2554 COLFAX AVE S MINNEAPOLIS MN 55405

PID: 3302924140019

Property Overview

Parcel ID3302924140019

Lot Size4,476 sq ft (0.103 ac)

Lot Dimensions (est.)78 ft wide × 58 ft deep

Year Built1911

Property ClassRESIDENTIAL

OwnerGREGORY J WALLACE

Assessed Value$270,600

Land Value$118,000

Building Value$152,600

Annual Tax$3,992

Environmental Constraints

FloodplainNo

WetlandsNone detected

Historic DistrictNo

Permit History

2 permits on record since 2017 · Most recent: Feb 2022 (res)

ResFeb 2022Closed

CenterPoint Energy Resource Corp

ResAug 2017Closed

Warners Stellian Co Inc

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

Neighborhood Profile

Lowry Hill East · Minneapolis

Median reported rent1,194/mo

Renter-occupied84.0%

Median home value$388K

Vacancy rate3.3%

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

Source: 2022 ACS 5-Year Estimates · Census Tract 1067

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

Front Street

On corner lots, the selected street determines which setbacks apply to each side.

Setbacks

Front20 ft

Interior side5 ft

Street side (est.)8 ft

Rear20 ft

Estimated Buildable Footprint

Buildable width65 ft

Buildable depth18 ft

Area~1,676 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 1,676 sqft buildable area.

Est. units

Yield on cost

3.1%

Spread

-2.4%

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Nearby Parcels

Address	Owner	Class	Assessed Value	Distance
2552 COLFAX AVE S MINNEAPOLIS MN 55405	J L RABB & C M E JOHNSON	RESIDENTIAL	$751,000	64 ft
1008 26TH ST W MINNEAPOLIS MN 55405	K MASICA & J CHENEY	RESIDENTIAL	$309,800	64 ft
2542 COLFAX AVE S MINNEAPOLIS MN 55405	M L ZIMMERMAN/E J SCHIMMING	RESIDENTIAL	$384,000	116 ft
918 26TH ST W MINNEAPOLIS MN 55405	HAMRA LLC	RESIDENTIAL-TWO UNIT	$356,500	121 ft
2600 COLFAX AVE S MINNEAPOLIS MN 55408	ROGER W HEEGAARD ET AL	TRIPLEX	$575,500	130 ft
1009 26TH ST W MINNEAPOLIS MN 55405	JARED L GAGE	RESIDENTIAL	$375,000	147 ft
916 26TH ST W MINNEAPOLIS MN 55405	LAWRENCE M THOMAS	RESIDENTIAL-TWO UNIT	$298,400	164 ft
2557 DUPONT AVE S MINNEAPOLIS MN 55405	JORDAN AMRANI & HAILEY WHITE	RESIDENTIAL-TWO UNIT	$476,900	167 ft
2553 DUPONT AVE S MINNEAPOLIS MN 55405	LINDA M HUHN	RESIDENTIAL-TWO UNIT	$394,800	168 ft
2536 COLFAX AVE S MINNEAPOLIS MN 55405	2536 COLFAX AVENUE SOUTH LLC	APARTMENT	$933,000	171 ft

Property History

Most Recent Sale

Date198910

Price$56,000

TypeOTHER – SEE CERTIFICATE OF REAL ESTATE VALUE (CRV)

Current Tax Year

Year2026

Tax Due$3,992