Listed By
Agency Name: Peritus Real Estate
Agency Phone: 612-554-7794
Shown By
Agent Name: Mona Krosch
Agent Phone: (763) 458-7671
Agency Title: Counselor Realty
Property 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, $1,250/mo for the 1BR unit) and featured separate furnaces and water heaters, helping keep operating expenses low. The property includes a 4-stall detached garage off the alley, offering additional income potential or tenant appeal. Prior updates included newer windows and updated bathrooms, with some units previously renovated. With the price adjustment reflecting the current condition, this is a compelling entry point for an investor with the resources to move quickly on a manageable rehab with clear upside. Buyer to verify all information, including vacant building registry requirements and timeline for release. Cash or rehab financing recommended.
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3245 Penn Avenue N, Minneapolis, MN 55412
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$ 2,237.64 per month $1,596.73 Principal & Interest $553.42 Property Tax $87.50 Homeowner's InsuranceChange Payment Information
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3245 Penn Avenue N, Minneapolis, MN 55412
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Agency License Information: Counselor Realty, Inc. is licensed in Minnesota and Wisconsin; Counselor Realty, Inc. of Alexandria is licensed in Minnesota; Counselor Realty Detroit Lakes, LLC is licensed in Minnesota; Counselor Realty of Rochester is licensed in Minnesota; Counselor Realty of Victoria, LLC is licensed in Minnesota; Counselor Realty of Brainerd is licensed in Minnesota.
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3245 Penn Avenue N | MLS# 7133086
This multi-family property located at 3245 Penn Avenue N, Minneapolis, MN 55412 is currently listed for sale with an asking price of $300,000. Penn Avenue N is located within the Minneapolis school district. Search Minneapolis real estate on mkrosch.counselorrealty.com today.