3308 3RD AVE S MINNEAPOLIS MN 55408

PID: 0302824130123

Property Overview

Parcel ID0302824130123

Lot Size5,773 sq ft (0.133 ac)

Lot Dimensions (est.)128 ft wide × 45 ft deep

Year Built1902

Property ClassRESIDENTIAL

OwnerEMMA TORZS

Assessed Value$333,600

Land Value$48,000

Building Value$285,600

Annual Tax$5,164

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictUnknown

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

Minneapolis

Median reported rent1,224/mo

Renter-occupied65.9%

Median home value$308K

Vacancy rate4.8%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 83

Market Snapshot

Zip code 55408

Median sale price$390K+6.8% YoY

Median price / sqft$243/sqft

Median days to close62 days

Active listings73

Source: Redfin Data Center (Invalid Date) · Zip 55408

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 width35 ft

Buildable depth88 ft

Area~3,089 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 3,089 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
3304 3RD AVE S MINNEAPOLIS MN 55408	CARLOS CUESTRA PILLAGA	RESIDENTIAL	$256,700	45 ft
3312 3RD AVE S MINNEAPOLIS MN 55408	ERIC ANDERSEN	RESIDENTIAL	$319,000	45 ft
3316 3RD AVE S MINNEAPOLIS MN 55408	3316 3RD AVE S LLC	RESIDENTIAL-TWO UNIT	$357,200	90 ft
3300 3RD AVE S MINNEAPOLIS MN 55408	D M SCHAEFER & Z L SCHAEFER	RESIDENTIAL-TWO UNIT	$298,300	91 ft
3320 3RD AVE S MINNEAPOLIS MN 55408	EMILY MCBRIDE/AARON BICKNER	RESIDENTIAL	$220,800	135 ft
3309 2ND AVE S MINNEAPOLIS MN 55408	TOLLIE J FLIPPIN JR	RESIDENTIAL-TWO UNIT	$330,900	140 ft
3315 2ND AVE S MINNEAPOLIS MN 55408	RUBY S HEMPHILL-BONNER	RESIDENTIAL-TWO UNIT	$382,700	147 ft
3305 2ND AVE S MINNEAPOLIS MN 55408	M J BURR & R J KIRBY	RESIDENTIAL	$294,000	147 ft
3317 2ND AVE S MINNEAPOLIS MN 55408	C R J RIERA & T D I MERCHAN	TRIPLEX	$321,800	166 ft
203 33RD ST E MINNEAPOLIS MN 55408	SN3 LLC	APARTMENT	$292,000	167 ft

Property History

Most Recent Sale

Date202406

Price$400,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$5,164