Quote:
Originally Posted by Chef
I really like 2810 Fremont and the other buildings like it that have been popping up around the city the last few years. Not because it is a beautiful building but because it is clear that a developer has figured out a formula for missing middle housing that works in parts of Minneapolis financially and can be built on a single residential lot. The fact that there seem to be more of these under construction all the time makes me think that if they keep being successful they may start playing a meaningful role in reducing the housing shortage.
|
Good call and agree. And on top of the housing shortage, like most US cities, a lot of the available rental stock is increasingly old and tried, so this puts pressure on those owners to renovate and upgrade. Obviously a big part of it is zoning allowing it at all, then the math making sense. According to THE INTERNET it is a 10-unit building, and a 2 bed/2 bath is $1,800 a month. Knowing some units are smaller (I assume), you are talking about somewhere at or below $15,000 a month in revenue for the owner if fully-occupied. That is VASTLY more than even the very best single, duplex could ever do.
Interesting, no elevator, but dual staircases setup more like a commercial building for redundant exit paths. Note, no parking (I don't count street parking in this neighborhood as 'parking', it is going to be a bloodbath competing for spaces and even more miserable in winter). Sure, there are some who could do without a car, but I feel most will.
https://www.realtor.com/realestatean...8_M78632-30957