3520 12th Avenue S, Minneapolis, MN 55407

Overview

Description

21-unit multifamily in Minneapolis's Powderhorn Park neighborhood offered at $2,425,000 ($115,476/door). This 1BR, 2BR, and studio building features on-site parking and shared laundry with current rents running below market, presenting immediate upside for a new owner. The most recent capital upgrade was a brand new roof in 2026, with newer mechanicals, a clean exterior, and numerous energy efficiency appliance upgrades through the Minneapolis 4D program which also keeps taxes low. Many units have already been remodeled with additional turns remaining, creating a clear and executable value-add path. Potential NOI of $193,648 with meaningful rent upside still on the table. Ideal for an operator or passive investor looking to deploy into a proven south Minneapolis value-add multifamily. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more details.

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 15
Owner Occupied: No
Year Built: 1968
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Foundation Size: 4566
For Sale or Lease: For Sale
Acres: 0.43
Lot Dimensions: 152.90 X 122.00
Assessment Pending: Yes
Garage Stalls: 0

Property Features

Accessible: None Assumable Loan: Not Assumable CMU Style: Apartments/Multi Family; Low Rise Construction Status: Previously Owned Current Use: Residential Exterior: Brick/Stone; Vinyl Foundation: Concrete Block Fuel: Electric; Natural Gas Heating: Boiler Loan Terms: Cash; Conventional On Site Utilities: Electric Common; Electric Separate; Heating Common; Hot Water Common Parking Characteristics: Parking Lot; Paved Lot Rental License Type: Standard Sewer: City Sewer/Connected Stories: Two Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 2425000
Owner is an Agent?: Yes
Auction?: No

Location Tax and Other Information

House Number: 3520
Street Name: 12th
Street Suffix: Avenue
Street Direction Suffix: S
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55407
Complex/Dev/Subdivision: Maben & Whites Add

Assessments

Assessment Balance: 847.07
Tax With Assessments: 17072.6

Building Information

Building Finished SqFt: 13700
Building SqFt: 13700

More Information

Income and Expenses

Annual Gross Expenses: 94387
Annual Gross Income: 295800
Annual Net Income: 193648

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 24
Section#: 02
Township#: 28

Sale Options

Sale Includes: Building, Fixture/Equipment, Land, Rental License

Unit 1

No. of 1 Bedroom Units: 12

Unit 2

No. of 2 Bedroom Units: 8

Unit Details

Total Units: 21

Unit Information

No. of Efficiency Units: Yes

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: BLOCK 001 MABEN & WHITES ADDN TO MPLS LOTS 1 TO 3 INCL AND THE N 12 FT OF LOT 4 BLK 1 MABEN AND WHITE ADDN ALSO LOT 6 BLK 1 MENAGES 2ND ADDN
Listing City: Minneapolis
Map Page: 120
Municipality: Minneapolis
School District: Minneapolis
School District Phone: 612-668-0000
Zip Plus 4: 3316
Property ID Number: 0202824310030
Tax Year: 2026
Tax Amount: 16225.53
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: 21-unit multifamily in Minneapolis's Powderhorn Park neighborhood offered at $2,425,000 ($115,476/door). This 1BR, 2BR, and studio building features on-site parking and shared laundry with current rents running below market, presenting immediate upside for a new owner. The most recent capital upgrade was a brand new roof in 2026, with newer mechanicals, a clean exterior, and numerous energy efficiency appliance upgrades through the Minneapolis 4D program which also keeps taxes low. Many units have already been remodeled with additional turns remaining, creating a clear and executable value-add path. Potential NOI of $193,648 with meaningful rent upside still on the table. Ideal for an operator or passive investor looking to deploy into a proven south Minneapolis value-add multifamily. Available individually or as part of a 7-property, 89-unit South Minneapolis portfolio offered at $9,750,000. Refer to OM for more details.
Directions: From I-35W, take the 35th Street exit and head east, then turn left on 12th Avenue South and proceed north to 3520 12th Ave S on your left.

Accessible

None: Yes

Assumable Loan

Not Assumable: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes
Vinyl: Yes

Foundation

Concrete Block: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Boiler: Yes

Parking Characteristics

Parking Lot: Yes
Paved Lot: Yes

Rental License Type

Standard: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Water

City Water/Connected: Yes

On Site Utilities

Electric Common: Yes
Electric Separate: Yes
Heating Common: Yes
Hot Water Common: Yes

CMU Style

Apartments/Multi Family: Yes
Low Rise: Yes

Current Use

Residential: Yes

Loan Terms

Cash: Yes
Conventional: Yes