3245 Penn AVE N, Minneapolis, MN 55412
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Mary Sullivan

Mary Sullivan

+1(651) 235-9298
$ 300,000
Est. payment | /mo

7 Beds

4 Baths

3,456 SqFt

Save
$ 300,000
Est. payment | /mo
Save

7 Beds

4 Baths

3,456 SqFt

Key Details

Property Type Multi-Family

Sub Type Fourplex

Listing Status Active

Purchase Type For Sale

Square Footage 3,456 sqft

Price per Sqft $86

Subdivision Rheems Add

MLS Listing ID 7133086

Bedrooms 7

Year Built 1925

Annual Tax Amount $6,641

Tax Year 2026

Contingent None

Lot Size 6,969 Sqft

Lot Dimensions 54x126

Property Sub-Type Fourplex

Property Description

Excellent value-add opportunity in North Minneapolis — now offered at a reduced price. This classic 1925 fourplex offers strong upside for an investor or contractor looking to restore a solid multifamily asset and bring it back into cash-flowing condition. The building is currently vacant, is listed on the City of Minneapolis Vacant Building Registry, and is being sold as-is. The property experienced a fire in one unit and the front entry, and remediation work has already begun. Based on available information, the majority of the remaining work appears to be smoke and cosmetic restoration rather than structural in nature. Copper plumbing has been removed, so water is currently off, creating a clear, well-defined scope of work for the next owner. Previously, the building produced solid rental income ($1,500/mo for the 2BR units, $1,250/mo for the 1BR unit) and featured separate furnaces and water heaters, helping keep operating expenses low. The property includes a 4-stall detached garage off the alley, offering additional income potential or tenant appeal. Prior updates included newer windows and updated bathrooms, with some units previously renovated. With the price adjustment reflecting the current condition, this is a compelling entry point for an investor with the resources to move quickly on a manageable rehab with clear upside. Buyer to verify all information, including vacant building registry requirements and timeline for release. Cash or rehab financing recommended.

Location

State MN

County Hennepin

Zoning Residential-Multi-Family

Rooms

Basement Full, Unfinished

Interior

Heating Forced Air

Fireplace No

Laundry In Basement, Washer Hookup

Exterior

Garage Spaces 4.0

Fence Full, Split Rail

Pool None

Roof Type Age Over 8 Years,Flat

Building

Lot Description Tree Coverage - Light

Story Two

Foundation 1728

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories Two

Structure Type Frame

New Construction false

Schools

School District Minneapolis

Listed by John Stiles • Peritus Real Estate

Schools and Properties Nearby

Mary Sullivan

Find out why customers are choosing LPT Realty to meet their real estate needs

+1(651) 235-9298

marysullivan1@me.com

Learn More About LPT Realty

Name
Phone*
Message

By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from or on behalf of Mary Sullivan, including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.

Tour the Home

3245 Penn AVE N