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3245 Penn Avenue N Minneapolis (MN) 55412
$325,000 Active
StatusActive Beds7 Baths4 Living Area3456 YR1925 School District558

Public Remarks

Excellent value-add opportunity in North Minneapolis. 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 and 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 but straightforward scope of work for the next owner. Previously, the building produced solid income 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 right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.

Quick Specifications

Price :
$325,000
Status :
Active
Property Type :
Residential Income
Beds :
7
Year Built :
1925
Approx. Sq. Ft :
3456
School District :
558
Taxes :
$ 6390
MLS# :
7000803

Interior Features

Foundation Size :
1728
Baths :
4

Lot and Location

PostalCity :
Hennepin
Zip Code :
55412
Neighborhood :
12
Directions :
From Lowry Ave head North on Penn Ave. Property is on the left.
Complex/Development/Subd :
Rheems Add
Lot Description :
Tree Coverage - Light
Lot Dimensions :
54x126
Road Frontage :
City Street
Zoning :
Residential-Multi-Family
School District :
558
School District Phone :
6126680000

Structural Features

Class :
Residential Income
Basement :
Full, Unfinished
Exterior :
Frame
Garage :
4
Accessibility Features :
None
Roof :
Age Over 8 Years, Flat
Sewer :
City Sewer/Connected
Water :
City Water/Connected

Financial Considerations

DPResource :
Yes
Foreclosure Status :
No
Lender Owned :
No
Potential Short Sale :
No
Latitude :
45.014612
MLS# :
7000803
Style :
Quadruplex
Complex/Development/Subd :
Rheems Add
Tax Amount :
$ 6390
Tax With Assessments :
8405
Tax Year :
2025
Source: NorthStar MLS as distributed by MLS GRID


© 2025 Based on information submitted to the MLS GRID as of 2025-12-16 16:47:09 (Central Time) 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. Some IDX listings have been excluded from this website.

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