3245 Penn Avenue N,Minneapolis, MN 55412
Minneapolis, MN 55412
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.
Details
| MLS # | 7133086 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1925 |
| Days On Site | 40 |
| Listing Provided By | Peritus Real Estate | John A Stiles |
Features
| Bed(s) | 7 |
|---|---|
| Bath(s) | 4 |
| SQ Feet | 3,456 |
| Garage | 4 |
| Basement | Y |
| Story(s) | 2 |
| Units | 4 |
| Zoning | Residential-Multi-Family |
| Acreage | 0.16 |
Interior
| Heating | Forced Air |
|---|
Exterior
| Roof | Age Over 8 Years, Flat |
|---|---|
| Construction Materials | Frame |
| Lot Features | Tree Coverage - Light |
Taxes
| Property | 6641 |
|---|
Area Information
| State | MN |
|---|---|
| County | Hennepin |
| City | Minneapolis |
| Zip Code | 55412 |
| Area | 12 |
| Community Name | Rheems Add |
| School District | 1 |
| High School | Minneapolis |
| Listing VS Median (in Rheems Add) | |
Price: $300,000 low | high Med: $300,000 sqft: 3,456 low | high Med: 3,456 $ / sqft: $87 low | high Med: $87 On site: 40 low | high Med: 40 | |
Market Activity 55412
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Listings courtesy of Northstar MLS as distributed by MLS GRID.
Based on information submitted to the MLS GRID as of October 4, 2026 at 2:19:34 PM PDT All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Learn More About This Property
| State | MN |
|---|---|
| County | Hennepin |
| City | Minneapolis |
| Zip Code | 55412 |
| Area | 12 |
| Community Name | Rheems Add |
| School District | 1 |
| High School | Minneapolis |
| Listing VS Median (in Rheems Add) | |
Price: $300,000 low | high Med: $300,000 sqft: 3,456 low | high Med: 3,456 $ / sqft: $87 low | high Med: $87 On site: 40 low | high Med: 40 | |
