3532 Longfellow Avenue

Minneapolis, MN 55407

$450,000
Price
—
Beds
2,518 Sq. Ft.
$179 / Sq. Ft.
2,518
Sq. Ft.
$179
per Sq. Ft.

Description

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...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.
  1. Listed by Keller Williams Integrity Realty

Property Details for 3532 Longfellow Avenue

Neighborhood
Corcoran
Subdivision Name
Wilbers 2nd Add
Zoning Jurisdiction
Residential-Multi-Family
LISTING UPDATED: 11/15/2024 08:05 PM

Property Details for 3532 Longfellow Avenue

StatusActive
MLS #6631019
Days on Compass2
Taxes$6,385 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Duplex Up and Down
Year Built1924
Lot Size0.14 AC / 6,098 SF
CountyHennepin County

Building Information for 3532 Longfellow Avenue

Stories-Residences3Year Built1924Building Size-Lot Size0.14 AC / 6,098 SF

Property Information for 3532 Longfellow Avenue

Summary
Location and General Information
  • City Name: Minneapolis
  • County Or Parish: Hennepin
  • County: Hennepin-MN
  • 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
  • Map Coordinate: 120-E1
  • Map Coordinate Source: King's Street Atlas
  • City and Location: Minneapolis
  • City and Location Text: Minneapolis(MN)
  • Postal Code: 55407
  • State Or Province: MN
  • Public Survey Township: 28
Taxes and HOA Information
  • Additional Parcels: No
  • Parcel Number: 0102824320165
  • Tax Annual Amount: $6,385.00
  • Tax Legal Description: LOT 003 BLOCK 013 WILBERS 2ND ADDN TO MPLS
  • Tax Other Annual Assessment Amount: $1,138.41
  • Tax Year: 2024
  • Tax With Assessments: 6728.0000
School Information
  • High School District: 1 - Minneapolis
  • School District Number: 1
  • School District Phone: 612-668-0000
Property
Lot Information
  • Above Grade Fin SQFT: 1708.0
  • Below Grade Fin SQFT: 810.0
  • SQFT Total: 2518.0
  • 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
  • Present Use: Yearly
  • Property Sub Type: Duplex Up and Down
  • Property Type: Residential Income
  • SQFT Main Total: 854.0000
  • Building Area Total: 2561.0
  • Above Grade SqFt Total: 1708.0000
  • Below Grade SqFt Total: 853.0000
Property and Assessments
  • Age Of Property: 100
Utilities
  • Electric: Circuit Breakers
  • Sewer: City Sewer/Connected
  • Water Source: City Water/Connected
Interior and Exterior Features
Exterior Features
  • Accessibility Features: None
  • Fencing: Full, Wood
  • Foundation Area: 1019.0
  • Fuel: Natural Gas
  • Road Frontage Type: City Street, Curbs, Paved Streets, Sidewalks
  • Road Responsibility: Public Maintained Road
  • Roof: Age Over 8 Years, Asphalt
Interior Features
  • Basement Type: Egress Window(s), Finished, Full, Shared Access
  • DP Resource: Y
  • Garage Dimensions: 24x20
  • Garage Square Feet: 480
  • Heating: Baseboard, Boiler, Hot Water, Radiator(s)
  • Levels: Two
  • Number of Refrigerator: One Per Unit,Three
  • Basement YN: Yes
Multi Family
Unit 1
  • Unit Amenities: Historic/Period Millwork,Main Floor Primary Bedroom,Tile Floors
  • Unit Appl: Range,Stainless Steel Appliances
  • Unit Bath 3Qtr: 0
  • Unit Bath Full: 1
  • Unit Bath Half: 0
  • Unit Bath Qtr: 0
  • Unit Monthly Expenses: 0.00
  • Unit Fireplace Num: 0
  • Unit Rooms Total: 6
  • Unit SqFt: 854
  • Unit Type Actual Rent: $1,450.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Units Total: 1
  • Bedroom 1 Room Dimensions: 12x18'1
  • Bedroom 1 Room Level: Main (Ground)
  • Bedroom 2 Room Dimensions: 12x13'2
  • Bedroom 2 Room Level: Main (Ground)
  • Bedroom 3 Room Dimensions: 10'1x10'5
  • Bedroom 3 Room Level: Main (Ground)
  • Bedroom 4 Room Dimensions: 10'10x11'3
  • Bedroom 4 Room Level: Main (Ground)
  • Dining Room Dimensions: 7'1x5'4
  • Dining Room Level: Main (Ground)
  • Kitchen Room Dimensions: 10'9x11
  • Kitchen Room Level: Main (Ground)
  • Unit Level: Main Level
  • Unit Type Total Rent: 17400
  • Unit Furnished: No
Unit 2
  • Unit Amenities: Historic/Period Millwork,Main Floor Primary Bedroom,Tile Floors
  • Unit Appl: Dishwasher,Microwave,Range
  • Unit Bath 3Qtr: 0
  • Unit Bath Full: 1
  • Unit Bath Half: 0
  • Unit Bath Qtr: 0
  • Unit Monthly Expenses: 0.00
  • Unit Fireplace Num: 0
  • Unit Rooms Total: 6
  • Unit SqFt: 854
  • Unit Type Actual Rent: $1,450.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Units Total: 1
  • Bedroom 1 Room Dimensions: 12x18'1
  • Bedroom 1 Room Level: Main (Ground)
  • Bedroom 2 Room Dimensions: 12x13'2
  • Bedroom 2 Room Level: Main (Ground)
  • Bedroom 3 Room Dimensions: 10'1x10'5
  • Bedroom 3 Room Level: Main (Ground)
  • Bedroom 4 Room Dimensions: 10'10x11'3
  • Bedroom 4 Room Level: Main (Ground)
  • Dining Room Dimensions: 7'1x5'4
  • Dining Room Level: Main (Ground)
  • Kitchen Room Dimensions: 10'9x11
  • Kitchen Room Level: Main (Ground)
  • Unit Level: 2nd Level
  • Unit Type Total Rent: 17400
  • Unit Furnished: No
Unit 3
  • Unit Amenities: Main Floor Primary Bedroom
  • Unit Appl: Microwave,Range
  • Unit Bath 3Qtr: 0
  • Unit Bath Full: 1
  • Unit Bath Half: 0
  • Unit Bath Qtr: 0
  • Unit Monthly Expenses: 0.00
  • Unit Fireplace Num: 0
  • Unit Room Spec: Renovated
  • Unit Rooms Total: 5
  • Unit SqFt: 810
  • Unit Type Actual Rent: $1,000.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Units Total: 1
  • Bedroom 1 Room Dimensions: 6'8x19'9
  • Bedroom 1 Room Level: Main (Ground)
  • Bedroom 2 Room Dimensions: 15'4x15'1
  • Bedroom 2 Room Level: Main (Ground)
  • Bedroom 3 Room Dimensions: 9'1x17'10
  • Bedroom 3 Room Level: Main (Ground)
  • Bedroom 4 Room Dimensions: 9'9x13'5
  • Bedroom 4 Room Level: Main (Ground)
  • Kitchen Room Dimensions: 5'7x6'8
  • Kitchen Room Level: Main (Ground)
  • Unit Level: Below Ground
  • Unit Type Total Rent: 12000
  • Unit Furnished: No

