3245 Penn AVE N, Minneapolis, MN 55412
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Chuck Carstensen

Chuck Carstensen

+1(612) 290-3809
$ 300,000
Est. payment /mo
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3245 Penn AVE N Minneapolis, MN 55412

7 Beds

4 Baths

3,456 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Fourplex

Listing Status Active

Purchase Type For Sale

Square Footage 3,456 sqft

Price per Sqft $86

Subdivision Rheems Add

MLS Listing ID 7133086

Bedrooms 7

Year Built 1925

Annual Tax Amount $6,641

Tax Year 2026

Contingent None

Lot Size 6,969 Sqft

Lot Dimensions 54x126

Property Sub-Type Fourplex

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.

Location

State MN

County Hennepin

Zoning Residential-Multi-Family

Rooms

Basement Full, Unfinished

Interior

Heating Forced Air

Fireplace No

Laundry In Basement, Washer Hookup

Exterior

Garage Spaces 4.0

Fence Full, Split Rail

Pool None

Roof Type Age Over 8 Years,Flat

Building

Lot Description Tree Coverage - Light

Story Two

Foundation 1728

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories Two

Structure Type Frame

New Construction false

Schools

School District Minneapolis

Listed by John Stiles • Peritus Real Estate

NEARBY SCHOOLS & PROPERTIES

Chuck Carstensen

Chuck Carstensen

Carstensen Team - Lead Realtor License ID: 203449949

+1(612) 290-3809

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3245 Penn AVE N