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For Sale:  Minneapolis MLS# 6640567

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Active NEW!
$450,000
/mo Edit
Multi-family:  Duplex Up and Down
Built 1924
2,518 sqft • 0.14 acres
Minneapolis schools
MLS# 6640567
763-576-8286
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    Property Description

    Investors seeking a high-yield property in Minneapolis need look no further than this 1924-built South Minneapolis duplex, positioned above a strong 6.6% cap rate - a rarity in today's multi-family market. Located at 3532 Longfellow Avenue in the desirable Corcoran neighborhood, this property presents significant income potential with multiple ways to add value. Currently, it includes two 2-bedroom, 1-bathroom units, each offering more than 800 square feet of finished space and bringing in below-market rents: $1, 450/month for the main and upper-level units, and $1, 000/month for the lower level, which is a non-conforming third unit. This lower-level unit could legally convert to a third income stream, transforming the property into a triplex upon obtaining the necessary city approval. Each unit has its own gas and electrical meters, allowing for straightforward utility cost management. Plus, with two detached garage spots - currently unused as revenue sources but each capable of netting around $150/month - the next owner could unlock additional income potential. Three open-air parking spots also offer opportunities to charge tenants between $50-75 monthly. Tenants enjoy a central location that's just minutes from community staples like Matt's Bar, Sisters' Sludge Coffee and Wine Bar, Powderhorn Park, and Sibley Park, enhancing appeal and occupancy stability. While no laundry facilities currently exist, adding them would further boost property value. Current leases extend to mid- and late 2025, providing a stable income stream with ample opportunity for rent increases upon renewal. With its strong yield, value-add potential, and high-demand neighborhood, this property offers an exceptional addition to any portfolio. Seize the chance to enhance cash flow and equity with this Minneapolis investment gem.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $450,000
    Price per sq ft: $179
    Property Type: Multi-family
    City: Minneapolis
    Garage Spaces: 2
    County: Hennepin
    Year Built: 1924
    State: MN
    Property Style: Duplex Up and Down
    Zip Code: 55407
    Neighborhood/Area: Corcoran
    Subdivision Name: Wilbers 2nd Add

    Interior

    Finished Area: 2,518 ft2
    Living Area: 2,518 ft2
    Ranges: One Per Unit, Three
    Refrigerators: One Per Unit, Three
    Basement Details:
    • Egress Window(s)
    • Finished
    • Full
    • Shared Access

    Exterior

    Stories: Two
    Garage Spaces: 2
    Garage Dimensions: 24x20
    Garage Size: 480 ft2
    Foundation Size: 1,019 ft2
    Foundation Dimensions: 46'4x22
    Fencing: Full, Wood
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Baseboard
    • Boiler
    • Hot Water
    • Radiator(s)
    Parking Features:
    • Concrete
    • Detached
    • No Int Access to Dwelling
    Road Frontage:
    • City Street
    • Curbs
    • Paved Streets
    • Sidewalks
    Exterior Material:
    • Brick/Stone
    • Stucco
    • Wood Siding
    Roof Details:
    • Age Over 8 Years
    • Asphalt

    Lot & Land

    Acres: 0.14
    Geolocation: 44.938299, -93.246434
    Lot Dimensions: 50 x 125
    Zoning: Residential-Multi-Family
    Lot Description:
    • Public Transit (w/in 6 blks)
    • Some Trees

    Schools

    School District: 1
    District Phone: 612-668-0000

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: $500
    Annual Fuel Expense: $500
    Annual Insurance Expense: $3,000
    Annual Maintenance Expense: $900
    Annual Gross Expense: $15,528
    Annual Trash Expense: $1,500
    Annual Water/Sewer Expense: $1,500
    Tenant Expenses: Cable TV, Electricity, Gas

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $7,198
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $7,529

    Income

    Annual Gross Income: $46,800
    Misc. Annual Income: None
    Misc. Monthly Income: None

    Units

    Total Units: 3

    Miscellaneous

    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Listing provided by RMLS, courtesy of Keller Williams Realty Integrity Lakes.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.