Minneapolis, MN 55407

$1,225,000
Property Type: Commercial Square Footage: 5,040 Lot Size (sq. ft.): 12,632 Status: Active
Current Price: $1,225,000 List Date: 6/08/2026 Last Modified: 7/22/2026

Overview

Description

12-unit all 1BR/1BA multifamily in Minneapolis's Corcoran neighborhood offered at $1,225,000 ($102,083/door). This two-story brick and stucco building sits on a large lot in one of south Minneapolis's most consistently occupied submarkets. The property has been steadily upgraded with newer electric panels, a new front concrete stoop, and many units remodeled. Part of the Minneapolis 4D program providing low taxes and energy saving appliance upgrades. Augsburg College, North Central University, and Abbott Northwestern Hospital are all within minutes, providing a steady and diverse renter demand base. Potential NOI of $97,662 with clear value-add upside remaining on turns. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Please review the OM for more information.

Listing Details MLS# 7088925

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
5
Owner Occupied
No
Waterfront YN
No
Year Built
1962
Yearly/Seasonal
Yearly
Zoning
Residential-Multi-Family
Foundation Size
1680
For Sale or Lease
For Sale
Acres
0.29
Lot Dimensions
100.00 X 125.00
Assessment Pending
Yes
Garage Stalls
0

Property Features

Accessible: None Assumable Loan: Not Assumable CMU Style: Apartments/Multi Family; Low Rise Construction Status: Previously Owned Current Use: Residential Exterior: Brick/Stone; Stucco Foundation: Concrete Block Fuel: Electric; Natural Gas Heating: Boiler Loan Terms: Cash; Conventional On Site Utilities: Electric Common; Electric Separate; Heating Common; Hot Water Common Parking Characteristics: Parking Lot; Paved Lot Rental License Type: Standard Sewer: City Sewer/Connected Stories: Two Water: City Water/Connected

Contract Information

Contingency
Inspection
ListPrice
1225000
Owner is an Agent?
Yes
Auction?
No

Location Tax and Other Information

Postal City
Minneapolis
County
Hennepin
State
MN
Zip Code
55407
Complex/Dev/Subdivision
Minnehaha Add

Assessments

Assessment Balance
808.52
Tax With Assessments
8386.8

Building Information

Building Finished SqFt
5040
Building SqFt
5040

More Information

Income and Expenses

Annual Gross Income
158400
Annual Net Income
97662
Total Annual Expenses
54389

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Public Survey Info

Range#
24
Section#
01
Township#
28

Sale Options

Sale Includes
Building, Fixture/Equipment, Rental License

Unit 1

No. of 1 Bedroom Units
12

Unit Details

Total Units
12

Office/Member Info

Association
SPAAR

Location, Tax and Other Information

Legal Description
BLOCK 003 MINNEHAHA ADDN TO MPLS LOTS 7 AND 8
Listing City
Minneapolis
Map Page
106
Municipality
Minneapolis
School District
Minneapolis
School District Phone
612-668-0000
Zip Plus 4
3316
Property ID Number
0102824220029
Tax Year
2026
Tax Amount
7578.28
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
12-unit all 1BR/1BA multifamily in Minneapolis's Corcoran neighborhood offered at $1,225,000 ($102,083/door). This two-story brick and stucco building sits on a large lot in one of south Minneapolis's most consistently occupied submarkets. The property has been steadily upgraded with newer electric panels, a new front concrete stoop, and many units remodeled. Part of the Minneapolis 4D program providing low taxes and energy saving appliance upgrades. Augsburg College, North Central University, and Abbott Northwestern Hospital are all within minutes, providing a steady and diverse renter demand base. Potential NOI of $97,662 with clear value-add upside remaining on turns. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Please review the OM for more information.
Directions
From I-35W, take the Lake Street exit and head east on Lake Street, then turn right on Longfellow Avenue South and proceed to 3021 Longfellow Ave S on your right.

Accessible

None
Yes

Assumable Loan

Not Assumable
Yes

Construction Status

Previously Owned
Yes

Exterior

Brick/Stone
Yes
Stucco
Yes

Foundation

Concrete Block
Yes

Fuel

Electric
Yes
Natural Gas
Yes

Heating

Boiler
Yes

Parking Characteristics

Parking Lot
Yes
Paved Lot
Yes

Rental License Type

Standard
Yes

Sewer

City Sewer/Connected
Yes

Stories

Two
Yes

Water

City Water/Connected
Yes

On Site Utilities

Electric Common
Yes
Electric Separate
Yes
Heating Common
Yes
Hot Water Common
Yes

CMU Style

Apartments/Multi Family
Yes
Low Rise
Yes

Current Use

Residential
Yes

Loan Terms

Cash
Yes
Conventional
Yes

Documents

IDX
Listing Office: Commercial Investors Group LLC
Last Updated: July - 22 - 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.
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