Two-Story Multifamily
For Sale
$1,225,000
3021 Longfellow Ave, Minneapolis, MN 55407
A 12-unit, two-story brick and stucco property near transit and major employment centers for long-term rental demand.
Property Size5,040 SF
Price / SF$243.06
Days on Market111
Property Features for 3021 Longfellow Ave
General Information
Standard status
Active
Size
5,040 SF
Building Details
Year Built
1962
Listing Agency:
Commercial Investors Group LLC
Listed By:
Mike Sowers · License #40571176
(612) 598-0780
Source:
Searchhousesnow
Added: Jun 22
Changed: Oct 8
Last Checked: Oct 7 at 4:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Commercial Investors Group LLC
Investment Insights
Based on property information with market context.
This offering presents a 12-unit multifamily building built in 1962, arranged as a two-story brick and stucco structure on a large lot. The property is positioned for a straightforward acquisition in an established south Minneapolis setting, with the seller describing stable in-place cash flow and a clear value-add path on turns.
The building is located in the Corcoran neighborhood on Minneapolis’s south side. Lake Street/Midtown Station light rail is approximately 0.4 miles away, supporting tenant access to Downtown Minneapolis and MSP Airport without a car. Several parks are within about 1.1 miles, including Powderhorn Park and Corcoran Park, and multiple shopping options are within roughly 0.8 miles.
From a renter-fit perspective, the area includes nearby higher education and healthcare institutions, with Augsburg College, North Central University, and Abbott Northwestern Hospital all within minutes. That mix of student and workforce housing demand can support leasing stability across a diverse tenant pool. For buyers looking to add a well-located, transit-connected asset to a south Minneapolis portfolio, this 12-unit building offers an efficient, low-complexity platform in a walkable, amenity-supported corridor.
The building is located in the Corcoran neighborhood on Minneapolis’s south side. Lake Street/Midtown Station light rail is approximately 0.4 miles away, supporting tenant access to Downtown Minneapolis and MSP Airport without a car. Several parks are within about 1.1 miles, including Powderhorn Park and Corcoran Park, and multiple shopping options are within roughly 0.8 miles.
From a renter-fit perspective, the area includes nearby higher education and healthcare institutions, with Augsburg College, North Central University, and Abbott Northwestern Hospital all within minutes. That mix of student and workforce housing demand can support leasing stability across a diverse tenant pool. For buyers looking to add a well-located, transit-connected asset to a south Minneapolis portfolio, this 12-unit building offers an efficient, low-complexity platform in a walkable, amenity-supported corridor.
Key Highlights
- 12‑unit multifamily property built in 1962 with a two‑story brick and stucco exterior
- Large lot in Minneapolis south side Corcoran neighborhood
- Lake Street/Midtown Station light rail is 0.4 miles away for convenient access for tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,635
Cap Rate
5.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,352,700
$1.4M
Cap Rate 7%
$966,214
$966.2K
Cap Rate 9%
$751,500
$751.5K
Market Conditions
NOI Build-Up for 5,040 SF
Gross rent
$131.2K $26.04/SF
− Vacancy
−$8.3K −$1.64/SF
EGI
$123.0K $24.40/SF
− OpEx
−$55.3K −$10.98/SF
NOI
$67.6K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,352,700
Cap Rate 7%
$966,214
Cap Rate 9%
$751,500
Alternative Uses
Best Use
Apartment 5plus
$966.2K
$845.4K – $1.13M
NOI $67,635 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,171 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,361
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - A 12-unit, two-story brick and stucco property near transit and major employment centers for long-term rental demand.
Where is this apartment building located?
The property is located at 3021 Longfellow Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 12‑unit multifamily property built in 1962 with a two‑story brick and stucco exterior; Large lot in Minneapolis south side Corcoran neighborhood; Lake Street/Midtown Station light rail is 0.4 miles away for convenient access for tenants
