$300,000
Minneapolis, MN 55412
MLS# 7133086
7 beds | 4 baths | 5184 sqft
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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.
Details
Maps
Contract Information
Owner is an Agent?: No
Auction?: No
Status: Active
Contingency: None
Current Price: $300,000
Original List Price: 300000
ListPrice: 300000
List Date: 2026-08-25
Office/Member Info
Association: MAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront YN: No
Year Built: 1925
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Lot Dimensions: 54x126
Acres: 0.16
Main Floor Total SqFt: 1728
Below Grd Total SqFt: 1728
Above Ground SqFt: 3456
Total SqFt: 5184
Total Finished Sqft: 3456.00
Foundation Size: 1728
Style: (MF) Four Plex
Garage Stalls: 4
Assessment Pending: No
Bedrooms: 7
Baths Total: 4
Location, Tax and Other Information
Legal Description: BLOCK 001 RHEEMS ADDN TO MPLS LOT 4 AND S 14 FT OF LOT 3
Listing City: Minneapolis
Map Page: 92
Municipality: Minneapolis
School District: Minneapolis
School District Phone: 612-668-0000
Zip Plus 4: 3067
Property ID Number: 0802924140151
Tax Year: 2026
Tax Amount: 6641.94
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: 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.
Directions: From Lowry Ave head North on Penn Ave. Property is on the left.
Accessible
None: 1
Assessments
Assessment Balance: 899
Tax With Assessments: 7540.94
Basement
Full: 1
Unfinished: 1
Building Information
Finished SqFt Above Ground: 3456
Construction Materials
Frame: 1
Construction Status
Previously Owned: 1
Electric
Circuit Breakers: 1
Exterior
Stucco: 1
Fencing
Full: 1
Split Rail: 1
Foundation
Concrete Block: 1
Fuel
Natural Gas: 1
Heating
Forced Air: 1
Laundry
In Basement: 1
Washer Hookup: 1
Lease Details
Land Leased: Not Applicable
Lot Description
Tree Coverage - Light: 1
Miscellaneous Information
DP Resource: Yes
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Garage Square Feet: 640
Pool Description
None: 1
Public Survey Info
Range#: 24
Section#: 08
Township#: 29
Rental License Type
Standard: 1
Road Frontage
City Street: 1
Road Responsibility
Public Maintained Road: 1
Roof
Age Over 8 Years: 1
Flat: 1
Sewer
City Sewer/Connected: 1
Stories
Two: 1
Topography
Level: 1
Unit 1
Furnished?: No
Leased?: No
Unit Number: 1
Full Baths: 1
Total Rooms: 5
Finished SqFt: 864
No. of Units Like This: 3
Total Baths: 1
Total Bedrooms: 2
Unit Details
Total Units: 4
Water
City Water/Connected: 1
Income and Expenses
Annual Caretaker Expense: 0
Annual Electric Expense: 0
Annual Fuel Expense: 0
Annual Gross Expenses: 0
Annual Gross Income: 0
Annual Insurance Expense: 0
Annual Maintenance Expense: 0
Annual Repair Expense: 0
Annual Trash Expense: 0
Annual Water/Sewer Expense: 0
Total Annual Expenses: 0
Unit 1 Bath Description
Main Floor Full Bath: 1
Unit 1 Cooling
None: 1
Unit 2
Furnished?: No
Leased?: No
Unit Number: 2
Finished SqFt: 864
Full Baths: 1
No. of Units Like This: 1
Total Baths: 1
Total Bedrooms: 1
Total Rooms: 4
Location Tax and Other Information
House Number: 3245
Street Name: Penn
Street Suffix: Avenue
Street Direction Suffix: N
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55412
Complex/Dev/Subdivision: Rheems Add
Property Features
Accessible: None
Basement: Full; Unfinished
Construction Materials: Frame
Construction Status: Previously Owned
Electric: Circuit Breakers
Exterior: Stucco
Fencing: Full; Split Rail
Foundation: Concrete Block
Fuel: Natural Gas
Heating: Forced Air
Laundry: In Basement; Washer Hookup
Lot Description: Tree Coverage - Light
Pool Description: None
Rental License Type: Standard
Road Frontage: City Street
Road Responsibility: Public Maintained Road
Roof: Age Over 8 Years; Flat
Sewer: City Sewer/Connected
Stories: Two
Topography: Level
Unit 1 Bath Description: Main Floor Full Bath
Unit 1 Cooling: None
Water: City Water/Connected
Listing Office: Peritus Real Estate
Last Updated: August - 26 - 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. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
