3532 Longfellow AVE new Save Request In-Person Tour Request Virtual Tour
Minneapolis,MN 55407
Key Details
Property Type Multi-Family
Sub Type Duplex Up and Down
Listing Status Active
Purchase Type For Sale
Square Footage 2,518 sqft
Price per Sqft $178
Subdivision Wilbers 2Nd Add
MLS Listing ID 6631019
Year Built 1924
Annual Tax Amount $6,385
Tax Year 2024
Lot Size 6,098 Sqft
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.
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Interior
Heating Baseboard,Boiler,Hot Water,Radiator(s)
Exterior
Garage Detached,Concrete,No Int Access to Dwelling
Garage Spaces 2.0
Fence Full,Wood
Roof Type Age Over 8 Years,Asphalt
Building
Lot Description Public Transit (w/in 6 blks),Tree Coverage - Light
Story Two
Foundation 1019
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone,Stucco,Wood Siding
New Construction false
Schools
School District Minneapolis