418 MORGAN AVE S MINNEAPOLIS MN 55405

PID: 2802924230011

Property Overview

Parcel ID2802924230011

Lot Size9,936 sq ft (0.228 ac)

Lot Dimensions (est.)169 ft wide × 59 ft deep

Year Built1923

Property ClassAPARTMENT

OwnerSTEADY PROPERTIES LLC

Assessed Value$433,000

Land Value$103,400

Building Value$243,000

Annual Tax$6,883

Environmental Constraints

FloodplainNo

WetlandsUnknown

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

1 permit on record since 2024 · Most recent: Dec 2024 (res)

ResDec 2024Closed

CenterPoint Energy Resource Corp

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

Neighborhood Profile

Bryn - Mawr · Minneapolis

Median reported rent1,697/mo

Renter-occupied14.8%

Median home value$467K

Vacancy rate0.0%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1051

Market Snapshot

Zip code 55405

Median sale price$530K+73.8% YoY

Median price / sqft$270/sqft

Median days to close45 days

Active listings39

Source: Redfin Data Center (Invalid Date) · Zip 55405

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 width40 ft

Buildable depth159 ft

Area~5,990 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 5,990 sqft buildable area.

Est. units

Yield on cost

4.1%

Spread

-1.4%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
416 MORGAN AVE S MINNEAPOLIS MN 55405	OUTER DOCK PROPERTIES LLC	VACANT LAND-RESIDENTIAL	$2,700	53 ft
424 MORGAN AVE S MINNEAPOLIS MN 55405	M C HURD & K T KLEPINSKI	RESIDENTIAL-TWO UNIT	$601,700	56 ft
414 MORGAN AVE S MINNEAPOLIS MN 55405	OUTER DOCK PROPERTIES LLC	APARTMENT	$563,000	76 ft
426 MORGAN AVE S MINNEAPOLIS MN 55405	JOEL C MCLAY	RESIDENTIAL-TWO UNIT	$508,300	106 ft
1911 LAUREL AVE W MINNEAPOLIS MN 55405	BRANDON SMITH & SENJA LOPAC	RESIDENTIAL	$694,000	135 ft
1905 LAUREL AVE W MINNEAPOLIS MN 55405	SAMUEL T RAPSON	RESIDENTIAL-TWO UNIT	$373,800	140 ft
1901 LAUREL AVE W MINNEAPOLIS MN 55405	CAITLIN R HAMROCK	RESIDENTIAL-TWO UNIT	$440,000	150 ft
432 MORGAN AVE S MINNEAPOLIS MN 55405	ANDREW K LESTRUD	RESIDENTIAL	$517,400	156 ft
417 NEWTON AVE S MINNEAPOLIS MN 55405	T G BARND & L A BARND	RESIDENTIAL	$708,900	170 ft
1921 LAUREL AVE W MINNEAPOLIS MN 55405	DAVID LIEDER RESNICK	RESIDENTIAL-TWO UNIT	$507,800	179 ft

Property History

Most Recent Sale

Date202203

Price$500,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$6,883