$2,875,000
7444 Cedar Avenue S Richfield, MN 55423
For Sale MLS# 7007394
21,840 sq ft Commercial
Details for 7444 Cedar Avenue S
MLS# 7007394
Description for 7444 Cedar Avenue S, Richfield, MN, 55423
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 FACTSYear Built: 1966Square Footage: 21,840Units: 23Zoning: Multiple-family DistrictParking: 10 Garage Stalls plus plenty of off street parkingExterior: BrickHeating: BoilerRoof: Flat - New installed by All Elements, Inc. in 2014UNIT DESCRIPTION18 - 2 bedroom, 1 bath - Approx. 910+ Sqft.5 - 1 bedroom, 1 bath - Approx. 750+ SqftPROPERTY IMPROVEMENTS2025: New Electrical Panels with Circuit Breakers2023: New Commercial High-Efficiency Water Heater built by Bock.2018: New Carpet in Hallways, Common Areas, Entry Way2014: Roof - Durolast by All Elements, Inc. with 15 year warranty2013: 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 Information
Property Type: Commercial, Apartments/Multi Family,Low Rise (3- Levels)
Status: Active
Lot Size: 0.89 Acres
Square Feet: 21,840 sq ft
Year Built: 1966
Foundation: 7,000 sq ft
Garage: Yes
Stories: Three Or More
Number Of Units Total: 23
Current Use: Residential
County: Hennepin
Days On Market: 146
Construction Status: Previously Owned
School Information
District: 280 - Richfield
Interior Features
Appliances: Range, Refrigerator
Flooring: Carpet,Luxury Vinyl Plank,Tile,Vinyl/Linoleum
Basement: Full, Storage/Locker, Finished (Livable)
Doors/Windows: Double Pane Windows, Screens, Insulated Windows
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Other Utilities: Electric Separate,Heating Common,Hot Water Common
Cooling: Wall
Heating: Hot Water, Natural Gas, Boiler
Exterior / Lot Features
Garage Spaces: 10
Open Parking: 20
Parking Description: Parking Lot
Exterior: Stucco, Brick/Stone
Roof: Age Over 8 Years, Flat, Rubber
Lot Dimensions: 150 x 250
Zoning: Residential-Multi-Family
Topography: Level
Fencing: Vinyl
Additional Exterior/Lot Features: Tree Coverage - Light, Land Inclusions - Building,Land,Leases,Rental License, Road Frontage - City, Paved Streets
Driving Directions
Right off Highway 77, over looking the airport
Financial Considerations
Tenant Pays: Broadband,Cable T.V.,Electric
Owner Pays: Maintenance/Repair,Snow,Taxes,Trash,Water
Gross Income: 327600
Expense: 124786
Tax/Property ID: 3502824410002
Tax Amount: 47073
Tax Year: 2025
HomeStead Description: Non-Homesteaded
A broker reciprocity listing courtesy: Apartment Cash Flow, Inc.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Edina Realty, Inc. are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail and detailed information about them includes the name of the listing brokers. Edina Realty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Edina Realty, Inc., a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Open House information is subject to change without notice. Information deemed reliable but not guaranteed.
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Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 7444 Cedar Avenue S
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 7444 Cedar Avenue S
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.
SchoolDigger ® Rating
The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.
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