3041 ALDRICH AVE S MINNEAPOLIS MN 55408

PID: 0402824110015

Property Overview

Parcel ID0402824110015

Lot Size3,313 sq ft (0.076 ac)

Lot Dimensions (est.)72 ft wide × 46 ft deep

Year Built1924

Property ClassCOMMERCIAL-PREFERRED

OwnerBALANCE PROPERTIES II LLC

Assessed Value$815,000

Land Value$132,500

Building Value$682,500

Annual Tax$26,288

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

1 permit on record since 2008 · $186K total declared value · Most recent: Mar 2008 (building re-inspection)

Building Re-inspectionMar 2008

$186K

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

Neighborhood Profile

South Uptown · Minneapolis

Median reported rent1,449/mo

Renter-occupied73.2%

Median home value$398K

Vacancy rate2.1%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 81

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

RM1Residence Goods and Services

Residential Mixed-Use 1 — low-density mixed residential

Typical Uses

·Apartments
·Townhomes
·Neighborhood-scale retail on ground floor

Max Height45 ft

Development Potential

Setbacks

Front20 ft

Side (each)5 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width36 ft

Buildable depth32 ft

Area~1,152 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 sfr / adu benchmarks for 1,152 sqft buildable area.

Est. units

Yield on cost

2.5%

Spread

-3.0%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3037 ALDRICH AVE S MINNEAPOLIS MN 55408	MPLS UPTOWN RENTALS 3037 LLC	RESIDENTIAL-TWO UNIT	$686,100	43 ft
3045 ALDRICH AVE S MINNEAPOLIS MN 55408	3040 LYNDALE LLC	LAND-COMMERCIAL	$142,400	47 ft
3037 ALDRICH AVE S MINNEAPOLIS MN 55408	HYONKUK PARK	VACANT LAND-RESIDENTIAL	$2,200	66 ft
3035 ALDRICH AVE S MINNEAPOLIS MN 55408	BRIAN HYONKUK PARK	APARTMENT	$484,000	92 ft
3036 LYNDALE AVE S MINNEAPOLIS MN 55408	TOMMY R FROST	RESIDENTIAL-TWO UNIT	$407,300	131 ft
3040 LYNDALE AVE S MINNEAPOLIS MN 55408	3040 LYNDALE LLC	COMMERCIAL-PREFERRED	$693,000	136 ft
3029 ALDRICH AVE S MINNEAPOLIS MN 55408	AFFORDABLE GREEN HOMES LLC	RESIDENTIAL-TWO UNIT	$316,600	138 ft
810 31ST ST W MINNEAPOLIS MN 55408	NEW WINE CHURCH	COMMERCIAL-PREFERRED	$0	161 ft
3034 LYNDALE AVE S MINNEAPOLIS MN 55408	HONN PROPERTIES LLC	COMMERCIAL-PREFERRED	$1,787,000	175 ft
3025 ALDRICH AVE S MINNEAPOLIS MN 55408	ALDRICH UPTOWN PROPERTIES	RESIDENTIAL-TWO UNIT	$427,200	193 ft

Property History

Most Recent Sale

Date201405

Price$570,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$26,288