Property Listing
Description
Investors seeking a high-yield property in Minneapolis need look no further than this 1924-built South Minneapolis duplex, positioned above a strong 6.6% cap rate - a rarity in today's multi-family market. Located at 3532 Longfellow Avenue in the desirable Corcoran neighborhood, this property presents significant income potential with multiple ways to add value. Currently, it includes two 2-bedroom, 1-bathroom units, each offering more than 800 square feet of finished space and bringing in below-market rents: $1,450/month for the main and upper-level units, and $1,000/month for the lower level, which is a non-conforming third unit. This lower-level unit could legally convert to a third income stream, transforming the property into a triplex upon obtaining the necessary city approval. Each unit has its own gas and electrical meters, allowing for straightforward utility cost management. Plus, with two detached garage spots - currently unused as revenue sources but each capable of netting around $150/month - the next owner could unlock additional income potential. Three open-air parking spots also offer opportunities to charge tenants between $50-75 monthly. Tenants enjoy a central location that's just minutes from community staples like Matt's Bar, Sisters' Sludge Coffee and Wine Bar, Powderhorn Park, and Sibley Park, enhancing appeal and occupancy stability. While no laundry facilities currently exist, adding them would further boost property value. Current leases extend to mid- and late 2025, providing a stable income stream with ample opportunity for rent increases upon renewal. With its strong yield, value-add potential, and high-demand neighborhood, this property offers an exceptional addition to any portfolio. Seize the chance to enhance cash flow and equity with this Minneapolis investment gem.
Property Information
Status: Active
Sub Type: ********
List Price: $450,000
MLS#: 6640567
Current Price: $450,000
Address: 3532 Longfellow Avenue, Minneapolis, MN 55407
City: Minneapolis
State: MN
Postal Code: 55407
Geo Lat: 44.938299
Geo Lon: -93.246434
Subdivision: Wilbers 2nd Add
County: Hennepin
Property Description
Year Built: 1924
Lot Size SqFt: 6098
Gen Tax: 7529.08
Specials Inst: 853.81
High School: ********
Square Ft. Source:
Above Grade Finished Area:
Below Grade Finished Area:
Below Grade Unfinished Area:
Total SqFt.: 2561
Style: Array
Total Bedrooms: 6
Total Bathrooms: 3
Total Full Baths:
Garage Type:
Garage Stalls: 2
Waterfront:
Property Features
Exterior:
Roof:
Foundation:
Lot Feat/Fld Plain: Array
Interior Amenities:
Inclusions: ********
Exterior Amenities:
Heat System:
Air Conditioning:
Utilities: