3245 Penn Avenue N, Minneapolis, MN

About 3245 Penn Avenue N

Excellent value-add opportunity in North Minneapolis. 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 and 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 but straightforward scope of work for the next owner. Previously, the building produced solid income 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 right improvements, this property has the potential to be a strong cash-flowing asset once again. Ideal for investors seeking a manageable rehab with clear upside. Buyer to verify all information. Cash or rehab financing recommended.