Minneapolis › Kenwood

2121 Penn Ave S

5 units · 5 units: 2 bed / 1 bath ×3 and 1 bed / 1 bath ×2 unit split estimated · 5,320 sq ft

Minneapolis, MN · Kenwood · View the listing ↗

Far off

50 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.

Asking price: $1,229,000
Monthly cash flow: −$2,849
Estimated rent: $7,175/mo
Break-even price: $693,676

Adjust the numbers See the full breakdown

From the listing

Beautiful all-brick 4-plex just a half block from Lake of the Isles in the coveted Kenwood neighborhood. This classic building showcases timeless craftsmanship, with interior units featuring natural oak woodwork and hardwood floors. Three units include original built-in buffets and elegant room dividers with bookcases separating the living and dining rooms. A previous owner thoughtfully opened the sunroom and living room in Unit 1, creating an expansive, inviting space rarely found in buildings of this era. Over the years, all kitchens have been updated with a clean, modern style that complements the building's historic character. Major mechanical updates provide peace of mind and strong rental appeal: tenants pay their own heat and electricity, supported by four newer boilers (2017), four individual hot water heaters, and separate updated electrical panels. The roof was replaced in 2020 with a durable Duro-Last system, and the sewer line was fully lined in 2025. Opportunities like this are rare-don't miss one of the finest 4-plexes in the city, steps from the lake, parks, trails, and everything that makes Kenwood one of Minneapolis' most desirable neighborhoods.

Listing courtesy of NRT-Minnesota (CB Burnet) (Christopher Carrow). Description from Realtor.com, MLS #7071394. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a well-kept 1915 brick fourplex near Lake of the Isles, but at $1,229,000 the numbers don't work. Our underwriting shows about -$2,849 a month and a 3.6% cap rate, and break-even is near $694K. The county values it at $740K and the tax bill is about $14K. Mechanicals look solid on paper (2017 boilers, 2020 roof, 2025 sewer lining), but the listing gives no rents and no expenses. The city license covers 4 units while our count is 5, so confirm the unit count first. Ask for the rent roll and trailing-12 before a showing, and only go if the seller will come down a long way. 144 days on market suggests the price is the problem.

Things to consider

Price is far above what the income supports Our model shows negative cash flow of about $2.8K a month at asking. Break-even is about 44% below the ask.
Unit count mismatch A fifth unit that isn't licensed could cut income or create compliance problems. Rent estimates assume five units.
Recent capital work lowers near-term repair risk New boilers, roof and sewer lining reduce big surprises, though warranties and inspections should confirm it.Listing says: “The roof was replaced in 2020 with a durable Duro-Last system”
Tenant-paid utilities keep owner costs down Owner expenses are mostly taxes, insurance, water and maintenance, but the listing doesn't say who pays water.Listing says: “tenants pay their own heat and electricity”
Heavy property tax At about $14K and non-homestead, taxes take a big share of income and may rise with a sale.
Negotiating leverage Nearly five months on market suggests the seller may need to move well below ask.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneFour boilers replaced (2017)Listing says: four newer boilers (2017)
doneDuro-Last roof replaced in 2020Listing says: The roof was replaced in 2020 with a durable Duro-Last system
doneSewer line fully lined in 2025Listing says: the sewer line was fully lined in 2025
doneKitchens updated over the yearsListing says: all kitchens have been updated with a clean, modern style

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $1,229,000
Cash to close: $282,670
Price per unit: $245,800
GRM: 14.3

Each month

Cash flow: −$2,849/mo
Cash-on-cash: −12.1%
Cap rate: 3.6%
DSCR: 0.56×

Break-even

Price that breaks even: $693,676
Rent that breaks even: $10,924/mo

Long run

Year 30: property vs stocks: $2.90M vs $4.08M
Cash flow turns positive: year 23

Monthly

Monthly breakdown

Rent	$7,175
Vacancy (6%)	−$430
Collected	$6,744
Property tax Public record	−$1,167
Insurance Estimate	−$534
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$646
Capital reserve (9% of rent)	−$646
Net operating income	$3,692
Mortgage (principal + interest)	−$6,541
Cash flow	−$2,849
Principal paid down (equity, not cash)	$832

