3947 1ST AVE S MINNEAPOLIS MN 55409

PID: 1002824120121

Property Overview

Parcel ID1002824120121

Lot Size7,248 sq ft (0.166 ac)

Lot Dimensions (est.)132 ft wide × 55 ft deep

Year Built1927

Property ClassAPARTMENT

OwnerAFFORDABLE GREEN HOMES LLC

Assessed Value$726,900

Land Value$145,200

Building Value$581,700

Annual Tax$13,804

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

Development Opportunities

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 ↗

Signals are based on public datasets; program eligibility requires verification.

Permit History

1 permit on record since 2020 · Most recent: Nov 2020 (comnofdbv)

ComnofdbvNov 2020Closed

MN Plumbing & Home Services INC

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

Neighborhood Profile

King Field · Minneapolis

Median reported rent1,253/mo

Renter-occupied32.9%

Median home value$403K

Vacancy rate4.7%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1099

Market Snapshot

Zip code 55409

Median sale price$379K-21.6% YoY

Median price / sqft$218/sqft

Median days to close56 days

Active listings21

Source: Redfin Data Center (Invalid Date) · Zip 55409

Zoning

UN1Urban Neighborhood 1

Urban Neighborhood 1 — low-density residential

Typical Uses

·Single-family homes
·Duplexes
·Accessory dwelling units

Max Height35 ft

Development Potential

Setbacks

Front20 ft

Side (each)5 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width45 ft

Buildable depth92 ft

Area~4,130 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 4,130 sqft buildable area.

Est. units

Yield on cost

2.7%

Spread

-2.8%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
3943 1ST AVE S MINNEAPOLIS MN 55409	SCIOTO PROPERTIES SP 16 LLC	RESIDENTIAL-TWO UNIT	$500,300	47 ft
3953 1ST AVE S MINNEAPOLIS MN 55409	V R HUNT & K C HUNT	APARTMENT	$1,050,000	60 ft
3939 1ST AVE S MINNEAPOLIS MN 55409	W C KOPP & E M SEXTON	RESIDENTIAL	$378,000	87 ft
3935 1ST AVE S MINNEAPOLIS MN 55409	TYLER O'BRIEN/JENNIFER KIM	RESIDENTIAL	$435,000	127 ft
3946 STEVENS AVE MINNEAPOLIS MN 55409	JOHN H JACOBSON JR	RESIDENTIAL-TWO UNIT	$317,600	144 ft
3950 STEVENS AVE MINNEAPOLIS MN 55409	DIANE R NORDQUIST	RESIDENTIAL	$276,700	147 ft
3942 STEVENS AVE MINNEAPOLIS MN 55409	TODD BAKER	RESIDENTIAL	$199,300	152 ft
3954 STEVENS AVE MINNEAPOLIS MN 55409	MICHELLE CAROL LIPETZKY	RESIDENTIAL-TWO UNIT	$446,800	160 ft
3931 1ST AVE S MINNEAPOLIS MN 55409	NATHAN WEST	RESIDENTIAL-TWO UNIT	$610,600	167 ft
3938 STEVENS AVE MINNEAPOLIS MN 55409	M R HAWTHORNE & K J SWENSON	RESIDENTIAL	$272,700	169 ft

Property History

Most Recent Sale

Date201208

Price$400,000

TypePROBATE DEED

Current Tax Year

Year2026

Tax Due$13,804