32-Unit Apartment Building with Underground
New
For Sale
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3901 W 49th St, Minneapolis, MN 55424
Fully occupied residences include one- and two-bedroom layouts and a rooftop communications lease.
Property Size34,500 SF
Lot Size0.92 Acres
Days on Market7
Property Features for 3901 W 49th St
General Information
Standard status
Active
Size
34,500 SF
Net Rentable
32,800 SF
Total Parking Spaces
47
Lot size
0.92 Acres
Property subtype
Multifamily
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Multifamily Units
32
Parking per Unit
1.47
Amenities
Premier Edina Location: Positioned Along West 49th Street, Just Blocks from the Shops, Restaurants, and Cafés of 50th and France.
Spacious Residences: Oversized Homes Including Two Bedrooms and Two Bathrooms, Approximately 1,200 Square Feet.
Underground Parking: 36 Underground Spaces, plus an additional 11 Surface Spaces, Providing Approximately 1.47 Spaces per Unit.
Nearby Destinations: Convenient Access to Lunds & Byerlys, Galleria Edina, Southdale Center, and Chain of Lakes.
Additional Revenue Stream: Existing Cell Phone Tower Generates More than $35K Annually Two Percent Annual Rent Increases and Renewal Options Through 2042.
Potential: The Large Residences and Premium Edina Location Offer Tremendous Value-Add Potential Either Through Conventional Strategic Renovations or Condominium Conversion, Subject to Further Evaluation and Applicable Approvals.
Building Details
Building Size
34,500 SF
Year Built
1968
Units
32
Listing Agency:
Minneapolis Office
Listed By:
Abe Roberts · License #License(s): MN: 40445509
(952) 852-9768
Source:
Marcusmillichap
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 19 at 3:11AM
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 Minneapolis Office
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Investment Insights
Based on property information with market context.
This 32-unit apartment property, constructed in 1968, contains approximately 32,800 square feet on a 0.92-acre site. The residences include one-bedroom/one-bathroom and two-bedroom/two-bathroom plans, with unit sizes from approximately 850 to 1,200 square feet. Parking includes 36 underground spaces and 11 surface spaces. The property is fully occupied and has a rooftop communications lease with Verizon, which began in April 2017 and includes contractual 2% annual rent increases each April. Its first five-year renewal term ends in March 2027, with three additional five-year options that could extend the term through March 2042, subject to lease provisions.
Nearby destinations include the 50th and France district, Lunds & Byerlys, Galleria Edina, and Southdale Center. Highway 100 and Highway 62 connect the area with downtown Minneapolis, employment centers, and the greater Twin Cities.
Nearby destinations include the 50th and France district, Lunds & Byerlys, Galleria Edina, and Southdale Center. Highway 100 and Highway 62 connect the area with downtown Minneapolis, employment centers, and the greater Twin Cities.
Key Highlights
- 32 apartments in one- and two‑bedroom configurations
- Approximately 32,800 square feet on a 0.92‑acre site
- 36 underground parking spaces and 11 surface spaces
Property Analytics
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Lease Details
32
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Explore this area
Business Placement
Demographics for 55424, MN
10,175
Population
3,845
Households
2.6
Avg Household Size
41
Median Age
85%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
4,240
Density / Sq Mi
$241,875
Median Household Income
$101,694
Median Earnings
$1,786
Median Rent
$959,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied residences include one- and two-bedroom layouts and a rooftop communications lease.
Where is this apartment building located?
The property is located at 3901 W 49th St Minneapolis, MN.
What are key features of this property?
This property features: 32 apartments in one- and two‑bedroom configurations; Approximately 32,800 square feet on a 0.92‑acre site; 36 underground parking spaces and 11 surface spaces
