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$585,000

  • For Sale
  • Active
  • Commercial
  • 3,424 Sq. Ft.
  • 0.16 Acres
  • Updated 8 days ago
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Welcome to 2524 Portland Ave S, a fully updated six-unit building offering immediate cash flow and exceptional long-term stability. This property is perfect for both investors and owner-occupants looking to live rent-free while generating income from day one. Featuring one efficiency, three 1-bedrooms, and two 2-bedroom units, this building has a strong rental history and historically low vacancy. All tenants are currently month-to-month, giving new ownership maximum flexibility. Property Highlights: * 9% CAP Rate - strong performer with low owner expenses * Turn-key condition - units are modern, clean, and easy to rent * Tenants pay ALL utilities including heat, electricity, and hot water * Six separate hot water heaters + fully separated heat/electric * Mini-splits with AC installed in every unit * Newer roof & siding for reduced long-term operating costs * Electrical updated in 2020 * Stable, high-demand location near transit, hospitals, and downtown This is a rare opportunity to acquire a well-maintained, fully upgraded multifamily asset with strong cash flow, minimal owner responsibilities, and versatility for future value-add or owner-occupancy. A rock-solid performer in an unbeatable location-don't miss this one.

Full Property Details for 2524 Portland Ave

General

  • Price: $585,000
  • Taxes: $1,985 (2025)
  • Status: Active
  • Type: Commercial
  • Source: NorthStarMLS_RMLS
  • MLS ID: 7004435
  • Updated: 1/3/2026
  • Added to Site: 15 day(s) ago

Rooms

Bathrooms

  • Total Bathrooms: 6

Bedrooms

  • Total Bedrooms: 7

Parking

  • Parking Features: Driveway - Other Surface

Location

  • County: Hennepin
  • Township: Minneapolis
  • Subdivision: Hales Add
  • Neighborhood: 63
  • Driving Directions: 2524 Portland

School Information

  • School District: 558 - Minneapolis
  • High School District: Minneapolis

Heating & Cooling

  • Heating Type: Baseboard
  • Heating Fuel: Natural Gas

Utilities

  • Sewer: City Sewer Connected
  • Water: City Water (Connected)
  • Utility Description: Hot Water Separate

Structural Information

  • Basement: Yes
  • Basement Desc.: Unfinished
  • Foundation Size: 1570
  • Disability Access: None
  • Square Feet: 3,424
  • Finished Down/Base.: 3,424 Sq. Ft.
  • Current Bldg. Use: Commercial
  • Year Built: 1885

Lot Features

  • Lot Size (Acres): 0.16
  • Lot Dimensions: 55 x 125
  • Zoning: Residential-Multi-Family

Financial Considerations

  • Operating Expenses: $12,955
  • Tax Amount: $1,985
  • Tax Year: 2025
  • Terms: Conventional, Cash, Other, Special Funding
  • Owner Pays: Common Area Maintenance, Other, Trash Collection
  • Tenant Pays: Electricity, Heat, Hot Water
  • Pays Electric: Tenant Pays
  • Pays Heat: Tenant Pays
  • Pays Trash: Owner Pays
  • Pays Water: Tenant Pays

Disclosures and Reports

  • Legal Description: LOT 006 BLOCK 001 HALES ADDN TO MPLS
  • Inclusions: Building
  • Property ID: 3402924140067

Listed by Aare

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— 2524 Portland Ave —

  • Aare

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NMLS#: 1598647

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NMLS#: 1598647

Get Pre-Approved

Find the right home insurance for your new home!

with our affiliated in-house agency

Request a Quote

Save up to an additional 20% by bundling your home and auto together!

Schools serving 2524 Portland Ave

School District:Minneapolis Public School District
NameGradesDistance
Andersen Community
1098 Andersen Lane, Minneapolis, MN 55407
6-80.5 mi
Whittier International
315 West 26th St, Minneapolis, MN 55404
PK-50.8 mi
South Senior High School
3131 19th Avenue South, Minneapolis, MN 55407
9-121.4 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 2524 Portland Ave Get Price Alerts and Save Property

Date
Details
Price
Change
Source
1/03/2026
Listed
$585,000
37.65%
MLS
7/30/2018
Sold
$425,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 2524 Portland Ave

Year
Property Taxes
Change
Tax Assessment
Change
2025
$1,985
-65%
$534,000
-8%
2023
$5,688
5%
$581,000
6%
2023
$5,408
—
$548,000
25%
2023
$5,408
19%
$438,000
5%
2020
$4,534
-33%
$417,000
12%
2019
$6,761
21%
$372,500
22%
2018
$5,602
3%
$305,500
5%
2017
$5,455
53%
$291,000
58%
2016
$3,558
-19%
$184,000
-11%
2015
$4,413
12%
$207,000
15%
2014
$3,931
-5%
$180,000
-5%
2013
$4,139
—
$188,500
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Aare

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2524 Portland Avenue, Minneapolis, MN 55404 (MLS# 7004435) is a Commercial property. 2524 Portland Avenue is currently listed for $585,000 and was received on January 03, 2026. Want to learn more about 2524 Portland Avenue? Do you have questions about finding other Commercial real estate for sale in Phillips? You can browse all Phillips real estate or contact a Coldwell Banker agent to request more information.

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