3609 43RD ST E MINNEAPOLIS MN 55406

PID: 0702823310159

Property Overview

Parcel ID0702823310159

Lot Size61,731 sq ft (1.417 ac)

Lot Dimensions (est.)328 ft wide × 188 ft deep

Year Built2008

Property ClassAPARTMENT

OwnerHIAWATHA FLATS II LLC

Assessed Value$10,233,000

Land Value$1,049,400

Building Value$9,183,600

Annual Tax$194,333

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 ↗

Potentially 4d-Eligible PropertyMedium

Property type suggests multifamily rental use — may qualify for the Minneapolis 4d program, which reduces property taxes to ~0.25% in exchange for affordability commitments. Requires 3+ units and a current rental license.

Minneapolis — 4d Affordable Housing Incentive ↗

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 2008 · Most recent: May 2022 (comnofdbv)

ComnofdbvMay 2022Closed

Corporate Mechanical Inc

BinbMar 2008

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

Neighborhood Profile

Hiawatha · Minneapolis

Median reported rent1,554/mo

Renter-occupied38.8%

Median home value$306K

Vacancy rate5.9%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1105

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 width313 ft

Buildable depth148 ft

Area~49,477 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 49,477 sqft buildable area.

Est. units

174

Yield on cost

4.3%

Spread

-1.2%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3612 44TH ST E MINNEAPOLIS MN 55406	HIAWATHA FLATS LLC	APARTMENT	$23,500,000	195 ft
3701 43RD ST E MINNEAPOLIS MN 55406	K J L WALRAVEN/W L WALRAVEN	RESIDENTIAL	$310,000	196 ft
4334 SNELLING AVE MINNEAPOLIS MN 55406	KK-FIVE CORPORATION	VACANT LAND-RESIDENTIAL	$107,000	202 ft
4254 SNELLING AVE MINNEAPOLIS MN 55406	DIANE LAITINEN	RESIDENTIAL	$270,500	227 ft
3705 43RD ST E MINNEAPOLIS MN 55406	P MOORE & N MOORE	RESIDENTIAL	$242,400	235 ft
4255 CHEATHAM AVE MINNEAPOLIS MN 55406	STACY LYNNE CARLING	RESIDENTIAL	$207,400	249 ft
4338 SNELLING AVE MINNEAPOLIS MN 55406	KK-FIVE CORPORATION	RESIDENTIAL	$346,900	267 ft
4250 SNELLING AVE MINNEAPOLIS MN 55406	D E DARNUTZER JR & V M SMITH	RESIDENTIAL	$220,400	270 ft
3711 43RD ST E MINNEAPOLIS MN 55406	V G ROMERO & B R MONTES	RESIDENTIAL-TWO UNIT	$272,700	275 ft
4315 SNELLING AVE MINNEAPOLIS MN 55406	TODD J KRINGLER	RESIDENTIAL	$302,600	276 ft

Property History

Current Tax Year

Year2026

Tax Due$194,333