2123 FRANKLIN AVE S E MINNEAPOLIS MN 55414

PID: 3002923440030

Property Overview

Parcel ID3002923440030

Lot Size5,025 sq ft (0.115 ac)

Lot Dimensions (est.)46 ft wide × 110 ft deep

Year Built1965

Property ClassRESIDENTIAL-TWO UNIT

OwnerDARRON SU

Assessed Value$472,000

Land Value$132,000

Building Value$340,000

Annual Tax$7,249

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

Prospect Park - East River Road · Minneapolis

Median reported rent1,631/mo

Renter-occupied57.3%

Median home value$455K

Vacancy rate11.9%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1256

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

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 width36 ft

Buildable depth69 ft

Area~2,507 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 2,507 sqft buildable area.

Est. units

Yield on cost

3.6%

Spread

-1.9%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
2119 FRANKLIN AVE S E MINNEAPOLIS MN 55414	M S APFELBACHER/A E CLAUSSEN	RESIDENTIAL-TWO UNIT	$524,100	64 ft
124 BEDFORD ST S E MINNEAPOLIS MN 55414	C R OELBERGER/T R OELBERGER	RESIDENTIAL	$452,300	69 ft
114 BEDFORD ST S E MINNEAPOLIS MN 55414	NICHOLAS G STOCKING	RESIDENTIAL	$318,400	95 ft
2115 FRANKLIN AVE S E MINNEAPOLIS MN 55414	PHILIP CF HULT	RESIDENTIAL	$338,100	103 ft
2111 FRANKLIN AVE S E MINNEAPOLIS MN 55414	HELEN A SAHLIN	RESIDENTIAL	$372,500	153 ft
110 BEDFORD ST S E MINNEAPOLIS MN 55414	ERIC PALAN AND LAUREN PALAN	RESIDENTIAL	$297,600	155 ft
21 MELBOURNE AVE S E MINNEAPOLIS MN 55414	L T TETZLAFF/D A KOZEL	RESIDENTIAL-TWO UNIT	$418,600	195 ft
27 MELBOURNE AVE S E MINNEAPOLIS MN 55414	PHILIP HULT	RESIDENTIAL	$367,200	199 ft
2105 FRANKLIN AVE S E MINNEAPOLIS MN 55414	C F DINGEMANS & S M ERSTAD	RESIDENTIAL	$272,300	204 ft
106 BEDFORD ST S E MINNEAPOLIS MN 55414	A ZOLTAI & A LAZAREWICZ	RESIDENTIAL	$296,400	205 ft

Property History

Most Recent Sale

Date202011

Price$465,000

TypeWARRANTY DEED

Current Tax Year

Year2026

Tax Due$7,249