3245 Penn Avenue N, Minneapolis, MN 55412
- $300,000
- 7
- BD
- 4
- BA
- 3,456
- SqFt
- List Price
- $300,000
- MLS#
- 7133086
- Status
- ACTIVE
- Type
- Multifamily
- Bedrooms
- 7
- Bathrooms
- 4
- Living Area
- 3,456
- Acres
- 0.16
- Subdivision
- Rheems Add
- Neighborhood
- 12
- Year Built
- 1925
Property 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.
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Additional Information
- School District
- Minneapolis
- Tax Year
- 2026
- Fencing
- Full, Split Rail
- Fuel
- Natural Gas
- Lot Description
- Tree Coverage - Light
- Sewer
- City Sewer/Connected
- Roof
- Age Over 8 Years, Flat
- Topography
- Level
- Heating
- Forced Air
- Water
- City Water/Connected
- Basement
- Full, Unfinished
- Garage Spaces
- 4
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Listing courtesy of Peritus Real Estate.
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