For Sale: Minneapolis MLS# 7075302
Active
NEW!
$774,900
Multi-family: Fourplex
12 br • 4 ba • Built 1914
4,680 sqft • 0.14 acres
Minneapolis schools
MLS# 7075302
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Property Description
Excellent opportunity to acquire a South Minneapolis multifamily portfolio with strong long-term upside potential in desirable urban neighborhoods. Properties offer a mix of stable cash flow, value-add opportunities, and proximity to transit, parks, restaurants, and major employment centers.
Ideal for investors seeking scale, operational efficiency, and long-term appreciation within the Minneapolis urban core.
Public Remarks: Exceptional investment opportunity in the heart of South Minneapolis! This well-maintained 4-plex at 3500 1st Ave S, Minneapolis, MN 55408 features four large 3-bedroom, 1-bath units with updated kitchens, stainless steel appliances, and separately metered utilities for streamlined management and tenant convenience.
The property generates strong rental income with average rents of approximately $1, 600 per month per unit, plus additional garage income from the detached 3-car garage at $75 per stall monthly. Spacious layouts, functional floorplans, and consistent rental demand make this an attractive long-term hold with excellent cash-flow potential.
Ideally located near transit, restaurants, parks, shopping, and major Minneapolis amenities, this property offers both convenience and strong tenant appeal in a highly sought-after urban location.
Additional upside potential through the City of Minneapolis 4D Affordable Housing Incentive Program, which allows a new owner to reduce property taxes by up to 40% annually by enrolling qualifying units.
Perfect opportunity for investors seeking stable income and long-term appreciation or an owner-occupant looking to offset housing costs with substantial rental revenue.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$774,900
Price per sq ft:
$166
Property Type:
Multi-family
City:
Minneapolis
Garage Spaces:
3
County:
Hennepin
Year Built:
1914
State:
MN
Property Style:
Fourplex
Zip Code:
55408
Neighborhood/Area:
48
Subdivision Name:
Shartles Add
Interior
Bedrooms:
12
Bathrooms:
4
Finished Area:
4,680 ft2
Living Area:
4,680 ft2
Refrigerators:
Four
Basement Details:
Full
Exterior
Stories:
Two
Garage Spaces:
3
Garage Size:
740 ft2
Foundation Size:
2,340 ft2
Fencing:
Privacy, Wood
Handicap Accessible:
None
Heating System:
Boiler
Parking Features:
Detached Garage
Shared Amenities:
Patio
Road Frontage:
- City Street
- Curbs
- Paved Streets
- Sidewalks
Pool:
None
Roof Details:
Flat
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.14
Geolocation:
44.939391, -93.276987
Lot Dimensions:
47 x 126
Zoning:
Residential-Multi-Family
Lot Description:
Public Transit (w/in 6 blks)
Schools
School District:
1
District Phone:
6126680000
Expenses
Annual Caretaker Expense:
$1,500
Annual Electric Expense:
$1,000
Annual Fuel Expense:
$1,200
Annual Insurance Expense:
$2,000
Annual Maintenance Expense:
$2,000
Annual Trash Expense:
None
Annual Water/Sewer Expense:
$1,500
Tenant Expenses:
Cable TV, Electricity, Fuel
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$11,718
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$11,718
Income
Annual Gross Income:
$78,540
Rent
Annual Net Income:
$33,864
Units
Total Units:
4
Miscellaneous
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water - In Street
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Summit Realty LLC.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.