3532 LONGFELLOW AVENUE
3532 Longfellow Avenue, Minneapolis, 55407, MN
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Price: $450,000
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Status type: For Sale
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City: Minneapolis
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Neighborhood: Corcoran
Bedrooms: 0
Property Size :2518
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Listing Agent: NST11236,NST226058
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Property type : Duplex Up and Down
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Zip code: 55407
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Street: 3532 Longfellow Avenue
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Street: 3532 Longfellow Avenue
Bathrooms: N/A
Year: 1924
Listing Brokerage: Keller Williams Integrity Realty
DETAILS
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.
INTERIOR
Bedrooms: N/A
Fin ft² / Living Area: 2518 ft²
Below Ground Living: 810ft²
Bathrooms: N/A
Above Ground Living: 1708ft²
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Basement Details: Egress Window(s), Finished, Full, Shared Access,
Appliances Included:
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EXTERIOR
Air Conditioning: N/A
Garage Spaces: 2
Construction Materials: N/A
Foundation Size: 1019ft²
Unit Amenities:
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Heating System:
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- Hot Water
- Baseboard
- Boiler
- Radiator(s)
LOT
Acres: N/A
Lot Size Dim.: 50x125
Longitude: 44.9383
Latitude: -93.2464
Zoning: Residential-Multi-Family
FINANCIAL & TAXES
Tax year: 2025
Tax annual amount: $7,198
MISCELLANEOUS
Fuel System: N/A
Sewer System: City Sewer/Connected
Water System: City Water/Connected
ADDITIONAL INFORMATION
MLS#: NST7682869
Listing Brokerage: Keller Williams Integrity Realty
ID: 3681480
Published: May 16, 2025
Last Update: May 16, 2025
Views: 9
