2721 Columbus Ave · Minneapolis, MN 55407

$414,900

2 bd · 16.0 ba · 2,192 sqft · MultiFamily public records · 21 Days on market

Built 1906 5,227 sqft lot $189/sqft · 28% above area Est $392k · 6% over

---

Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.9/30.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• ARV discount +4.9/15.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to 2721 Columbus Avenue S, a classic Minneapolis fourplex that blends historic charm with strong investment potential. Built in 1906, this well-maintained property showcases timeless craftsmanship and nearly 4,000 sq. ft. of living space across four bright, spacious units. Located on a quiet, tree-lined block in the Phillips West neighborhood, residents enjoy quick access to downtown, the Midtown Greenway, and Powderhorn Park. Ideal for investors or owner-occupants, this property offers steady income, character, and convenience — all within one of Minneapolis’s most connected urban neighborhoods. 2721 Columbus Avenue S is more than a building; it’s an opportunity t

Key facts

• Historic charm
• Powderhorn park
• Midtown greenway

Tags

• HISTORIC CHARM
• TIMELESS CRAFTSMANSHIP
• QUIET TREE-LINED BLOCK
• QUICK ACCESS TO DOWNTOWN
• MIDTOWN GREENWAY
• POWDERHORN PARK

Property features AI

Finance

• Other: Neighborhood number 63; Level topography; Directions: 26th to Columbus, south to property
• Financial info: Property is a multi-unit building with 4 total units; Gross income reported as $40,080; Net operating income reported as $16,330; Owner pays gas, water, sewer, taxes, and trash collection; Tenants pay cable TV, electricity, and telephone; Reported expenses: fuel $1,642; water/sewer $6,270; insurance $3,738; management $1,200
• HOA & community: Association amenities include laundry, lobby entrance, security lighting, and other shared services

Exterior

• Parking: Multiple garages with storage; Four garage spaces (detached/attached not specified)
• Security: Security lighting listed as an association amenity; Lobby entrance (building amenity)
• Utilities: City water connected; City sewer connected; Electric and natural gas service
• Home design: Residential income property; Two levels; Owner occupied; Main living area provided across multiple levels
• Construction: Brick/mortar foundation; Roof age 8 years or less; Foundation area approximately 2,700 (building total area info provided)
• Exterior features: Stone and stucco exterior; Medium tree coverage; Public transit within six blocks; City street frontage; Publicly maintained road

Interior

• Kitchen: Ranges in units; Refrigerators in units; Solid surface countertops
• Bedrooms: Two bedrooms total (individual unit breakdown: three units with 1 bedroom each listed; total units = 4)
• Flooring: Hardwood floors
• Bathrooms: Multiple full bathrooms (each listed unit includes 1 full bathroom)
• Heating & cooling: Boiler heating; Window cooling units in individual units; Fuel: Natural gas and electric
• Interior features: Hardwood floors; Natural woodwork; Solid surface countertops; Kitchen window; Shared basement access; Unfinished basement with storage/locker space; Level main living area
• Laundry & utility: Laundry room (lower level); Building offers laundry as an association amenity

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $415k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive. Per door: $182/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $415k).
• Recommended offer: $409k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.1% in Minneapolis — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#110 in MN, #2,525 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living C-, crime F.
• Minneapolis Public School District (urban): math 35% / reading 46% proficiency, ranked #217 of 301 in MN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ella Baker Elementary (math 2% / reading 17%, grade F, #829 of 857 statewide, top 98%, 602 students, 90% FRL); Anwatin Middle (math 12% / reading 27%, grade F, #234 of 258 statewide, top 92%, 320 students, 81% FRL); Southwest High (math 47% / reading 67%, grade C, #64 of 471 statewide, top 16%, 1,484 students, 29% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 148 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).
• At $4,517/mo this rent would consume 69% of the median local household income ($78k/yr) (locally 1583% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $70k; list at $415k implies a 489% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $408,676 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• GRM: 7.7

CMA / ARV

• ARV (median comp): $392,386
• List price: $414,900
• Delta: 5.74%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.3% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-14,907
• Equity at exit: $61,863

10-year hold

• IRR: 7.7%
• Equity multiple: 1.62×
• Total profit: $72,051
• Equity at exit: $35,873

Cash invested: $116,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 34 Tenant-Leaning
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City Minneapolis: 34 Tenant-Leaning · D+50

Tenant Opportunity to Purchase; renter's protections.

