3245 Penn Ave N - Apartments FOR SALE


Minneapolis, MN 55412- Cleveland
$325,000 USD
612-584-1345
3245 Penn Ave N, Minneapolis, MN for Sale
$325,000 USD
Apartments - FOR SALE
1/16
null | Request Cap Rate

3245 Penn Ave N
Minneapolis, MN 55412
Cleveland


OVERVIEW

Excellent value-add opportunity in North Minneapolis. 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 and 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 but straightforward scope of work for the next owner. Previously, the building produced solid income 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 right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.

FOR SALE DETAILS

PRICE

$325,000 USD

PRICE/SF

$65 USD /SF

# OF UNITS

4

PRICE/UNIT

$81,250

CAP RATE

Request Cap Rate

% LEASED

0%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,804 SF

ZONING

R-4, Minneapolis

APN/PARCEL ID

08-029-24-14-0151

ASK ABOUT THIS PROPERTY

John Stiles1st SelectMore Info
612-584-1345

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John Stiles1st SelectMore Info
612-584-1345

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.