3505 1ST AVE S MINNEAPOLIS MN 55408

PID: 0302824420205

Property Overview

Parcel ID0302824420205

Lot Size7,833 sq ft (0.180 ac)

Lot Dimensions (est.)130 ft wide × 60 ft deep

Year Built2002

Property ClassRESIDENTIAL

OwnerRUFUS S CARSON III ET AL

Assessed Value$387,000

Land Value$97,000

Building Value$290,000

Annual Tax$6,072

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 2002 · $260K total declared value · Most recent: Mar 2021 (existres)

ExistresMar 2021Closed

Airic's Heating & Air Conditioning Inc

BinbMay 2002

$260K

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

Neighborhood Profile

Lyndale · Minneapolis

Median reported rent1,194/mo

Renter-occupied53.6%

Median home value$326K

Vacancy rate10.3%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1093

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

Front Street

On corner lots, the selected street determines which setbacks apply to each side.

Setbacks

Front20 ft

Interior side5 ft

Street side (est.)8 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width117 ft

Buildable depth20 ft

Area~4,255 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 4,255 sqft buildable area.

Est. units

Yield on cost

4.0%

Spread

-1.5%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3501 1ST AVE S MINNEAPOLIS MN 55408	LANDMARK COMMUNITY BANK N A	RESIDENTIAL-TWO UNIT	$269,600	45 ft
3509 1ST AVE S MINNEAPOLIS MN 55408	K E LIDLE & C MATTHIAS	RESIDENTIAL	$377,000	51 ft
3515 1ST AVE S MINNEAPOLIS MN 55408	J AND D APARTMENTS LLC	RESIDENTIAL-TWO UNIT	$392,400	93 ft
115 35TH ST E MINNEAPOLIS MN 55408	ROBERTO ONOFRE ESPINOZA	RESIDENTIAL	$219,700	106 ft
3517 1ST AVE S MINNEAPOLIS MN 55408	PETER PATTERSON MORRISSEY	RESIDENTIAL-TWO UNIT	$542,100	135 ft
3449 1ST AVE S MINNEAPOLIS MN 55408	MATEUSZ TROICKI & M TROICKI	RESIDENTIAL-TWO UNIT	$313,900	142 ft
3504 STEVENS AVE MINNEAPOLIS MN 55408	JAGNARINE SINGH & S SINGH	RESIDENTIAL	$356,000	143 ft
3508 STEVENS AVE MINNEAPOLIS MN 55408	SAHIL BANERJEE	RESIDENTIAL	$459,000	151 ft
3500 STEVENS AVE MINNEAPOLIS MN 55408	KEVIN A ZENT	RESIDENTIAL-TWO UNIT	$373,100	168 ft
3512 STEVENS AVE MINNEAPOLIS MN 55408	S L GOETSCH/J L GOETSCH ETAL	RESIDENTIAL-TWO UNIT	$402,200	170 ft

Property History

Current Tax Year

Year2026

Tax Due$6,072