1406 1ST AVE S MINNEAPOLIS MN 55403

PID: 2702924420026

Property Overview

Parcel ID2702924420026

Lot Size4,208 sq ft (0.097 ac)

Lot Dimensions (est.)140 ft wide × 30 ft deep

Year Built1952

Property ClassCOMMERCIAL-PREFERRED

OwnerWAMO MANAGEMENT LLC

Assessed Value$264,500

Land Value$231,200

Building Value$33,300

Annual Tax$7,280

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

Loring Park · Minneapolis

Median reported rent1,142/mo

Renter-occupied85.7%

Median home value$251K

Vacancy rate10.3%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1052.04

Market Snapshot

Zip code 55403

Median sale price$315K+32.9% YoY

Median price / sqft$205/sqft

Median days to close111 days

Active listings62

Source: Redfin Data Center (Invalid Date) · Zip 55403

Zoning

DT1Downtown Center

Downtown Center 1 — urban core district

Typical Uses

·Office towers
·Hotels
·High-rise residential
·Entertainment
·Retail

Development Potential

Setbacks

Front0 ft

Side (each)0 ft

Rear0 ft

Estimated Buildable Footprint

Buildable width30 ft

Buildable depth140 ft

Area~4,200 sqft

Estimates based on typical zoning setbacks. Actual requirements may vary by lot, overlay, or conditional approval.

Development Feasibility

No buildable area could be estimated under current zoning setbacks. The lot may be too small or the setbacks consume the entire parcel.

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
1402 1ST AVE S MINNEAPOLIS MN 55403	WAMO MANAGEMENT LLC	COMMERCIAL-PREFERRED	$765,200	50 ft
1408 1ST AVE S MINNEAPOLIS MN 55403	SA STRADFORD FLATS LTD PTSHP	LOW INCOME RENTAL	$4,047,300	90 ft
1405 NICOLLET AVE MINNEAPOLIS MN 55403	WOODDALE CHURCH	COMMERCIAL-PREFERRED	$0	141 ft
1411 NICOLLET AVE MINNEAPOLIS MN 55403	WALDON PROPERTIES L L P	COMMERCIAL-PREFERRED	$946,600	145 ft
10 15TH ST E MINNEAPOLIS MN 55403	MARVIN GARDENS LTD PTNRSHP	LOW INCOME RENTAL	$1,350,000	152 ft
1401 NICOLLET AVE MINNEAPOLIS MN 55403	TRAN HOLDINGS LLC	COMMERCIAL-PREFERRED	$788,500	154 ft
1413 NICOLLET AVE MINNEAPOLIS MN 55403	WALDON PROPERTIES L L P	LAND-COMMERCIAL	$440,000	205 ft
1355 NICOLLET AVE MINNEAPOLIS MN 55403	LORING 100 PARTNERSHIP	LOW INCOME RENTAL	$6,900,000	232 ft
1501 NICOLLET AVE MINNEAPOLIS MN 55403	CITY OF MPLS	LAND-COMMERCIAL	$0	284 ft
1325 1ST AVE S MINNEAPOLIS MN 55403	SUBSTANCE CHURCH INC	COMMERCIAL-PREFERRED	$0	335 ft

Property History

Most Recent Sale

Date202010

Price$267,800

TypeCONTRACT FOR DEED

Current Tax Year

Year2026

Tax Due$7,280