510 8TH ST S E MINNEAPOLIS MN 55414

PID: 2402924220087

Property Overview

Parcel ID2402924220087

Lot Size4,200 sq ft (0.096 ac)

Lot Dimensions (est.)86 ft wide × 49 ft deep

Year Built1900

Property ClassRESIDENTIAL-TWO UNIT

OwnerTHOMAS RALPH

Assessed Value$577,500

Land Value$131,000

Building Value$446,500

Annual Tax$10,968

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

1 permit on record since 2022 · Most recent: Sep 2022 (res)

ResSep 2022Closed

Alexander Plumbing LLC

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

Neighborhood Profile

Marcy Holmes · Minneapolis

Median reported rent1,222/mo

Renter-occupied80.8%

Median home value$377K

Vacancy rate3.8%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1037

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 depth65 ft

Area~1,951 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 1,951 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
506 8TH ST S E MINNEAPOLIS MN 55414	HENRY H DICKSON ETAL	RESIDENTIAL-TWO UNIT	$396,100	40 ft
514 8TH ST S E MINNEAPOLIS MN 55414	PARKER HOLT BRETL	TRIPLEX	$374,500	42 ft
722 5TH AVE S E MINNEAPOLIS MN 55414	C R ARKO & J A IVERSON	RESIDENTIAL	$289,900	83 ft
518 8TH ST S E MINNEAPOLIS MN 55414	IRAJ BASHIRI ETAL	RESIDENTIAL	$364,700	85 ft
716 5TH AVE S E MINNEAPOLIS MN 55414	NICHOLAS WALKER ESTES	CONDOMINIUM	$242,000	94 ft
716 5TH AVE S E MINNEAPOLIS MN 55414	SHANNON GOLDEN	CONDOMINIUM	$317,000	94 ft
716 5TH AVE S E MINNEAPOLIS MN 55414	BENJI ENCALADA & AMY PINDER	CONDOMINIUM	$242,000	94 ft
716 5TH AVE S E MINNEAPOLIS MN 55414	SOPHIA APPLIN	CONDOMINIUM	$221,000	94 ft
MN	Unknown	—	—	94 ft
522 8TH ST S E MINNEAPOLIS MN 55414	E A W LANGFORD/J G LANGFORD	RESIDENTIAL	$303,600	122 ft

Property History

Most Recent Sale

Date200612

Price$299,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$10,968