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Chicago Ave Triplex + Carriage House 3024 Chicago Ave 4 Unit Apartment Building $579,000 ($144,750/Unit) Minneapolis, MN 55407
Investment Highlights
- Bonus Carriage Home - Single family second building
- All furniture in carriage home conveys with sale
- Value add with instant upside to increase rents
Executive Summary
Rare opportunity to own a highly unique piece of Minneapolis history — this 1908 triplex at 3024 Chicago Avenue has been held by the same family since it was built, now offered to the public for the very first time. 3024 offers two spacious 2BR/1BA units and a studio attic, featuring hardwood floors, natural woodwork, built-ins, and three porches. Included with the sale is the fully renovated carriage house ADU at 3026 Chicago Avenue (same parcel) — a private turnkey 1BR/1BA home with a beautiful modern kitchen, in-unit washer/dryer, and furniture which is included in the sale as well. 3026 was previously rented at $2,100/month. An ideal setup for an owner-occupant seeking added privacy or an investor looking to maximize returns across multiple income streams. Recent combined current rents of $5,600/month with market upside. Great location just blocks from Abbott Northwestern and Children's Hospitals, with easy access to I-35W, Midtown Global Market, and the Lake Street corridor. Fast connections to Downtown Minneapolis and Mall of America via the D Line Rapid METRO. Owner currently pays all utilities. Four off-street parking spaces. Coin-op laundry. Strong in-place cash flow with clear rent upside — a true value-add opportunity in a high-demand rental submarket. All measurements deemed reliable but not guaranteed; buyer to verify.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$67,200
|
$19.06
|
| Other Income |
$2,000
|
$0.57
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$69,200
|
$19.63
|
| Taxes |
$7,710
|
$2.19
|
| Operating Expenses |
$20,549
|
$5.83
|
| Total Expenses |
$28,259
|
$8.02
|
| Net Operating Income |
$40,941
|
$11.61
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $67,200 |
| Annual Per SF | $19.06 |
| Other Income | |
|---|---|
| Annual | $2,000 |
| Annual Per SF | $0.57 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $69,200 |
| Annual Per SF | $19.63 |
| Taxes | |
|---|---|
| Annual | $7,710 |
| Annual Per SF | $2.19 |
| Operating Expenses | |
|---|---|
| Annual | $20,549 |
| Annual Per SF | $5.83 |
| Total Expenses | |
|---|---|
| Annual | $28,259 |
| Annual Per SF | $8.02 |
| Net Operating Income | |
|---|---|
| Annual | $40,941 |
| Annual Per SF | $11.61 |
Property Facts
| Price | $579,000 | Building Class | B |
| Price Per Unit | $144,750 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,525 SF |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1908/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.13/1,000 SF |
| Apartment Style | Single-Family Home | ||
| Zoning | Residential-Multi-Family | ||
| Price | $579,000 |
| Price Per Unit | $144,750 |
| Sale Type | Investment |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | B |
| Lot Size | 0.12 AC |
| Building Size | 3,525 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1908/2022 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | Residential-Multi-Family |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $1,350 | 970 - 980 |
| Studios | 1 | $800.00 | 825 |
| 1+1 | 1 | $2,100 | 750 |
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Exceptionally walkable
90/100
Moderately drivable
60/100
Strong public transit
80/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-028-24-22-0154 | Total Assessment | $400,000 (2024) |
| Land Assessment | $54,000 (2024) | Annual Taxes | $7,710 ($2.19/SF) |
| Improvements Assessment | $346,000 (2024) | Tax Year | 2026 |
Property Taxes
Parcel Number
02-028-24-22-0154
Land Assessment
$54,000 (2024)
Improvements Assessment
$346,000 (2024)
Total Assessment
$400,000 (2024)
Annual Taxes
$7,710 ($2.19/SF)
Tax Year
2026
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Chicago Ave Triplex + Carriage House | 3024 Chicago Ave
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