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5536 Chicago Avenue, Minneapolis, MN 55417

New Listing

$499,900

Unique opportunity for residential/commercial building in Diamond Lake!

Well kept landscaping and sidewalk out front

Commercial Lower Level Massage Waiting area

Residential Fenced Backyard (currently used as garden)

Property Type: Commercial Bedrooms: 4 Baths: 4 Lot Size (sq. ft.): 6,098 Status: Active

Current Price: $499,900 List Date: 6/06/2026 Last Modified: 6/06/2026

Overview

Description

Unique mixed-use property located in Diamon Lake! This beautiful stone and stucco building offers the perfect combination of residential living and income-producing commercial space, each with its own private entrance. The residential side welcomes you with a spacious living room with wood-burning fireplace. The large kitchen features abundant countertop space, ample cabinetry, stainless steel appliances, and storage. A convenient half bath completes the main level, while the impressive addition provides generous dining and family room spaces. Upstairs, you'll find four spacious bedrooms and a full bathroom. The finished lower level offers laundry and extensive storage. Outside, enjoy a fenced backyard and a detached two-car garage. The commercial side is currently occupied by long-term chiropractic and massage therapy tenant, providing established rental income. The main level includes a reception area and waiting room, four private treatment rooms and storage. The lower level expan ... (Read more)

Listing Details MLS# 7086283

General Property Information

Lot Measurement: Acres
Management Company Name: Tradewinds Properties
Multiple PIDs?: No
Owner Occupied: No
Waterfront Present: No
Year Built: 1948
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Single Family
Foundation Size: 1854
Garage Stalls: 2
Management Company Phone: 763-657-1957
For Sale or Lease: For Sale
Acres: 0.14
Lot Dimensions: 50x124
Assessment Pending: Unknown
Other Parking Spaces: 0

Property Features

Accessible: None Air Conditioning: Central Air; Ductless Amenities Shared: None Amenities Unit: Hardwood Floors; In-Ground Sprinkler; Kitchen Center Island; Kitchen Window Appliances: Dishwasher; Dryer; Range; Refrigerator; Washer Assumable Loan: Not Assumable Basement: Full; Partially Finished CMU Style: Mixed Use Construction Status: Previously Owned Current Use: Business Service; Residential Exterior: Brick/Stone; Stucco Fencing: Full; Wood Foundation: Concrete Block Fuel: Natural Gas Heating: Baseboard Loan Terms: Cash; Conventional Location Description: Free Standing Lot Description: Public Transit (w/in 6 blks); Tree Coverage - Light On Site Utilities: Electric Common; Heating Common; Hot Water Common Overhead Door Clearance: 0-9 Feet Owner Pays: All Utilities Pool Description: None Rental License Type: Standard Road Frontage: City Street Road Responsibility: Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles; Rubber Sewer: City Sewer/Connected Stories: Two Tenant Pays: Broadband Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 499900
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 5536
Street Name: Chicago
Street Suffix: Avenue
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55417
Complex/Dev/Subdivision: Park Ave Terrace

Assessments

Tax With Assessments: 8683
Assessment Balance: 0

Basement

Foundation Dimensions: 36'3" x 15'9"
Full: Yes
Partially Finished: Yes

More Information

Building Information

Building Finished SqFt: 4335
Building SqFt: 4630

Income and Expenses

Annual Electric Expense: 5628
Annual Fuel Expense: 1860
Annual Gross Expenses: 25136
Annual Gross Income: 59400
Annual Insurance Expense: 2948
Annual Maintenance Expense: 1440
Annual Net Income: 34264
Annual Trash Expense: 1560
Annual Water/Sewer Expense: 1560

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Dimensions: 22' x 24'
Garage Square Feet: 536

Public Survey Info

Range#: 24
Section#: 23
Township#: 28

Sale Options

Sale Includes: Building, Land

Unit 1

Unit Number: 5538
Monthly Rent: 2150
Full Baths: Yes
Half Baths: Yes
Total Bathrooms: 2
Total Bedrooms: 4
Total Rooms: 10
Level: Main Level
Unit Total SqFt: 2311
Leased?: Yes
Lease Expiration Date: 2026-09-30

Unit 2

Half Baths: Yes
Lease Expiration Date: 2034-03-29
Leased?: Yes
Level: Main Level
Monthly Rent: 2800
Three-Quarter Baths: Yes
Total Bathrooms: 2
Total Rooms: 11
Unit Number: 5536
Unit Total SqFt: 2024

Unit 3

No. of 3 Bedroom Units: Yes

Unit Details

Total Units: 2

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: LOT 010 BLOCK 006 PARK AVE TERRACE
Listing City: Minneapolis
Map Page: 120
Municipality: Minneapolis
School District: Minneapolis
School District Phone: 612-668-0000
Zip Plus 4: 8890
Property ID Number: 2302824220126
Tax Year: 2025
Tax Amount: 8683
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Unique mixed-use property located in Diamon Lake! This beautiful stone and stucco building offers the perfect combination of residential living and income-producing commercial space, each with its own private entrance. The residential side welcomes you with a spacious living room with wood-burning fireplace. The large kitchen features abundant countertop space, ample cabinetry, stainless steel appliances, and storage. A convenient half bath completes the main level, while the impressive addition provides generous dining and family room spaces. Upstairs, you'll find four spacious bedrooms and a full bathroom. The finished lower level offers laundry and extensive storage. Outside, enjoy a fenced backyard and a detached two-car garage. The commercial side is currently occupied by long-term chiropractic and massage therapy tenant, providing established rental income. The main level includes a reception area and waiting room, four private treatment rooms and storage. The lower level expands the space with three additional massage rooms, an office, 3/4 bath and ample storage. Ideally located just steps from Todd Park and close to popular restaurants, shopping, and grocery stores, this versatile property offers endless possibilities for investors or owner-occupants in one of Minneapolis's most convenient neighborhoods.
Directions: From 35W, take Diamond Lake Rd exit and head E. R on Portland Ave. S. L on E 56th St. L on Chicago Ave. Property on LH side.

Accessible

None: Yes

Air Conditioning

Central Air: Yes
Ductless: Yes

Amenities Shared

None: Yes

Amenities Unit

Hardwood Floors: Yes
In-Ground Sprinkler: Yes
Kitchen Center Island: Yes
Kitchen Window: Yes

Appliances

Dishwasher: Yes
Dryer: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Assumable Loan

Not Assumable: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes
Stucco: Yes

Fencing

Full: Yes
Wood: Yes

Foundation

Concrete Block: Yes

Fuel

Natural Gas: Yes

Heating

Baseboard: Yes

Lot Description

Public Transit (w/in 6 blks): Yes
Tree Coverage - Light: Yes

Owner Pays

All Utilities: Yes

Pool Description

None: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes
Rubber: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Water

City Water/Connected: Yes

No. of Ranges

One: Yes

No. of Refrigerators

Two: Yes

Tenant Pays

Broadband: Yes

On Site Utilities

Electric Common: Yes
Heating Common: Yes
Hot Water Common: Yes

CMU Style

Mixed Use: Yes

Current Use

Business Service: Yes
Residential: Yes

Loan Terms

Cash: Yes
Conventional: Yes

Location Description

Free Standing: Yes

Overhead Door Clearance

0-9 Feet: Yes

Listing Office: Welcome Home Productions, LLC

Last Updated: June - 06 - 2026

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.