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3532 Longfellow Avenue

Minneapolis, MN 55407

– beds
– baths
2,518 sqft
$178 per sqft
1924 build
– on site

Investors seeking a high-yield property in Minneapolis need look no further than this 1924-built South Minneapolis duplex, positioned above a strong 6.6% cap rate—a rarity in today's multi-family market. Located at 3532 Longfellow Avenue in the desirable Corcoran neighborhood, this property presents significant income potential with multiple ways to add value. Currently, it includes two 2-bedroom, 1-bathroom units, each offering more than 800 square feet of finished space and bringing in below-market rents: $1,450/month for the main and upper-level units, and $1,000/month for the lower level, which is a non-conforming third unit. This lower-level unit could legally convert to a third income stream, transforming the property into a triplex upon obtaining the necessary city approval. Each unit has its own gas and electrical meters, allowing for straightforward utility cost management. Plus, with two detached garage spots—currently unused as revenue sources but each capable of netting around $150/month—the next owner could unlock additional income potential. Three open-air parking spots also offer opportunities to charge tenants between $50-75 monthly. Tenants enjoy a central location that's just minutes from community staples like Matt's Bar, Sisters' Sludge Coffee and Wine Bar, Powderhorn Park, and Sibley Park, enhancing appeal and occupancy stability. While no laundry facilities currently exist, adding them would further boost property value. Current leases extend to mid- and late 2025, providing a stable income stream with ample opportunity for rent increases upon renewal. With its strong yield, value-add potential, and high-demand neighborhood, this property offers an exceptional addition to any portfolio. Seize the chance to enhance cash flow and equity with this Minneapolis investment gem.

Listing courtesy of NORTHSTAR / Michael Tracy / Keller Williams Integrity Realty

Last checked: Checking… • Last updated Nov 15, 2024 •

MLS# 6631019 —

The Building

Year Built:

1924
New Construction:

false
Age Of Property:

100
Construction Materials:

Brick/Stone, Stucco, Wood Siding
Construction Materials Desc:

Brick,Concrete,Frame
Roof:

Age Over 8 Years, Asphalt
Accessibility Features:

None
Levels:

Two
Main Level Finished Area:

854.0000
Basement:

Egress Window(s), Finished, Full, Shared Access
Basement:

true
Foundation Area:

1019
Foundation Dimensions:

46'4x22
Building Area Total:

2561
Above Grade Finished Area:

1708
Below Grade Finished Area:

810

Room Dimensions

Living Area:

2518

Location

Directions:

From MN-62 E, exit right toward MN-77 N / Cedar Avenue. Merge onto Cedar Avenue and continue north. After approximately 3 miles, turn right to go east on E 36th Street. Turn left to go north on Longfellow Avenue, and the property will be on the left.
Latitude:

44.938299
Longitude:

-93.246434

The Property

Parcel Number:

0102824320165
Zoning Description:

Residential-Multi-Family
Property Type:

Residential Income
Property Subtype:

Duplex Up and Down
Additional Parcels:

false
Lot Features:

Public Transit (w/in 6 blks), Tree Coverage - Light
Lot Size Area:

0.14
Lot Size Dimensions:

50x125
Lot Size Units:

Square Feet
Road Frontage Type:

City Street, Curbs, Paved Streets, Sidewalks
Road Responsibility:

Public Maintained Road
Fencing:

Full, Wood
Water Source:

City Water/Connected
Land Lease:

false

Listing Agent

Contact info:

Taxes

Tax Year:

2024
Tax Annual Amount:

6385
Tax With Assessments:

6728.0000

Heating & Cooling

Heating:

Baseboard, Boiler, Hot Water, Radiator(s)

Utilities

Electric:

Circuit Breakers
Sewer:

City Sewer/Connected

Appliances

Refrigerator:

One Per Unit,Three

Schools

High School District:

Minneapolis

The Community

Subdivision Name:

Wilbers 2nd Add
Assessment Pending:

No

Parking

Parking Features:

Detached, Concrete, No Int Access to Dwelling
Garage Spaces:

2
Garage Dimensions:

24x20
Garage SqFt:

480

Extra Units

# of Units Total:

3

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
11/14/24 Nov 14, 2024	Listed / Active	NORTHSTAR	$450,000
11/14/24 Nov 14, 2024	Coming Soon	NORTHSTAR	$450,000	32.4% (8.5% / YR)
1/26/21 Jan 26, 2021		NORTHSTAR	$340,000	7.9%

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This multifamily located in Powderhorn, Minneapolis, MN 55407 is currently for sale for $450,000. 3532 Longfellow Avenue is a 2,518 square foot multifamily with – beds and – baths that has been on Estately for 0 days. 3532 Longfellow Avenue is in the Powderhorn neighborhood of Minneapolis and has a WalkScore® of 76, making it very walkable. This multifamily is in the attendance area of Folwell Elementary School, South High School, and Andersen United Community School.

Listing Courtesy of: NORTHSTAR and Keller Williams Integrity Realty.

Estately, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Thomas Rehman, a licensed Real Estate Broker in the state of Minnesota, and a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. Information deemed reliable but not guaranteed.

©2024 Regional Multiple Listing Service of Minnesota, Inc. All Rights Reserved. Information deemed reliable but not guaranteed. Property data presented reflects information otherwise available from public records. The REALTOR® providing this information may not have represented the buyer or seller in some or all of the transactions.

The information included in this listing 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. The information on each listing is furnished by the owner and deemed reliable to the best of his/her knowledge, but should be verified by the purchaser. RMLS and Estately, Inc. assume no responsibility for typographical errors, misprints or misinformation. This property is offered without respect to any protected classes in accordance with the law.

Open house information subject to change without notice.

Based on information submitted to the MLS GRID. 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.