$774,900
3500 1st Avenue S Minneapolis, MN 55408
For Sale MLS# 7075302
12 beds 4 baths 4,680 sq ft Multi-family
Details for 3500 1st Avenue S
MLS# 7075302
Description for 3500 1st Avenue S, Minneapolis, MN, 55408
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.
Listing Information
Property Type: Multi-family, Four Plex
Status: Active
Bedrooms: 12
Bathrooms: 4
Lot Size: 0.14 Acres
Square Feet: 4,680 sq ft
Year Built: 1914
Foundation: 2,340 sq ft
Garage: Yes
Stories: 2 Stories
Subdivision: Shartles Add
Number Of Units Total: 4
County: Hennepin
Days On Market: 5
Construction Status: Previously Owned
School Information
District: 1 - Minneapolis
Interior Features
Square Footage above: 4,680 sq ft
Basement: Full
Utilities
Water: City Water - In Street
Sewer: City Sewer/Connected
Heating: Boiler, Natural Gas
Exterior / Lot Features
Garage Spaces: 3
Parking Description: Detached Garage, Garage Sq Ft - 740.0
Exterior: Stucco
Roof: Flat
Lot Dimensions: 47 x 126
Zoning: Residential-Multi-Family
Fencing: Privacy, Wood
Additional Exterior/Lot Features: Public Transit (w/in 6 blks), Road Frontage - City, Curbs, Paved Streets, Sidewalks
Community Features
Association Amenities: Patio
Unit Information
Unit 1 Units Total: 2
Unit 1 Actual Rent: 1625
Unit 1 Baths Total: 1
Unit 1 Beds Total: 3
Unit 1 Rooms Total: 6
Unit 2 Units Total: 1
Unit 2 Actual Rent: 1550
Unit 2 Baths Total: 1
Unit 2 Beds Total: 3
Unit 2 Rooms Total: 6
Unit 3 Units Total: 1
Unit 3 Actual Rent: 1520
Unit 3 Baths Total: 1
Unit 3 Beds Total: 3
Unit 3 Rooms Total: 6
Driving Directions
From 35W, exit 35/36 Streets, go W on 35th, SW corner of 35th and 1st
Financial Considerations
Tenant Pays: Cable T.V.,Electric,Fuel
Owner Pays: Insurance,Lawn,Maintenance/Repair,Snow,Taxes,Trash
Gross Income: 78540
Expense: 10200
Tax/Property ID: 0302824420124
Tax Amount: 11718
Tax Year: 2026
HomeStead Description: Non-Homesteaded
A broker reciprocity listing courtesy: Summit Realty LLC
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 3500 1st Avenue S
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 3500 1st Avenue S
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Data powered by ATTOM Data Solutions. Copyright© 2026. 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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