3345 5TH AVE S MINNEAPOLIS MN 55408

PID: 0302824140214

Property Overview

Parcel ID0302824140214

Lot Size5,026 sq ft (0.115 ac)

Lot Dimensions (est.)120 ft wide × 42 ft deep

Year Built1911

Property ClassRESIDENTIAL

OwnerLUIS ROMERO

Assessed Value$229,000

Land Value$52,000

Building Value$177,000

Annual Tax$3,169

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

Development Opportunities

High-Frequency Transit (5-min walk)High

Within a 5-minute walk of a high-frequency LRT or BRT stop — a positive factor for density bonuses and Met Council Livable Communities grant scoring.

Metro Council — Livable Communities ↗

Potential programs

Met Council Livable Communities GrantMedium

Competitive grants for affordable housing and transit-oriented development near high-frequency transit; proximity to LRT/BRT is a key scoring factor.

Metro Council — Livable Communities ↗

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

Permit History

2 permits on record since 2024 · Most recent: Feb 2026 (existres)

ExistresFeb 2026Closed

Edina Heating and Cooling Inc

ResOct 2024Closed

CenterPoint Energy Resource Corp

Source: Minneapolis open data. Declared construction values are applicant-reported and may not reflect actual project cost.

Neighborhood Profile

Central · Minneapolis

Median reported rent1,458/mo

Renter-occupied34.5%

Median home value$302K

Vacancy rate11.2%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 84

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 depth72 ft

Area~2,416 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 2,416 sqft buildable area.

Est. units

Yield on cost

3.9%

Spread

-1.6%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3341 5TH AVE S MINNEAPOLIS MN 55408	HOMES BY WITT LLC	RESIDENTIAL-TWO UNIT	$281,600	44 ft
3349 5TH AVE S MINNEAPOLIS MN 55408	C A PALMER & M A SIPE	RESIDENTIAL	$224,900	49 ft
510 34TH ST E MINNEAPOLIS MN 55408	HOME PROPERTIES LLC	RESIDENTIAL	$150,800	60 ft
3337 5TH AVE S MINNEAPOLIS MN 55408	ARACELI GARRIDO SAMPAYO	RESIDENTIAL-TWO UNIT	$286,200	89 ft
3335 5TH AVE S MINNEAPOLIS MN 55408	MARIBEL PRESTEGUIN ROJAS	RESIDENTIAL	$235,000	134 ft
3344 PORTLAND AVE MINNEAPOLIS MN 55407	RICHARD A HEINTZ	RESIDENTIAL	$217,000	135 ft
3340 PORTLAND AVE MINNEAPOLIS MN 55407	ADRIENNE HOPKINS/CRAIG BUCK	RESIDENTIAL	$338,000	141 ft
3350 PORTLAND AVE MINNEAPOLIS MN 55407	JAMIE V PHELPS	RESIDENTIAL-TWO UNIT	$298,700	143 ft
3336 PORTLAND AVE MINNEAPOLIS MN 55407	TIMOTHY M THORNBURGH	RESIDENTIAL-TWO UNIT	$332,400	161 ft
3348 5TH AVE S MINNEAPOLIS MN 55408	HORAN HUTT TRUST	RESIDENTIAL	$434,100	168 ft

Property History

Most Recent Sale

Date202601

Price$150,000

TypeOTHER – SEE CERTIFICATE OF REAL ESTATE VALUE (CRV)

Current Tax Year

Year2026

Tax Due$3,169