Methodology + full state rankings →

ZIP-level market 55407

• Rents YoY: 4.3%
• Active inventory: 148
• Price-to-rent: 30.6×

Monthly cashflow live

• Estimated rent: $4,517 high
• Mortgage (P&I): −$2,176
• Tax from tax record: −$493 /mo · $5,916/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$949
• Net cashflow: $727

Break-even live

Break-even rent $3,597

Max offer price $414,900

Occupancy floor 79%

Sensitivity live

Price	-10% $962	-5% $844	+0% $727	+5% $609	+10% $492
Rent	-10% $370	-5% $548	+0% $727	+5% $905	+10% $1,084
Rate	-1.0pp $936	-0.5pp $832	base $727	+0.5pp $619	+1.0pp $510

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$4,516
Total (4 units)			$4,517

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $103,725
• Closing costs: $12,447
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2821 1st Ave S Unit 2 Minneapolis, MN	3.0	1.0	1743	$1,600	$0.92	5d	1	0.62mi
412 E 34th St Minneapolis, MN	3.0	1.5	1763	$1,800	$1.02	26d	1	0.84mi
1819 15th Ave S Minneapolis, MN	3.0	1.5	1700	$2,050	$1.21	16d	1	0.92mi
2217 Grand Ave S Unit 2215 Minneapolis, MN	3.0	2.0	2000	$2,100	$1.05	46d	1	1.10mi
1111 3rd Ave S Unit 1511914P Minneapolis, MN	5.0	1.0–3.0	1178	$7,727	$6.56	1d	5	1.27mi
615 S 8th St Minneapolis, MN	2.0	1.0–2.5	1252	$6,125	$4.89	1d	49	1.33mi
1369 Spruce Pl Minneapolis, MN	1.0–3.0	1.0–2.5	1396	$4,125	$2.95	1d	25	1.36mi
2726 Colfax Ave S Unit 2 Minneapolis, MN	2.0	1.0	1540	$2,500	$1.62	20d	1	1.39mi
3450 Harriet Ave Unit 1 Minneapolis, MN	2.0	2.0	1500	$1,800	$1.20	17d	1	1.42mi
415 Oak Grove St Minneapolis, MN	2.0	1.0–2.0	1019	$3,590	$3.52	0d	12	1.43mi
650 Portland Ave Minneapolis, MN	2.0	1.0–2.0	1104	$4,141	$3.75	1d	16	1.45mi
3201 24th Ave S Minneapolis, MN	3.0	2.0	2631	$3,395	$1.29	46d	1	1.45mi
430 Oak Grove St Minneapolis, MN	1.0–2.0	1.0–2.0	1085	$4,450	$4.10	1d	10	1.47mi
3921 Portland Ave Minneapolis, MN	3.0	2.0	2016	$1,750	$0.87	46d	1	1.48mi
2837 Emerson Ave S Minneapolis, MN	2.0	1.0–2.5	1061	$3,000	$2.83	1d	44	1.50mi

