3233 40TH ST E MINNEAPOLIS MN 55406

PID: 0702823230010

Property Overview

Parcel ID0702823230010

Lot Size57,011 sq ft (1.309 ac)

Lot Dimensions (est.)325 ft wide × 175 ft deep

Year Built1900

Property ClassINDUSTRIAL-PREFERRED

OwnerHEART OF HIAWATHA LLC

Assessed Value$1,500,000

Land Value$802,900

Building Value$697,100

Annual Tax$55,142

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

No permits found in Minneapolis open data for this parcel.

Neighborhood Profile

Hiawatha · Minneapolis

Median reported rent1,127/mo

Renter-occupied37.3%

Median home value$308K

Vacancy rate0.0%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1104

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

UN3Urban Neighborhood 3

Urban Neighborhood 3 — medium-density residential

Typical Uses

·Apartment buildings
·Mixed-use with neighborhood retail

Max Height50 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.)10 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width310 ft

Buildable depth135 ft

Area~44,252 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 3-story wood frame (5–12 units) benchmarks for 44,252 sqft buildable area.

Est. units

156

Yield on cost

4.3%

Spread

-1.2%

Loading map…

Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
4008 CHEATHAM AVE MINNEAPOLIS MN 55406	NOR STATES POWER CO	LAND - INDUSTRIAL	$20,300	77 ft
3301 40TH ST E MINNEAPOLIS MN 55406	PRISCILLA AGUILAR	RESIDENTIAL	$248,900	174 ft
3047 38TH ST E MINNEAPOLIS MN 55406	SOO LINE RR	RAILROAD	$8,600	228 ft
4004 SNELLING AVE MINNEAPOLIS MN 55406	CTW GROUP INCORPORATED	VACANT LAND-RESIDENTIAL	$115,000	237 ft
3305 40TH ST E MINNEAPOLIS MN 55406	L A LUNA & B P LARSON	RESIDENTIAL	$296,200	241 ft
4008 SNELLING AVE MINNEAPOLIS MN 55406	RYAN BALL	RESIDENTIAL	$315,400	249 ft
4012 SNELLING AVE MINNEAPOLIS MN 55406	M STOWELL & R STOWELL	RESIDENTIAL	$301,300	268 ft
4041 HIAWATHA AVE MINNEAPOLIS MN 55406	MPLS LEASED HSG ASSOC VIII	LOW INCOME RENTAL	$10,816,000	277 ft
4016 SNELLING AVE MINNEAPOLIS MN 55406	MIO ISHIDA	RESIDENTIAL	$228,300	290 ft
3956 SNELLING AVE MINNEAPOLIS MN 55406	AHMED JAMA	RESIDENTIAL	$302,700	293 ft

Property History

Most Recent Sale

Date202012

Price$1,300,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$55,142