$2,425,000
MLS# 7088951
13700 sqft
1 / 10
Property Description
21-unit multifamily in Minneapolis's Powderhorn Park neighborhood offered at $2,425,000 ($115,476/door). This 1BR, 2BR, and studio building features on-site parking and shared laundry with current rents running below market, presenting immediate upside for a new owner. The most recent capital upgrade was a brand new roof in 2026, with newer mechanicals, a clean exterior, and numerous energy efficiency appliance upgrades through the Minneapolis 4D program which also keeps taxes low. Many units have already been remodeled with additional turns remaining, creating a clear and executable value-add path. Potential NOI of $193,648 with meaningful rent upside still on the table. Ideal for an operator or passive investor looking to deploy into a proven south Minneapolis value-add multifamily. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more details.
Details
Documents
Contract Information
Owner is an Agent?: Yes
Auction?: No
Status: Active
Current Price: $2,425,000
Contingency: None
ListPrice: 2425000
List Date: 2026-06-08
Office/Member Info
Association: SPAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 15
Owner Occupied: No
Waterfront YN: No
Year Built: 1968
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Lot Dimensions: 152.90 X 122.00
Acres: 0.43
Foundation Size: 4566
Garage Stalls: 0
For Sale or Lease: For Sale
Assessment Pending: Yes
Location, Tax and Other Information
Legal Description: BLOCK 001 MABEN & WHITES ADDN TO MPLS LOTS 1 TO 3 INCL AND THE N 12 FT OF LOT 4 BLK 1 MABEN AND WHITE ADDN ALSO LOT 6 BLK 1 MENAGES 2ND ADDN
Listing City: Minneapolis
Map Page: 120
Municipality: Minneapolis
School District: Minneapolis
School District Phone: 612-668-0000
Zip Plus 4: 3316
Property ID Number: 0202824310030
Tax Year: 2026
Tax Amount: 16225.53
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: 21-unit multifamily in Minneapolis's Powderhorn Park neighborhood offered at $2,425,000 ($115,476/door). This 1BR, 2BR, and studio building features on-site parking and shared laundry with current rents running below market, presenting immediate upside for a new owner. The most recent capital upgrade was a brand new roof in 2026, with newer mechanicals, a clean exterior, and numerous energy efficiency appliance upgrades through the Minneapolis 4D program which also keeps taxes low. Many units have already been remodeled with additional turns remaining, creating a clear and executable value-add path. Potential NOI of $193,648 with meaningful rent upside still on the table. Ideal for an operator or passive investor looking to deploy into a proven south Minneapolis value-add multifamily. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more details.
Directions: From I-35W, take the 35th Street exit and head east, then turn left on 12th Avenue South and proceed north to 3520 12th Ave S on your left.
Accessible
None: 1
Assessments
Assessment Balance: 847.07
Tax With Assessments: 17072.6
Assumable Loan
Not Assumable: 1
Building Information
Building Finished SqFt: 13700
Building SqFt: 13700
Construction Status
Previously Owned: 1
Exterior
Brick/Stone: 1
Vinyl: 1
Foundation
Concrete Block: 1
Fuel
Electric: 1
Natural Gas: 1
Heating
Boiler: 1
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Parking Lot: 1
Paved Lot: 1
Public Survey Info
Range#: 24
Section#: 02
Township#: 28
Rental License Type
Standard: 1
Sale Options
Sale Includes: Building, Fixture/Equipment, Land, Rental License
Sewer
City Sewer/Connected: 1
Stories
Two: 1
Unit 1
No. of 1 Bedroom Units: 12
Unit Details
Total Units: 21
Water
City Water/Connected: 1
Income and Expenses
Annual Gross Expenses: 94387
Annual Gross Income: 295800
Annual Net Income: 193648
Unit 2
No. of 2 Bedroom Units: 8
On Site Utilities
Electric Common: 1
Electric Separate: 1
Heating Common: 1
Hot Water Common: 1
CMU Style
Apartments/Multi Family: 1
Low Rise: 1
Current Use
Residential: 1
Loan Terms
Cash: 1
Conventional: 1
Unit Information
No. of Efficiency Units: 1
Location Tax and Other Information
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55407
Complex/Dev/Subdivision: Maben & Whites Add
Property Features
Accessible: None
Assumable Loan: Not Assumable
CMU Style: Apartments/Multi Family; Low Rise
Construction Status: Previously Owned
Current Use: Residential
Exterior: Brick/Stone; Vinyl
Foundation: Concrete Block
Fuel: Electric; Natural Gas
Heating: Boiler
Loan Terms: Cash; Conventional
On Site Utilities: Electric Common; Electric Separate; Heating Common; Hot Water Common
Parking Characteristics: Parking Lot; Paved Lot
Rental License Type: Standard
Sewer: City Sewer/Connected
Stories: Two
Water: City Water/Connected
OM S Minneapolis.pdf 
Listing Office: Commercial Investors Group LLC
Last Updated: June - 08 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.