Listing history 34 events

1. 2026-06-22
   days on market $414,900 Active 21 DOM
2. 2026-06-21
   days on market $414,900 Active 20 DOM
3. 2026-06-18
   days on market $414,900 Active 17 DOM
4. 2026-06-17
   days on market $414,900 Active 16 DOM
5. 2026-06-16
   days on market $414,900 Active 15 DOM
6. 2026-06-15
   days on market $414,900 Active 14 DOM
7. 2026-06-13
   days on market $414,900 Active 12 DOM
8. 2026-06-09
   days on market $414,900 Active 8 DOM
9. 2026-06-08
   days on market $414,900 Active 7 DOM
10. 2026-06-07
    days on market $414,900 Active 6 DOM
11. 2026-06-04
    days on market $414,900 Active 3 DOM
12. 2026-06-03
    days on market $414,900 Active 2 DOM
13. 2026-06-02
    remarks 681-char remark
14. 2026-06-02
    days on marketlisting id $414,900 Active 1 DOM
15. 2026-06-01
    days on market $414,900 Active 119 DOM
16. 2026-05-31
    days on market $414,900 Active 118 DOM
17. 2026-03-05
    status Active 765-char remark
18. 2025-11-12
    listed $434,900 Active 765-char remark
19. 2025-11-10
    historical $434,900 765-char remark
20. 2009-11-13
    historical
21. 2009-08-17
    soldstatus $70,461
22. 2009-01-08
    listed $139,900
23. 2009-01-05
    historical
24. 2008-11-05
    listed $174,900
25. 2005-03-23
    soldstatus $240,000
26. 2004-05-24
    soldstatus $250,000
27. 2004-05-03
    soldstatus $250,000
28. 2004-04-09
    historical
29. 2004-02-16
    listed $249,000
30. 2004-01-31
    historical
31. 2004-01-02
    listed $269,900
32. 2003-12-05
    historical
33. 2003-06-05
    listed $289,000
34. 1982-07-01
    soldstatus $99,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $5,916 · $493/mo
• Projected year-2 tax: $5,916 · $493/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,204
• − Mortgage interest: −$23,241
• − Property taxes: −$5,916
• − Insurance: −$2,074
• − Repairs & maintenance: −$4,336
• − Management: −$4,336
• − Depreciation: −$12,070
• Taxable income: $2,230
• Est. tax owed @ 24.0%: −$535
• After-tax cash flow: $8,186/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Minneapolis Public School District
• NCES district ID: 2721240
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $50,521
• Composite: 34.92/100
• National rank: #5067
• State rank: #217 of 301 in MN

Livability — Minneapolis

• Score: 78/100
• State rank: #110
• US rank: #2525

Category grades

Amenities A+ Commute A+ Cost of living C- Crime F Employment A- Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Minneapolis, MN
• County: Hennepin County · 1,150,272 people
• City population: 417,555
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 37,667
• Household income: $78,464
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1583.0

Population outlook (Hennepin County) Hauer SSP2

• Today (2025): 1,405,227 people
• By 2030: 1,492,650 · +6.2%
• By 2040: 1,660,157 · +18.1%
• By 2050: 1,823,498 · +29.8%
• By 2075: 2,221,283 · +58.1%
• By 2100: 2,509,976 · +78.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 50% Hispanic / Latino 23% Black 18% Two or more races 10% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 8% Romanian 3% Lithuanian 2%
• Foreign-born: 18% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 20% Other Asian/Pacific 1%

Political lean MEDSL · Hennepin

• 2024 margin: Solid D (+42.6) · D 70.2% · R 27.5% · Other 2.3%
• 2008→2024 swing: +14.0pp toward D · 2008: 28.6pp · 2024: 42.6pp
• All cycles: 2024: D+42.6 2020: D+43.2 2016: D+35.3 2012: D+27.1 2008: D+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.97%
• Current HPI: 292.0322
• Rent YoY: ▲ 4.30%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+319.1% since first listed

21 events — show timeline

• 2026-06-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-01 Listed $414,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-29 Price Changed $414,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-05 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-12 Listed $434,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-10 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-08-17 Sold (Public Records) $70,461 Public Records
• 2009-01-08 Listed $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-11-05 Listed $174,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-03-23 Sold (Public Records) $240,000 Public Records
• 2004-05-24 Sold (Public Records) $250,000 Public Records
• 2004-05-03 Sold (MLS) $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-04-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-02-16 Listed $249,000 NORTHSTARMLS as Distributed by MLS Grid
• 2004-01-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2004-01-02 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-12-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-06-05 Listed $289,000 NORTHSTARMLS as Distributed by MLS Grid
• 1982-07-01 Sold (Public Records) $99,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $5,916 · +15.0% YoY. Source: county tax records.