3500 40TH AVE S MINNEAPOLIS MN 55406

PID: 0602823420173

Property Overview

Parcel ID0602823420173

Lot Size5,095 sq ft (0.117 ac)

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

Year Built1929

Property ClassRESIDENTIAL

OwnerCROLLEY UNDERWOOD REV LIV TR

Assessed Value$344,600

Land Value$142,000

Building Value$202,600

Annual Tax$5,117

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

Permit History

6 permits on record since 2018 · $31K total declared value · Most recent: Feb 2025 (existres)

ExistresFeb 2025Closed

Standard Heating and Air Conditioning Inc

MiscJan 2024Closed

$20K

KAUFMAN SHEET METAL ROOFING INC

MiscSep 2022Closed

$8K

FRANEK CONSTRUCTION INC

ExistresJul 2022Closed

Heating and Cooling Two Inc

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

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 width115 ft

Buildable depth0 ft

Area~2,358 sqft

Lot dimensions are insufficient for the standard setbacks shown.

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 2,358 sqft buildable area.

Est. units

Yield on cost

3.7%

Spread

-1.8%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3504 40TH AVE S MINNEAPOLIS MN 55406	J M WEDLUND & R A WEDLUND	RESIDENTIAL	$340,700	39 ft
3508 40TH AVE S MINNEAPOLIS MN 55406	DANIEL P TIMLIN	RESIDENTIAL	$363,700	79 ft
3450 40TH AVE S MINNEAPOLIS MN 55406	J & B HENDERSON	RESIDENTIAL	$366,600	98 ft
3512 40TH AVE S MINNEAPOLIS MN 55406	S L NOWAK & D C PAULSON	RESIDENTIAL	$297,300	119 ft
3446 40TH AVE S MINNEAPOLIS MN 55406	KURT LILJEQUIST	RESIDENTIAL	$342,200	136 ft
3501 39TH AVE S MINNEAPOLIS MN 55406	DEANN GRATZ	RESIDENTIAL	$392,000	143 ft
3507 39TH AVE S MINNEAPOLIS MN 55406	LARRY JOHNSON & RITA JOHNSON	RESIDENTIAL	$370,500	159 ft
3516 40TH AVE S MINNEAPOLIS MN 55406	B W JOHNSON & K D UNGER	RESIDENTIAL	$331,700	159 ft
3442 40TH AVE S MINNEAPOLIS MN 55406	BARBARA JUNE LOWELL TRUST	RESIDENTIAL	$285,300	176 ft
3451 39TH AVE S MINNEAPOLIS MN 55406	L J CRUMLY/C CRUMLY/E CRUMLY	RESIDENTIAL	$327,000	184 ft

Property History

Most Recent Sale

Date199807

Price$119,900

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$5,117