USAMNMinneapolisRheems Add3245 Penn Ave N
3245 Penn Ave N | Image 1
New

$300,000

For Sale

10 hours ago

3245 Penn Ave N, Minneapolis, MN

House

MLS® 7133086

7 Bed

4 Bath

3456 sqft

4 Parking

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential Income
Size 3456 sqft
Garage Yes
Taxes $6,642
Days Active 0
Lot Size 0.16 Acres
Approx. Age 1925
Avg. Price Per Sqft $86
MLS® Number 7133086

Property Address: 3245 Penn Ave N, Minneapolis, MN, 55412-2339

Average square foot calculated using Size range provided by listing agent.

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.
MLS® Number7133086
Laundry LevelLower
Central VacNo
FireplaceNo
Acreage
Exterior
GarageYes
Approx. Age1925
BasementFull, Unfinished
Driveway
Garage Spaces
HeatForced Air
A/C

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Aug 25, 2026List Date
$300,000List Price
Dec 19, 2023End Date
$415,000Sold Price

Sold

Nov 29, 2023List Date
$420,000List Price
  • Commute

Commute

Starting Address
Destination Address
3245 Penn Ave N, Minneapolis, MN

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