1016 24TH AVE S E MINNEAPOLIS MN 55414

PID: 1902923210192

Property Overview

Parcel ID1902923210192

Lot Size5,061 sq ft (0.116 ac)

Lot Dimensions (est.)127 ft wide × 40 ft deep

Year Built1907

Property ClassRESIDENTIAL

OwnerV HENRY-LEA WELLS ET AL

Assessed Value$253,500

Land Value$79,000

Building Value$174,500

Annual Tax$3,592

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictUnknown

Development Opportunities

Qualified Census Tract (QCT)High

Within a HUD-designated Qualified Census Tract — LIHTC projects here receive a 30% basis boost, significantly increasing the tax credit allocation for affordable housing development.

HUD — LIHTC Qualified Census Tracts ↗

Potential programs

LIHTC 30% Basis BoostMedium

Affordable housing developments in QCTs receive a 30% increase in eligible basis for Low Income Housing Tax Credits — materially improving project feasibility. Allocated through MHFA.

HUD — LIHTC Qualified Census Tracts ↗

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

Permit History

1 permit on record since 2025 · Most recent: Dec 2025 (res)

ResDec 2025Final Inspection

CenterPoint Energy Resource Corp

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

Neighborhood Profile

Minneapolis

Median reported rent1,416/mo

Renter-occupied87.3%

Median home value$321K

Vacancy rate6.1%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1040.02

Market Snapshot

Zip code 55414

Median sale price$385K+13.2% YoY

Median price / sqft$233/sqft

Median days to close91 days

Active listings36

Source: Redfin Data Center (Invalid Date) · Zip 55414

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~2,595 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 2,595 sqft buildable area.

Est. units

Yield on cost

3.6%

Spread

-1.9%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
1014 24TH AVE S E MINNEAPOLIS MN 55414	C R SHERVHEIM/S T SHERVHEIM	RESIDENTIAL-TWO UNIT	$317,800	40 ft
1020 24TH AVE S E MINNEAPOLIS MN 55414	R S WALLACE & M J H WALLACE	RESIDENTIAL	$266,700	40 ft
1010 24TH AVE S E MINNEAPOLIS MN 55414	1010 24TH LLC	RESIDENTIAL	$216,700	80 ft
1024 24TH AVE S E MINNEAPOLIS MN 55414	BEAST ENTITIES LLC	RESIDENTIAL	$277,600	80 ft
1006 24TH AVE S E MINNEAPOLIS MN 55414	1006 24TH AVE SE LLC	RESIDENTIAL	$399,400	120 ft
1028 24TH AVE S E MINNEAPOLIS MN 55414	D E YOUNG & J J YOUNG	RESIDENTIAL	$272,400	120 ft
1017 25TH AVE S E MINNEAPOLIS MN 55414	DANIEL JAMES ANDERSON	RESIDENTIAL	$332,400	140 ft
1011 25TH AVE S E MINNEAPOLIS MN 55414	CAROLYN ANDERSON	RESIDENTIAL	$275,700	145 ft
1021 25TH AVE S E MINNEAPOLIS MN 55414	NICOLE MARY NECHIPORENKO	RESIDENTIAL	$319,200	147 ft
1000 24TH AVE S E MINNEAPOLIS MN 55414	ANDREW MEEKS	RESIDENTIAL	$332,300	158 ft

Property History

Most Recent Sale

Date200402

Price$160,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$3,592