3500 1st Avenue S, Minneapolis, MN 55408 - MLS# 7075302
$725,000
Excellent opportunity to acquire a South Minneapolis multifamily portfolio with strong long-term upside potential in desirable urban neighborhoods. Properties offer a mix of stable cash flow, value-add opportunities, and proximity to transit, parks, restaurants, and major employment centers.
Ideal for investors seeking scale, operational efficiency, and long-term appreciation within the Minneapolis urban core.
Public Remarks: Exceptional investment opportunity in the heart of South Minneapolis! This well-maintained 4-plex at 3500 1st Ave S, Minneapolis, MN 55408 features four large 3-bedroom, 1-bath units with updated kitchens, stainless steel appliances, and separately metered utilities for streamlined management and tenant convenience.
The property generates strong rental income with average rents of approximately $1,600 per month per unit, plus additional garage income from the detached 3-car garage at $75 per stall monthly. Spacious layouts, functional floorplans, and consistent rental demand make this an attractive long-term hold with excellent cash-flow potential.
Ideally located near transit, restaurants, parks, shopping, and major Minneapolis amenities, this property offers both convenience and strong tenant appeal in a highly sought-after urban location.
Additional upside potential through the City of Minneapolis 4D Affordable Housing Incentive Program, which allows a new owner to reduce property taxes by up to 40% annually by enrolling qualifying units.
Perfect opportunity for investors seeking stable income and long-term appreciation or an owner-occupant looking to offset housing costs with substantial rental revenue.
Interior Information
Size & Levels
Exterior & Parking
Lot & Utilities
Financial & Tax Information
Neighborhood at a Glance
In this neighborhood, homes were most commonly built in 1939 or earlier, about 44% of occupied homes are owner-occupied, and the average commute is 21 minutes.
Cost of Ownership
Median home value
$378,100
Similar to the Minneapolis median
The midpoint of estimated values for owner-occupied homes.
Median property taxes paid
$4,606/yr
Higher than the Minneapolis median
The midpoint of annual property taxes paid by homeowners.
Typical monthly owner costs (with mortgage)
$2,323/mo
Higher than the Minneapolis median
Median monthly housing costs for owners with a mortgage.
Typical monthly owner costs (no mortgage)
$873/mo
Similar to the Minneapolis median
Median monthly housing costs for owners without a mortgage.
Median rent
$1,231/mo
Lower than the Minneapolis median
The midpoint of monthly gross rent, including utilities.
Homes in the Area
Owner-occupied homes
44%
Lower than Minneapolis overall
The share of occupied homes lived in by their owners.
Median year built
1938
Similar to the Minneapolis median
The midpoint of years when homes in the area were built.
Home age by decade
The share of homes built during each period.
- 1960-19695%
- 1950-19594%
- 1939 or earlier72%
Types of homes
The share of housing units in each building type.
- Single-family detached35%
- 2-4 units14%
- 5+ units48%
Getting Around
Average commute
21 min
Lower than the Minneapolis median
The average one-way travel time to work for commuters.
How people get to work
The share of workers using each listed way to get to work.
- Drive alone63%
- Carpool6%
- Work from home21%
Homes with broadband
98%
Higher than Minneapolis overall
The share of households with a broadband internet subscription.