Property History for 3532 Longfellow Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 3532 Longfellow Avenue

Taxable ValueLand$103,000Additions$297,000Total$400,000
Tax Record2023$6,728 ($561 / month)
Home Facts
Baths2Total Finished SqFt2,128 SqFtAbove Grade Finished SqFt2,128 SqFtStories2Lot Size6,098 SqFtStyleDuplexYear Built1924ZoningR2BCountyHENNEPINAPN01-028-24-32-0165

Schools near 3532 Longfellow Avenue

This home is within Minneapolis Public School Dist..
Rating
School
Type
Grades
Distance
Folwell Elementary
Public - PK to 5
Andersen Community
Public - PK to 8
South Senior High School
Public - 9 to 12
Folwell Arts Magnet
Public - PK to 8
Rating
School
Distance
Folwell Elementary
PublicPK to 5

Andersen Community
PublicPK to 8

South Senior High School
Public9 to 12

Folwell Arts Magnet
PublicPK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 3532 Longfellow Avenue, Minneapolis, MN 55407

3532 Longfellow Avenue is a multi-family home for sale in Minneapolis, MN 55407. This property was listed for sale on November 14, 2024 by Keller Williams Integrity Realty, it's currently listed at $450,000. It has been on the market for a total of 2 days and was last sold on January 26, 2021. This listing's school district is Minneapolis Public School Dist.. Nearby schools include Folwell Elementary, Andersen Community and South Senior High School. 3532 Longfellow Avenue is a 0-bed, 0-bath, 2,518 sqft multi-family home built in 1924.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Integrity Realty

Based on information from one of the following Multiple Listing Services: Minneapolis Northstar, REALTORS Association of Northeast Wisconsin and Lake Superior Area REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Minneapolis Northstar and REALTORS Association of Northeast Wisconsin is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Data last updated on 11/15/2024 08:05 PM