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3245 Penn Ave N 4 Unit Apartment Building $447,957 CAD ($111,989 CAD/Unit) Minneapolis, MN 55412
EXECUTIVE SUMMARY
Excellent value-add opportunity in North Minneapolis. This classic 1925 fourplex offers strong upside for an investor or contractor looking to restore a solid multifamily asset and bring it back into cash-flowing condition. The building is currently vacant and being sold as-is.
The property experienced a fire in one unit and the front entry, and remediation work has already begun. Based on available information, the majority of the remaining work appears to be smoke and cosmetic restoration, rather than structural in nature. Copper plumbing has been removed, so water is currently off, creating a clear but straightforward scope of work for the next owner.
Previously, the building produced solid income and featured separate furnaces and water heaters, helping keep operating expenses low. The property includes a 4-stall detached garage off the alley, offering additional income potential or tenant appeal. Prior updates included newer windows and updated bathrooms, with some units previously renovated.
With the right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.
The property experienced a fire in one unit and the front entry, and remediation work has already begun. Based on available information, the majority of the remaining work appears to be smoke and cosmetic restoration, rather than structural in nature. Copper plumbing has been removed, so water is currently off, creating a clear but straightforward scope of work for the next owner.
Previously, the building produced solid income and featured separate furnaces and water heaters, helping keep operating expenses low. The property includes a 4-stall detached garage off the alley, offering additional income potential or tenant appeal. Prior updates included newer windows and updated bathrooms, with some units previously renovated.
With the right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.
PROPERTY FACTS
| Price | $447,957 CAD | Building Class | C |
| Price Per Unit | $111,989 CAD | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 3,456 SF |
| No. Units | 4 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1925 |
| Apartment Style | Low-Rise | Parking Ratio | 1.16/1,000 SF |
| Zoning | R-4, Minneapolis | ||
| Price | $447,957 CAD |
| Price Per Unit | $111,989 CAD |
| Sale Type | Investment |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,456 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 1.16/1,000 SF |
| Zoning | R-4, Minneapolis |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 3 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 08-029-24-14-0151 | Improvements Assessment | $420,942 CAD |
| Land Assessment | $65,609 CAD | Total Assessment | $486,550 CAD |
PROPERTY TAXES
Parcel Number
08-029-24-14-0151
Land Assessment
$65,609 CAD
Improvements Assessment
$420,942 CAD
Total Assessment
$486,550 CAD
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3245 Penn Ave N
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