855.375.4001
Listing Courtesy of: Michael Tracy - Keller Williams Integrity Realty 612-821-7400

3532 Longfellow Avenue Minneapolis, MN 55407

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Duplex Residence
Beds
Baths
... Bed/Bath
2,561 Sq. Ft.

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Last updated on 12/4/2024 7:42 PM
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. Continue reading
MLS#
6631019
Property Type
Duplex
Year Built
1924
Square Feet
2,561 sq. ft
Stories
2.0
Sewer
City Sewer

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Listing Courtesy of: Michael Tracy - Keller Williams Integrity Realty 612-821-7400

Andrea D. Conner, License # 40471694,Xome Inc., License 40368414, [email protected], 844-400-XOME (9663), 750 State Highway 121 Bypass, Suite 100, Lewisville, TX 75067

Listings courtesy of Northstar MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 12/4/2024. 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. Properties displayed may be listed or sold by various participants in the MLS. Xome Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Xome Inc., a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. Information Deemed Reliable But Not Guaranteed. Open House information is subject to change without notice. Copyright 2024, Regional Multiple Listing Service of Minnesota, Inc. All rights reserved

This content last refreshed on 12/4/2024 7:42 PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.
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