3504 40TH AVE S MINNEAPOLIS MN 55406

PID: 0602823420172

Property Overview

Parcel ID0602823420172

Lot Size5,095 sq ft (0.117 ac)

Lot Dimensions (est.)128 ft wide × 40 ft deep

Year Built1925

Property ClassRESIDENTIAL

OwnerJ M WEDLUND & R A WEDLUND

Assessed Value$340,700

Land Value$142,000

Building Value$198,700

Annual Tax$5,051

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

Permit History

7 permits on record since 2019 · $113K total declared value · Most recent: Oct 2021 (existres)

ExistresOct 2021Closed

Erickson Plumbing Heating Cooling Inc

RemodelAug 2021Closed

$15K

Safe Basements of MN

ResAug 2021Closed

Erickson Plumbing Heating Cooling Inc

RemodelJul 2021Closed

$98K

Redbird Real Estate LLC

ResFeb 2020Closed

CenterPoint Energy Resource Corp

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

Neighborhood Profile

Howe · Minneapolis

Median reported rent1,217/mo

Renter-occupied9.9%

Median home value$292K

Vacancy rate0.0%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1089

Market Snapshot

Zip code 55406

Median sale price$340K+3.0% YoY

Median price / sqft$248/sqft

Median days to close21 days

Active listings39

Source: Redfin Data Center (Invalid Date) · Zip 55406

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 width30 ft

Buildable depth87 ft

Area~2,623 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 2,623 sqft buildable area.

Est. units

Yield on cost

3.4%

Spread

-2.1%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3500 40TH AVE S MINNEAPOLIS MN 55406	CROLLEY UNDERWOOD REV LIV TR	RESIDENTIAL	$344,600	39 ft
3508 40TH AVE S MINNEAPOLIS MN 55406	DANIEL P TIMLIN	RESIDENTIAL	$363,700	40 ft
3512 40TH AVE S MINNEAPOLIS MN 55406	S L NOWAK & D C PAULSON	RESIDENTIAL	$297,300	80 ft
3516 40TH AVE S MINNEAPOLIS MN 55406	B W JOHNSON & K D UNGER	RESIDENTIAL	$331,700	119 ft
3450 40TH AVE S MINNEAPOLIS MN 55406	J & B HENDERSON	RESIDENTIAL	$366,600	137 ft
3501 39TH AVE S MINNEAPOLIS MN 55406	DEANN GRATZ	RESIDENTIAL	$392,000	145 ft
3507 39TH AVE S MINNEAPOLIS MN 55406	LARRY JOHNSON & RITA JOHNSON	RESIDENTIAL	$370,500	146 ft
3518 40TH AVE S MINNEAPOLIS MN 55406	JANELLE EXELL & JEREMY EXELL	RESIDENTIAL	$338,000	159 ft
3511 39TH AVE S MINNEAPOLIS MN 55406	S BIJNAGTE/K CUTHBERTSON	RESIDENTIAL	$334,500	164 ft
3446 40TH AVE S MINNEAPOLIS MN 55406	KURT LILJEQUIST	RESIDENTIAL	$342,200	175 ft

Property History

Most Recent Sale

Date201304

Price$244,900

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$5,051