Property Listing
Description
Excellent value-add opportunity in North Minneapolis — now offered at a reduced price. 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, is listed on the City of Minneapolis Vacant Building Registry, and is 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, well-defined scope of work for the next owner. Previously, the building produced solid rental income ($1,500/mo for the 2BR units, $1,250/mo for the 1BR unit) 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 price adjustment reflecting the current condition, this is a compelling entry point for an investor with the resources to move quickly on a manageable rehab with clear upside. Buyer to verify all information, including vacant building registry requirements and timeline for release. Cash or rehab financing recommended.
Property Information
Status: Active
Sub Type: ********
List Price: $300,000
MLS#: 7133086
Current Price: $300,000
Address: 3245 Penn Avenue N, Minneapolis, MN 55412
City: Minneapolis
State: MN
Postal Code: 55412
Geo Lat: 45.014612
Geo Lon: -93.30862
Subdivision: Rheems Add
County: Hennepin
Property Description
Year Built: 1925
Lot Size SqFt: 6969.6
Gen Tax: 6641.94
Specials Inst: 899
High School: Minneapolis
Square Ft. Source:
Above Grade Finished Area: 3456
Below Grade Finished Area: 0
Below Grade Unfinished Area:
Total SqFt.: 5184
Style: Array
Total Bedrooms: 7
Total Bathrooms: 4
Total Full Baths:
Garage Type:
Garage Stalls: 4
Waterfront:
Property Features
Exterior:
Roof:
Foundation:
Lot Feat/Fld Plain: Array
Interior Amenities:
Inclusions: ********
Exterior Amenities:
Heat System:
Air Conditioning:
Utilities: