3422 ELLIOT AVE MINNEAPOLIS MN 55407

PID: 0202824310006

Property Overview

Parcel ID0202824310006

Lot Size4,891 sq ft (0.112 ac)

Lot Dimensions (est.)122 ft wide × 40 ft deep

Year Built1991

Property ClassRESIDENTIAL

OwnerPAULA W MEDLOCK

Assessed Value$304,200

Land Value$91,000

Building Value$213,200

Annual Tax$4,645

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

Development Opportunities

Qualified Census Tract (QCT)High

Within a HUD-designated Qualified Census Tract — LIHTC projects here receive a 30% basis boost, significantly increasing the tax credit allocation for affordable housing development.

HUD — LIHTC Qualified Census Tracts ↗

Potential programs

LIHTC 30% Basis BoostMedium

Affordable housing developments in QCTs receive a 30% increase in eligible basis for Low Income Housing Tax Credits — materially improving project feasibility. Allocated through MHFA.

HUD — LIHTC Qualified Census Tracts ↗

Signals are based on public datasets; program eligibility requires verification.

Permit History

No permits found in Minneapolis open data for this parcel.

Neighborhood Profile

Powderhorn Park · Minneapolis

Median reported rent1,157/mo

Renter-occupied51.4%

Median home value$305K

Vacancy rate5.2%

ACS rents reflect current tenant leases and may differ from new market rents.

Source: 2022 ACS 5-Year Estimates · Census Tract 85

Market Snapshot

Zip code 55407

Median sale price$340K+1.5% YoY

Median price / sqft$214/sqft

Median days to close22 days

Active listings49

Source: Redfin Data Center (Invalid Date) · Zip 55407

Zoning

UN2Urban Neighborhood 2

Urban Neighborhood 2 — moderate-density residential

Typical Uses

·Duplexes
·Triplexes
·Small apartment buildings (≤4 units)

Max Height35 ft

Development Potential

Setbacks

Front20 ft

Side (each)5 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width30 ft

Buildable depth82 ft

Area~2,466 sqft

Estimates based on typical zoning setbacks. Actual requirements may vary by lot, overlay, or conditional approval.

Development Feasibility

Likely Infeasible

Back-of-envelope estimate based on small multifamily (2–4 units, wood frame) benchmarks for 2,466 sqft buildable area.

Est. units

Yield on cost

3.7%

Spread

-1.8%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3418 ELLIOT AVE MINNEAPOLIS MN 55407	SAMI GHANDOUR & IVY GHANDOUR	RESIDENTIAL	$254,500	40 ft
3426 ELLIOT AVE MINNEAPOLIS MN 55407	C ZIMA/A TYSON/C TYSON	RESIDENTIAL-TWO UNIT	$417,300	40 ft
3414 ELLIOT AVE MINNEAPOLIS MN 55407	VALENTINA MEJIA ET AL	RESIDENTIAL-TWO UNIT	$307,700	80 ft
3430 ELLIOT AVE MINNEAPOLIS MN 55407	ELMER MEYER	RESIDENTIAL	$406,200	80 ft
3410 ELLIOT AVE MINNEAPOLIS MN 55407	AMY MILLER & DARIN CARR	RESIDENTIAL	$333,800	120 ft
3434 ELLIOT AVE MINNEAPOLIS MN 55407	JOHN P BLOOMQUIST ET AL	RESIDENTIAL	$356,000	120 ft
3421 CHICAGO AVE MINNEAPOLIS MN 55407	CB PRG PORTFOLIO I LTD PRTNR	LOW INCOME RENTAL	$411,600	136 ft
3427 CHICAGO AVE MINNEAPOLIS MN 55407	SEGUNDO A LLAPA	RESIDENTIAL	$281,000	141 ft
3417 CHICAGO AVE MINNEAPOLIS MN 55407	CB PRG PORTFOLIO I LTD PRTNR	LOW INCOME RENTAL	$389,900	151 ft
3429 CHICAGO AVE MINNEAPOLIS MN 55407	CB PRG PORTFOLIO I LTD PRTNR	LOW INCOME RENTAL	$291,900	157 ft

Property History

Most Recent Sale

Date199012

Price$75,500

TypeOTHER – SEE CERTIFICATE OF REAL ESTATE VALUE (CRV)

Current Tax Year

Year2026

Tax Due$4,645