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5538 Chicago Avenue, Minneapolis, MN 55417

New Listing

$499,900

Unique opportunity for residential/commercial building in Diamond Lake!

Virtual Tour

https://tours.spacecrafting.com/n3d-2qpdt6

Well kept landscaping and sidewalk out front

Commercial Lower Level Massage waiting area

Residential Fenced Backyard (currently used as a garden)

Property Type: Multi-Family Bedrooms: 4 Baths: 4 Square Footage: 4,630 Lot Size (sq. ft.): 6,098 Status: Active

Current Price: $499,900 List Date: 6/09/2026 Last Modified: 6/09/2026

Overview

Description

Unique mixed-use property located in Diamond 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 expa ... (Read more)

Listing Details MLS# 7089641

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront Present: No
Year Built: 1948
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Single Family
Main Floor Total SqFt: 1854
Above Ground SqFt: 2776
Below Grd Total SqFt: 1854
Total SqFt: 4630
Foundation Size: 1854
Style: (MF) Other
Total Finished Sqft: 4335.00
Garage Stalls: 2
Lot Dimensions: 50x124
Acres: 0.14
Assessment Pending: Unknown

Property Features

Accessible: None Assumable Loan: Not Assumable Basement: Concrete Block; Full Construction Status: Previously Owned Electric: Circuit Breakers Exterior: Brick/Stone; Stucco Fencing: Full; Wood Foundation: Concrete Block Fuel: Natural Gas Heating: Baseboard Laundry: In Basement; In Unit Lot Description: Public Transit (w/in 6 blks); Tree Coverage - Light 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 Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Stories: Two Tenant Pays: Broadband Unit 1 Appliances: Stainless Steel Appliances; Dishwasher; Dryer; Range; Refrigerator; Washer Unit 1 Bath Description: Main Floor 1/2 Bath; Upper Level Full Bath Unit 1 Cooling: Central; Ductless Mini-Split Unit 1 Dining Room Description: Informal Dining Room Unit 1 Family Room Characteristics: Main Level Unit 1 Fireplace Char: Living Room; Wood Burning Unit 1 Special Search: 4 BR on One Level Unit 2 Bath Description: 3/4 Basement; Main Floor 1/2 Bath Unit 2 Cooling: Central Water: City Water/Connected

Contract Information

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

Location Tax and Other Information

House Number: 5538
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"
Concrete Block: Yes
Full: Yes

More Information

Building Information

Finished SqFt Above Ground: 2776
Finished SqFt Below Ground: 1559

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
Total Annual Expenses: 25136
Annual Caretaker Expense: 0
Annual Repair Expense: 0

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

Unit 1

Furnished?: No
Lease Expiration Date: 2026-09-30
Leased?: Yes
Level: Main Level
Unit Number: Yes
# of Fireplaces: Yes
1/2 Baths: Yes
Annual Rent: 25800
Finished SqFt: 2311
Full Baths: Yes
Monthly Expense: 1047
Monthly Rent: 2150
No. of Units Like This: Yes
Total Baths: 2
Total Bedrooms: 4
Total Rooms: 10

Unit 2

Furnished?: No
Lease Expiration Date: 2034-03-29
Leased?: Yes
Level: Main Level
Unit Number: 2
1/2 Baths: Yes
3/4 Baths: Yes
Annual Rent: 33600
Finished SqFt: 2024
Monthly Expense: 1047
Monthly Rent: 2800
No. of Units Like This: Yes
Total Baths: 2
Total Rooms: 11

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: TBD
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 Diamond 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

Assumable Loan

Not Assumable: Yes

Construction Status

Previously Owned: Yes

Electric

Circuit Breakers: Yes

Exterior

Brick/Stone: Yes
Stucco: Yes

Fencing

Full: Yes
Wood: Yes

Foundation

Concrete Block: Yes

Fuel

Natural Gas: Yes

Heating

Baseboard: Yes

Laundry

In Basement: Yes
In Unit: 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

Sellers Terms

Cash: Yes
Conventional: 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

Unit 1 Appliances

Stainless Steel Appliances: Yes
Dishwasher: Yes
Dryer: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Unit 1 Bath Description

Main Floor 1/2 Bath: Yes
Upper Level Full Bath: Yes

Unit 1 Cooling

Central: Yes
Ductless Mini-Split: Yes

Unit 1 Dining Room Description

Informal Dining Room: Yes

Unit 1 Family Room Characteristics

Main Level: Yes

Unit 1 Fireplace Char

Living Room: Yes
Wood Burning: Yes

Unit 1 Special Search

4 BR on One Level: Yes

Unit 2 Bath Description

3/4 Basement: Yes
Main Floor 1/2 Bath: Yes

Unit 2 Cooling

Central: Yes

Listing Office: Welcome Home Productions, LLC

Last Updated: June - 09 - 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.