MN > Minneapolis > Wilbers 2Nd Add
Minneapolis, MN 55407,3532 Longfellow AVE
Minneapolis, MN 55407,3532 Longfellow AVE
Minneapolis, MN 55407,3532 Longfellow AVE
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$450,000
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2,518 SqFt
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3532 Longfellow AVE Minneapolis, MN 55407

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Tyler Miller

Tyler Miller

+1(612) 750-1368

UPDATED:

11/15/2024 06:02 AM

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

Contingent None

Lot Size 6,098 Sqft

Acres 0.14

Lot Dimensions 50x125

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

Rooms

Basement Egress Window(s), Finished, Full, Shared Access

Interior

Heating Baseboard, Boiler, Hot Water, Radiator(s)

Fireplace No

Exterior

Garage Detached, Concrete, No Int Access to Dwelling

Garage Spaces 2.0

Fence Full, Wood

Roof Type Age Over 8 Years,Asphalt

Parking Type Detached, Concrete, No Int Access to Dwelling

Building

Lot Description Public Transit (w/in 6 blks), Tree Coverage - Light

Story Two

Foundation 1019

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories Two

Structure Type Brick/Stone,Stucco,Wood Siding

New Construction false

Schools

School District Minneapolis

Listed by Michael Tracy • Keller Williams Integrity Realty

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Tyler Miller

CEO/Team Leader/Realtor | License ID: 20586597

+1(612) 750-1368

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