640 OAK ST S E MINNEAPOLIS MN 55414

PID: 1902923320005

Property Overview

Parcel ID1902923320005

Lot Size46,573 sq ft (1.069 ac)

Lot Dimensions (est.)200 ft wide × 233 ft deep

Year Built1972

Property ClassUTILITY

OwnerN S P CO

Assessed Value$2,250,800

Land Value$566,400

Building Value$39,700

Annual Tax$76,079

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

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

No permits found in Minneapolis open data for this parcel.

Neighborhood Profile

Prospect Park - East River Road · Minneapolis

Median reported rent1,696/mo

Renter-occupied100.0%

Median home value—

Vacancy rate4.3%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1049.01

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

RM3Residence and Institutional

Residential Mixed-Use 3 — higher-density mixed residential

Typical Uses

·High-density apartments
·Mixed-use buildings
·Ground-floor retail

Max Height95 ft

Development Potential

Setbacks

Front20 ft

Side (each)5 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width244 ft

Buildable depth143 ft

Area~29,794 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 mid-rise concrete (50+ units) benchmarks for 29,794 sqft buildable area.

Est. units

297

Yield on cost

2.8%

Spread

-2.7%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
700 OAK ST S E MINNEAPOLIS MN 55414	BURLINGTON-NORTHERN INC	RAILROAD	$34,900	186 ft
650 OAK ST S E MINNEAPOLIS MN 55414	U OF MINN	LAND-COMMERCIAL	$0	215 ft
1 ADDRESS UNASSIGNED MINNEAPOLIS MN 00000	CITY OF MPLS	LAND - INDUSTRIAL	$0	433 ft
1 ADDRESS UNASSIGNED MINNEAPOLIS MN 00000	REGENTS OF UNIVERSITY MINN	LAND - INDUSTRIAL	$0	537 ft
2303 MARSHALL AVE S E MINNEAPOLIS MN 55414	GREAT NORTHERN RY CO	RAILROAD	$0	575 ft
705 OAK ST S E MINNEAPOLIS MN 55414	UNIVERSITY MN REGENTS	LAND - INDUSTRIAL	$0	643 ft
545 OAK ST S E MINNEAPOLIS MN 55414	UNIVERSITY OF MN REGENTS	LAND-COMMERCIAL	$0	693 ft
2000 ELM ST S E MINNEAPOLIS MN 55414	B9 POLAR UNIVERSITY LLC	INDUSTRIAL-PREFERRED	$22,500,000	798 ft
1800 ELM ST S E MINNEAPOLIS MN 55414	B9 POLAR UNIVERSITY LLC	INDUSTRIAL-PREFERRED	$14,000,000	844 ft
500 16TH AVE S E MINNEAPOLIS MN 55414	BURLINGTON-NORTHERN INC	RAILROAD	$14,800	1,007 ft

Property History

Current Tax Year

Year2026

Tax Due$76,079