$325,000
3245 Penn Avenue N Minneapolis, MN 55412
For Sale MLS# 7000803
7 beds 4 baths 3,456 sq ft Multi-family
Details for 3245 Penn Avenue N
MLS# 7000803
Description for 3245 Penn Avenue N, Minneapolis, MN, 55412
Excellent value-add opportunity in North Minneapolis. 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 and 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 but straightforward scope of work for the next owner.Previously, the building produced solid income 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 right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.
Listing Information
Property Type: Multi-family, Four Plex
Status: Active
Bedrooms: 7
Bathrooms: 4
Lot Size: 0.16 Acres
Square Feet: 3,456 sq ft
Year Built: 1925
Foundation: 1,728 sq ft
Garage: Yes
Stories: 2 Stories
Subdivision: Rheems Add
Number Of Units Total: 4
County: Hennepin
Days On Market: 15
Construction Status: Previously Owned
School Information
District: Minneapolis
Additonal Room Information
Laundry: In Basement, Washer Hookup
Interior Features
Square Footage above: 3,456 sq ft
Basement: Full, Unfinished
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Heating: Forced Air, Natural Gas
Exterior / Lot Features
Garage Spaces: 4
Parking Description: Garage Sq Ft - 640.0
Exterior: Stucco
Roof: Flat, Age Over 8 Years
Lot Dimensions: 54x126
Zoning: Residential-Multi-Family
Topography: Level
Fencing: Rail, Full
Additional Exterior/Lot Features: Tree Coverage - Light, Road Frontage - City
Unit Information
Unit 1 Units Total: 1
Unit 1 Baths Total: 1
Unit 1 Beds Total: 1
Unit 1 Rooms Total: 4
Unit 2 Units Total: 3
Unit 2 Baths Total: 1
Unit 2 Beds Total: 2
Unit 2 Rooms Total: 5
Driving Directions
From Lowry Ave head North on Penn Ave. Property is on the left.
Financial Considerations
Tax/Property ID: 0802924140151
Tax Amount: 6390
Tax Year: 2025
HomeStead Description: Non-Homesteaded
A broker reciprocity listing courtesy: First Select
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Edina Realty, Inc. are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail and detailed information about them includes the name of the listing brokers. Edina Realty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Edina Realty, Inc., a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Open House information is subject to change without notice. Information deemed reliable but not guaranteed.
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Payment Calculator
Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 3245 Penn Avenue N
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2025. Information deemed reliable but not guaranteed.
Schools
Schools nearby 3245 Penn Avenue N
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Data powered by ATTOM Data Solutions. Copyright© 2025. Information deemed reliable but not guaranteed.
The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.
SchoolDigger ® Rating
The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.
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