631 OAK ST S E MINNEAPOLIS MN 55414

PID: 3002923320046

Property Overview

Parcel ID3002923320046

Lot Size7,000 sq ft (0.161 ac)

Lot Dimensions (est.)140 ft wide × 50 ft deep

Year Built1953

Property ClassSORORITY/FRATERNITY HOUSING

OwnerNU SIGMA NU ALUMNI ASSOC

Assessed Value$385,000

Land Value$158,900

Building Value$226,100

Annual Tax$5,406

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

7 permits on record since 2017 · $86K total declared value · Most recent: Dec 2023 (misc)

MiscDec 2023Closed

$6K

Minnesota Rusco Inc

ComnofdbvDec 2021Closed

Steinkraus Plumbing Inc

RemodelDec 2021Closed

$42K

Midwest Maintenance and Mechanical Inc

RoofwindOct 2021Closed

$9K

Home Depot USA Inc

ComnofdbvFeb 2019Closed

SUMMIT FACILITY AND KITCHEN SERVICES LLC

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

Neighborhood Profile

Prospect Park - East River Road · Minneapolis

Median reported rent1,302/mo

Renter-occupied86.2%

Median home value$437K

Vacancy rate11.6%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1049.02

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

UN3Urban Neighborhood 3

Urban Neighborhood 3 — medium-density residential

Typical Uses

·Apartment buildings
·Mixed-use with neighborhood retail

Max Height50 ft

Development Potential

Setbacks

Front20 ft

Side (each)5 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width40 ft

Buildable depth100 ft

Area~3,999 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 3,999 sqft buildable area.

Est. units

Yield on cost

4.2%

Spread

-1.3%

Loading map…

Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
629 OAK ST S E MINNEAPOLIS MN 55414	T M JACOBSEN & C JACOBSEN	RESIDENTIAL-TWO UNIT	$456,600	40 ft
801 RIVER PKWY E MINNEAPOLIS MN 55414	AMERICAN MEDICAL RESEARCH IN	RESIDENTIAL	$395,000	49 ft
627 OAK ST S E MINNEAPOLIS MN 55414	FRIENDS OF ANSELM HOUSE	RESIDENTIAL-TWO UNIT	$0	75 ft
805 RIVER PKWY E MINNEAPOLIS MN 55414	S E CASTELLANO & J B WALDEN	RESIDENTIAL	$396,000	115 ft
632 ONTARIO ST S E MINNEAPOLIS MN 55414	THETA AUXILIERY EDUC ASSOC	SORORITY/FRATERNITY HOUSING	$534,000	160 ft
636 ONTARIO ST S E MINNEAPOLIS MN 55414	WISE INVESTMENTS 2 LLC	VACANT LAND-RESIDENTIAL	$39,000	170 ft
626 ONTARIO ST S E MINNEAPOLIS MN 55414	RONALD MCDONALD HSG CH/UP/MD	VACANT LAND-APARTMENT	$0	177 ft
638 ONTARIO ST S E MINNEAPOLIS MN 55414	MUSKMELON LLC	RESIDENTIAL	$299,300	180 ft
640 ONTARIO ST S E MINNEAPOLIS MN 55414	KENNETH E CLARK	RESIDENTIAL	$383,500	201 ft
608 ONTARIO ST S E MINNEAPOLIS MN 55414	CHILDRENS ONCOLOGY SERVICES	APARTMENT	$0	216 ft

Property History

Current Tax Year

Year2026

Tax Due$5,406