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We've found our next project!
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The NEIC Board is excited to announce that we’ve signed a Letter of Intent to purchase the property at 1601 37th Ave. NE. The 2,100 square-foot building is located on a stretch of Johnson Street NE that sees heavy local traffic, making it an ideal location for a wide variety of tenants.

Now is the time to become a member! Join NEIC today to help fund this next project.

Need to learn more first? Attend an upcoming info session:
  • Wednesday, July 27, 7-8 pm at East Side Neighborhood Services (1700 2nd St NE, room B19)
  • Tuesday, August 16, 7-8 pm at Eastside Food Cooperative (2551 Central Ave NE, community room)
About this project:

At the unbeatable price of $125,000 with the prospect of a $90,000 assumable 2% mortgage, this property appears to cash flow after rehab, even after building into our assumptions making dividend payments.
 
We realize that this property is in Columbia Heights and, after lengthy debate, decided to move forward with submitting an offer for several reasons:
  • The property is literally right across the street from Northeast Minneapolis.
  • The low purchase price will allow NEIC to pursue another project relatively quickly while continuing to build our real estate portfolio.
  • NEIC’s ideal market is highly competitive and the commercial property for sale is scarce.
Thank you in advance for your support of this exciting new venture!
 
Sincerely,
NEIC Board of Directors
Chris Bubser, Amy Fields, Jackie Francis, Brandon Hallstrand, Stephen Norton, Loren Schirber, Colleen O’Connor Toberman, Leslie Watson, Alex Vasatka, and Jill Wilhelmi

 
Copyright © 2016 Northeast Investment Co-op, All rights reserved.


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