5540 31ST AVE S MINNEAPOLIS MN 55417

PID: 2402824110010

Property Overview

Parcel ID2402824110010

Lot Size6,405 sq ft (0.147 ac)

Lot Dimensions (est.)128 ft wide × 50 ft deep

Year Built1951

Property ClassRESIDENTIAL

OwnerERIK BJORN ANDERSON-HERMANN

Assessed Value$312,900

Land Value$138,000

Building Value$174,900

Annual Tax$4,825

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

No permits found in Minneapolis open data for this parcel.

Neighborhood Profile

Minneapolis

Median reported rent1,094/mo

Renter-occupied49.4%

Median home value$326K

Vacancy rate4.0%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 121.01

Market Snapshot

Zip code 55417

Median sale price$371K-4.4% YoY

Median price / sqft$244/sqft

Median days to close34 days

Active listings28

Source: Redfin Data Center (Invalid Date) · Zip 55417

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 width40 ft

Buildable depth88 ft

Area~3,523 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 3,523 sqft buildable area.

Est. units

Yield on cost

2.1%

Spread

-3.4%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
5536 31ST AVE S MINNEAPOLIS MN 55417	F D OMANA & A B OMANA	RESIDENTIAL	$328,100	50 ft
5544 31ST AVE S MINNEAPOLIS MN 55417	P W HAHN & TRISTA S MOLINE	RESIDENTIAL	$324,000	50 ft
5532 31ST AVE S MINNEAPOLIS MN 55417	C SPIEKER/REBECCA MROZINSKI	RESIDENTIAL	$307,100	100 ft
5541 NOKOMIS AVE S MINNEAPOLIS MN 55417	AARON BARTLETT	RESIDENTIAL	$282,300	142 ft
5528 31ST AVE S MINNEAPOLIS MN 55417	JANICE M ASPHOLM	RESIDENTIAL	$298,200	150 ft
5537 NOKOMIS AVE S MINNEAPOLIS MN 55417	JESSE THOMAS MCCARTY	RESIDENTIAL	$339,400	150 ft
5545 NOKOMIS AVE S MINNEAPOLIS MN 55417	W A OYLER & S C OYLER	RESIDENTIAL	$376,800	151 ft
5533 NOKOMIS AVE S MINNEAPOLIS MN 55417	JESSICA GIESEKE	RESIDENTIAL	$292,800	172 ft
5549 31ST AVE S MINNEAPOLIS MN 55417	SCOTT L WILSON	RESIDENTIAL	$211,000	198 ft
5524 31ST AVE S MINNEAPOLIS MN 55417	J A HENRY & S B HENRY	RESIDENTIAL	$308,200	200 ft

Property History

Most Recent Sale

Date202006

Price$250,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$4,825