3245 Penn Avenue N, Minneapolis, MN 55412

Minneapolis
Local realty services provided by:ERA Gillespie Real Estate
3245 Penn Avenue N,Minneapolis, MN 55412
$300,000
  • 7 Beds
  • 4 Baths
  • 3,456 sq. ft.
  • Multi-family
  • Active
Listed by: john stiles
Office: peritus real estate
MLS#:7133086
Source:NSMLS

Price summary

  • Price:$300,000
  • Price per sq. ft.:$57.87

About this home

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...

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Home facts

  • Year built:1925
  • Subdivision & Development:Rheems Add
  • Listing ID #:7133086
  • Added:1 day(s) ago
  • Updated:August 27, 2026 at 12:20 PM

Rooms and interior

  • Bedrooms:7
  • Total bathrooms:4
  • Basement:Yes
  • Basement Description:Full, Unfinished
  • Living area:3,456 sq. ft.

Heating and cooling

  • Heating:Forced Air

Structure and exterior

  • Roof:Age Over 8 Years, Flat
  • Year built:1925
  • Building area:3,456 sq. ft.
  • Lot area:0.16 Acres
  • Lot Features:Level, Tree Coverage - Light
  • Levels:2 Story

Utilities

  • Water:City Water - Connected
  • Sewer:City Sewer - Connected

Finances and disclosures

  • Price:$300,000
  • Price per sq. ft.:$57.87
  • Tax amount:$6,642 (2026)

Parking

  • Garage:Yes
  • Garage spaces:4
Data is deemed reliable but is not guaranteed accurate by the MLS. The information being provided is 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.

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