515 31ST ST W MINNEAPOLIS MN 55408

PID: 0302824220152

Property Overview

Parcel ID0302824220152

Lot Size2,229 sq ft (0.051 ac)

Lot Dimensions (est.)49 ft wide × 46 ft deep

Year Built1909

Property ClassRESIDENTIAL-TWO UNIT

OwnerL D O SAVONITTO & J O OTERO

Assessed Value$308,300

Land Value$77,000

Building Value$231,300

Annual Tax$4,492

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

Minneapolis

Median reported rent1,022/mo

Renter-occupied73.1%

Median home value$318K

Vacancy rate5.5%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 82

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 width39 ft

Buildable depth5 ft

Area~178 sqft

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

Development Feasibility

Potentially Feasible

Back-of-envelope estimate based on sfr / adu benchmarks for 178 sqft buildable area.

Est. units

Yield on cost

8.5%

Spread

+3.0%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3105 GARFIELD AVE MINNEAPOLIS MN 55408	JOSEPH CHVALA	RESIDENTIAL	$470,300	64 ft
3101 GARFIELD AVE MINNEAPOLIS MN 55408	C KNIGHTS & S SAVENGSEUKSA	RESIDENTIAL-TWO UNIT	$381,300	67 ft
3100 HARRIET AVE MINNEAPOLIS MN 55408	AGAPE HOME	APARTMENT	$0	102 ft
3109 GARFIELD AVE MINNEAPOLIS MN 55408	COMMUNITY HOUSING RESOURCES	RESIDENTIAL	$0	108 ft
3108 HARRIET AVE MINNEAPOLIS MN 55408	NATASHA C HOLDEN	RESIDENTIAL-TWO UNIT	$418,000	139 ft
3113 GARFIELD AVE MINNEAPOLIS MN 55408	E D WILLER & M C GILL	RESIDENTIAL	$344,100	150 ft
512 31ST ST W MINNEAPOLIS MN 55408	ANTHONY OTIS	RESIDENTIAL-TWO UNIT	$466,600	164 ft
3044 HARRIET AVE MINNEAPOLIS MN 55408	J A Q MOROCHO & E M CUVI	RESIDENTIAL-TWO UNIT	$579,400	172 ft
3112 HARRIET AVE MINNEAPOLIS MN 55408	URBAN DEVELOPER SERVICES LLC	RESIDENTIAL	$432,700	174 ft
518 31ST ST W MINNEAPOLIS MN 55408	ELISA LAU LARSON	RESIDENTIAL-TWO UNIT	$459,100	180 ft

Property History

Most Recent Sale

Date200906

Price$160,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$4,492