8 PENN AVE S MINNEAPOLIS MN 55405

PID: 2902924110167

Property Overview

Parcel ID2902924110167

Lot Size10,368 sq ft (0.238 ac)

Lot Dimensions (est.)129 ft wide × 80 ft deep

Year Built1949

Property ClassTRIPLEX

OwnerJOHN L KRUMHEUER REV LIV TR

Assessed Value$525,800

Land Value$223,000

Building Value$302,800

Annual Tax$9,941

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

2 permits on record since 2024 · Most recent: Nov 2024 (res)

ResNov 2024Closed

CenterPoint Energy Resource Corp

ResNov 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 width70 ft

Buildable depth90 ft

Area~6,268 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 6,268 sqft buildable area.

Est. units

Yield on cost

3.8%

Spread

-1.7%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
4 PENN AVE S MINNEAPOLIS MN 55405	JEAN SUSAN PERZEL	RESIDENTIAL	$320,000	60 ft
16 PENN AVE S MINNEAPOLIS MN 55405	E BUCKINGHAM/H BUCKINGHAM	RESIDENTIAL	$356,800	60 ft
20 PENN AVE S MINNEAPOLIS MN 55405	M L HOFSTAD & H L HOFSTAD	RESIDENTIAL	$433,000	100 ft
24 PENN AVE S MINNEAPOLIS MN 55405	GLENDA M WALLACE	RESIDENTIAL	$363,200	140 ft
15 QUEEN AVE S MINNEAPOLIS MN 55405	DOROTHY M HILL	RESIDENTIAL	$365,100	143 ft
9 QUEEN AVE S MINNEAPOLIS MN 55405	GARY TRIEMERT ETAL	RESIDENTIAL	$231,800	143 ft
17 QUEEN AVE S MINNEAPOLIS MN 55405	CAROL ANN YOUNG/STEVEN YOUNG	RESIDENTIAL	$423,600	154 ft
5 QUEEN AVE S MINNEAPOLIS MN 55405	H BUCKINGHAM & E BUCKINGHAM	RESIDENTIAL	$336,500	154 ft
21 QUEEN AVE S MINNEAPOLIS MN 55405	MATTHEW FOREST PFEIFER	RESIDENTIAL	$355,600	174 ft
28 PENN AVE S MINNEAPOLIS MN 55405	T LEACH & B BERGHEGER	RESIDENTIAL	$461,500	180 ft

Property History

Most Recent Sale

Date201709

Price$385,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$9,941