Minneapolis, MN 55407

$1,275,000
Property Type: Commercial Square Footage: 9,849 Lot Size (sq. ft.): 9,148 Status: Active
Current Price: $1,275,000 List Date: 6/08/2026 Last Modified: 7/22/2026

Overview

Description

11-unit multifamily in Minneapolis's Corcoran neighborhood offered at $1,275,000 ($113,636/door). The property features a desirable mixed unit mix of 6 two-bedroom and 5 one-bedroom units with market rents of $1,400 and $1,100 respectively, delivering broad renter appeal in a stable primarily residential submarket with strong transit connectivity and consistent tenant demand. Recent capital upgrades include a brand new parking lot in 2025, newer boiler, updated water heaters, and numerous new appliances through energy efficiency programs in 2026. The property is part of the Minneapolis 4D program keeping taxes low. Some units have already been turned with additional value-add upside remaining, all on top of stable in-place cash flow and a potential NOI of $100,377. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more information.

Listing Details MLS# 7088996

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
8
Owner Occupied
No
Waterfront YN
No
Year Built
1962
Yearly/Seasonal
Yearly
Zoning
Residential-Single Family
Foundation Size
3283
For Sale or Lease
For Sale
Acres
0.21
Lot Dimensions
75 X 123
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: Aluminum Siding; Brick/Stone 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 Rental License Type: Standard Sewer: City Sewer/Connected Stories: Two Water: City Water/Connected

Contract Information

Contingency
Inspection
ListPrice
1275000
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
Bloomington Ave Add

Assessments

Assessment Balance
127.05
Tax With Assessments
7717.54

Building Information

Building Finished SqFt
9849
Building SqFt
9849

More Information

Income and Expenses

Annual Gross Expenses
54740
Annual Gross Income
159600
Annual Net Income
100377

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Public Survey Info

Range#
24
Section#
02
Township#
28

Sale Options

Sale Includes
Building, Fixture/Equipment, Land, Leases, Rental License

Unit 1

No. of 1 Bedroom Units
5

Unit 2

No. of 2 Bedroom Units
6

Unit Details

Total Units
11

Office/Member Info

Association
SPAAR

Location, Tax and Other Information

Legal Description
BLOCK 013 BLOOMINGTON AVE ADDN TO MPLS LOTS 13 14 AND 15
Listing City
Minneapolis
Map Page
120
Municipality
Minneapolis
School District
Minneapolis
School District Phone
612-668-0000
Zip Plus 4
3316
Property ID Number
0202824420090
Tax Year
2026
Tax Amount
7590.49
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
11-unit multifamily in Minneapolis's Corcoran neighborhood offered at $1,275,000 ($113,636/door). The property features a desirable mixed unit mix of 6 two-bedroom and 5 one-bedroom units with market rents of $1,400 and $1,100 respectively, delivering broad renter appeal in a stable primarily residential submarket with strong transit connectivity and consistent tenant demand. Recent capital upgrades include a brand new parking lot in 2025, newer boiler, updated water heaters, and numerous new appliances through energy efficiency programs in 2026. The property is part of the Minneapolis 4D program keeping taxes low. Some units have already been turned with additional value-add upside remaining, all on top of stable in-place cash flow and a potential NOI of $100,377. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more information.
Directions
From I-35W, take the 35th Street exit and head east, then turn right on 12th Avenue South and proceed south to 3545 12th Ave S on your left.

Accessible

None
Yes

Assumable Loan

Not Assumable
Yes

Construction Status

Previously Owned
Yes

Exterior

Aluminum Siding
Yes
Brick/Stone
Yes

Foundation

Concrete Block
Yes

Fuel

Electric
Yes
Natural Gas
Yes

Heating

Boiler
Yes

Parking Characteristics

Parking 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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