1401 PARK AVE MINNEAPOLIS MN 55404

PID: 2602924320164

Property Overview

Parcel ID2602924320164

Lot Size12,842 sq ft (0.295 ac)

Lot Dimensions (est.)97 ft wide × 132 ft deep

Year Built1913

Property ClassAPARTMENT

Owner1401 PARK AVE LLC

Assessed Value$816,300

Land Value$345,700

Building Value$470,600

Annual Tax$15,503

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

No permits found in Minneapolis open data for this parcel.

Neighborhood Profile

Elliot Park · Minneapolis

Median reported rent965/mo

Renter-occupied70.9%

Median home value$419K

Vacancy rate9.0%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1054

Market Snapshot

Zip code 55404

Median sale price$306K+16.4% YoY

Median price / sqft$167/sqft

Median days to close92 days

Active listings57

Source: Redfin Data Center (Invalid Date) · Zip 55404

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

Front Street

On corner lots, the selected street determines which setbacks apply to each side.

Setbacks

Front20 ft

Interior side5 ft

Street side (est.)15 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width77 ft

Buildable depth92 ft

Area~6,405 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 3-story wood frame (5–12 units) benchmarks for 6,405 sqft buildable area.

Est. units

Yield on cost

4.0%

Spread

-1.5%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
709 14TH ST E MINNEAPOLIS MN 55404	ELLIOTT E CONDO OWNRS ASSN	VACANT LAND-RESIDENTIAL	$415,000	97 ft
1415 PARK AVE MINNEAPOLIS MN 55404	VICTOR OGBUEHI	COMMERCIAL-PREFERRED	$465,300	99 ft
710 15TH ST E MINNEAPOLIS MN 55404	CHICAGO APARTMENTS LLC	VACANT LAND-APARTMENT	$64,800	153 ft
1421 PARK AVE MINNEAPOLIS MN 55404	REALTY EA LLC	COMMERCIAL-PREFERRED	$491,400	159 ft
712 15TH ST E MINNEAPOLIS MN 55404	CHICAGO APARTMENTS LLC	VACANT LAND-APARTMENT	$103,700	169 ft
715 14TH ST E MINNEAPOLIS MN 55404	CHDC ELLIOT LTD PARTNERSHIP	LOW INCOME RENTAL	$221,400	171 ft
714 15TH ST E MINNEAPOLIS MN 55404	CHICAGO APARTMENTS LLC	VACANT LAND-APARTMENT	$81,000	188 ft
716 15TH ST E MINNEAPOLIS MN 55404	NORTH CENTRAL UNIVERSITY	LAND-COMMERCIAL	$0	209 ft
1009 PARK AVE MINNEAPOLIS MN 55404	DREXEL APARTMENTS LLC	APARTMENT	$5,221,800	221 ft
719 14TH ST E MINNEAPOLIS MN 55404	CHDC ELLIOT LTD PTNRSHP	LOW INCOME RENTAL	$391,500	228 ft

Property History

Most Recent Sale

Date199106

Price$100,000

Type—

Current Tax Year

Year2026

Tax Due$15,503