet, fresh paint, new blinds, new living room windows, updated kitchen cabinets, countertops, appliances, and remodeled bathroom with tile tub/shower. The property benefits from month-to-month leases with long-term tenants and historically low turnover, helping provide consistent income and flexibility for future rent adjustments. Located in Southwest Richfield, the property offers excellent accessibility to major highways, shopping, restaurants, and parks, and is just minutes from the Mall of America and MSP Airport, making it an attractive location for renters. The neighborhood also offers strong amenities and transportation access, further supporting long-term rental demand.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $624,999
    Price per sq ft: $156
    Property Type: Multi-family
    City: Richfield
    Garage Spaces: 0
    County: Hennepin
    Year Built: 1966
    State: MN
    Property Style: Fourplex
    Zip Code: 55423
    Subdivision Name: Sunset Terrace

    Interior

    Bedrooms: 7
    Bathrooms: 4
    Finished Area: 4,008 ft2
    Living Area: 4,008 ft2
    Refrigerators: Four
    Basement Details:
    • Block
    • Other

    Exterior

    Stories: Two
    Garage Spaces: 0
    Foundation Size: 2,079 ft2
    Handicap Accessible: None
    Heating System: Boiler
    Parking Features: Parking Lot
    Shared Amenities:
    • Coin-op Laundry Owned
    • Laundry

    Rooms

    Laundry:
    • Common Area
    • In Basement

    Lot & Land

    Acres: 0.26
    Geolocation: 44.864299, -93.283723
    Lot Dimensions: 75 x 122
    Zoning: Residential-Multi-Family
    Lot Description: Public Transit (w/in 6 blks)

    Schools

    School District: 1261
    District Phone: 6127986010

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: None
    Annual Fuel Expense: None
    Annual Insurance Expense: None
    Annual Maintenance Expense: None
    Annual Trash Expense: None
    Annual Water/Sewer Expense: None
    Tenant Expenses: Cable TV, Electricity, Gas

    Financial & Taxes

    Tax Year: 2026
    Annual Taxes: $9,141
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $9,140

    Income

    Annual Gross Income: $63,900

    Units

    Total Units: 4

    Miscellaneous

    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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    Listing provided by RMLS, courtesy of Eos Realty, LLC.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.