2601 Portland Ave Minneapolis, MN 55407
Phillips West NeighborhoodEstimated payment $5,502/month
Total Views
5,197
6
Beds
5
Baths
5,669
Sq Ft
$159
Price per Sq Ft
Highlights
- Corner Lot
- Property is Fully Fenced
- Heated Garage
- Forced Air Heating System
About This Home
Step into a rare opportunity with this architecturally grand Victorian triplex—originally built for Sylvester S. Cargill, brother of the founder of the Cargill Company—and steeped in Minneapolis history. Located just one block behind the American Swedish Institute and moments from Eat Street, Downtown, and major roadways, this property blends timeless elegance with forward-thinking flexibility.
The home has been lovingly owner-occupied in the expansive main residence, while two additional one-bedroom units—the carriage house and a second-floor apartment—provide steady rental income. Current rents are below market, offering immediate upside for investors looking to optimize cash flow.
But the income potential doesn't stop there. The lower level features a spacious bedroom, full plumbing, a bar, laundry, and a separate entry—perfectly positioned to become a third rental unit or short-term Airbnb. A professional darkroom/studio space on the same level opens doors for creative or small business use, ideal for buyers seeking a live/work configuration.
On the uppermost floor, an unfinished attic offers the square footage and ceiling height to create a stunning fourth unit or an expansive owner's suite.
The outdoor spaces are just as remarkable: a lush, private garden with a koi pond and a four-car garage—two bays heated and currently used as a workshop—enhance the usability and appeal for both tenants and owners.
Whether you're a seasoned investor or a creative entrepreneur, 2601 Portland Avenue offers a rare combination of income potential, historical charm, and functional versatility in one of the city's most dynamic and evolving neighborhoods.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $7,628
Year Built
- Built in 1889
Lot Details
- Lot Dimensions are 88x118
- Property is Fully Fenced
- Corner Lot
Parking
- 4 Car Garage
- Heated Garage
Home Design
- Triplex
Interior Spaces
- 2-Story Property
Bedrooms and Bathrooms
- 6 Bedrooms
- 5 Bathrooms
Finished Basement
- Basement Fills Entire Space Under The House
- Basement Window Egress
Utilities
- Forced Air Heating System
Community Details
- 3 Units
- Home Add Subdivision
Listing and Financial Details
- Assessor Parcel Number 3502924320199
Map
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Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2023 | $6,703 | $511,000 | $41,000 | $470,000 |
| 2022 | $5,468 | $481,000 | $29,000 | $452,000 |
| 2021 | $5,010 | $396,000 | $20,000 | $376,000 |
| 2020 | $5,720 | $377,500 | $26,400 | $351,100 |
| 2019 | $5,339 | $377,500 | $17,600 | $359,900 |
| 2018 | $4,454 | $343,000 | $17,600 | $325,400 |
| 2017 | $4,138 | $260,000 | $16,000 | $244,000 |
| 2016 | $3,871 | $236,500 | $16,000 | $220,500 |
| 2015 | $3,719 | $236,500 | $16,000 | $220,500 |
| 2014 | -- | $225,000 | $19,100 | $205,900 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/20/2025 06/20/25 | For Sale | $900,000 | -- | $159 / Sq Ft |
Source: NorthstarMLS
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Closed | $150,000 | Commercial |
Source: Public Records
Similar Homes in Minneapolis, MN
Source: NorthstarMLS
MLS Number: 6731817
APN: 35-029-24-32-0199
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