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$2,897,223

Your equity when you sell: $2,804,120
Rental profits, invested at 7%: $93,104

Same money in stocks$4,078,777

Cash to close, invested at 7%: $2,151,756
Monthly shortfalls, invested: $1,927,021

Stocks come out $1,181,554 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $2.90M, stocks $4.08M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,625/mo · range $1,475–$1,900 · 7 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1937 Fremont Ave S Apt 1, Minneapolis	$1,995	2 / 1	1,340	0.6 mi	2026-09-22	Apartment
2725 Humboldt Ave S, Minneapolis	$1,399	2 / 1	950	0.7 mi	2026-09-03	Apartment
2514 Emerson Ave S, Minneapolis	$1,599	2 / 1	1,100	0.7 mi	2025-01-03	Apartment
2118 Dupont Ave S, Minneapolis	$1,525	2 / 1	1,100	0.7 mi	2025-07-30	Apartment
2825 Cedar Lake Pkwy, Minneapolis	$1,800	2 / 1	1,100	0.7 mi	2026-08-18	Apartment
2647 Girard Ave S Apt 2, Minneapolis	$1,550	2 / 1	—	0.7 mi	2026-09-10	Apartment
2626 Fremont Ave S, Minneapolis	$1,225	2 / 1	800	0.7 mi	2024-04-15	Apartment

1 bed estimate $1,150/mo · range $1,050–$1,250 · 12 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2609 Hennepin Ave, Minneapolis	$1,199	1 / 1	750	0.7 mi	2025-12-31	Apartment
1117 W Franklin Ave, Minneapolis	$1,095	1 / 1	—	0.7 mi	2026-09-24	Apartment
2725 Humboldt Ave S, Minneapolis	$1,200	1 / 1	775	0.7 mi	2026-09-03	Apartment
1913 Emerson Ave S Apt 1, Minneapolis	$995	1 / 1	350	0.7 mi	2026-06-02	Apartment
1917 Emerson Ave S Apt 104, Minneapolis	$1,195	1 / 1	585	0.7 mi	2026-07-04	Apartment
1917 Emerson Ave S, Minneapolis	$1,095	1 / 1	585	0.7 mi	2026-07-10	Apartment
1913 Emerson Ave S, Minneapolis	$895	1 / 1	350	0.7 mi	2026-07-07	Apartment
2735 Humboldt Ave S, Minneapolis	$1,095	1 / 1	600	0.7 mi	2026-04-03	Apartment
2012/2014 Dupont Ave S Unit 8, Minneapolis	$1,097	1 / 1	560	0.7 mi	2026-08-18	Apartment
2420 Dupont Ave S, Minneapolis	$1,015	1 / 1	561	0.7 mi	2026-05-06	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 2121 PENN AVE S, units=4
highDescription says 4-plex but county and our count show 5 units. A fifth unit may be unlicensed or not legal. Based on: data: county.living_units · AI review
mediumFlat roof per the city assessor on a stucco building: get its age and a moisture inspection. Public record: Hennepin County parcel 3302924220048: roof=Flat, exterior=STUCCO
mediumAsking is $535,324 above the price where cash flow breaks even ($693,676) at the default scenario. Based on: Derived: price $1,229,000 vs. break-even $693,676
mediumAssessor value is $740K, far below the $1.229M ask. Tax could be reassessed upward after a sale. Based on: data: county.market_value · AI review
mediumAnnual tax is about $14K, a heavy fixed cost against estimated rents. Based on: data: county.tax · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 147 days on market, 1 price cuts
Tenants pay their own heat and electric, with separate boilers and panels, which keeps owner expenses low. Listing says: tenants pay their own heat and electricity · AI review
Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review

Questions for the agent

Can I see the current rent roll, lease dates and trailing-12 expenses?
Is it four units or five? Which unit is not licensed, and is it legal?
What is the roof's warranty status, and are there any leak or moisture reports?
What do tenants pay in utilities, and who pays water, sewer and trash?
Has the price been cut, and what offers has the seller turned down?
Why is the assessed value $740K against a $1.229M ask?

Bottom line

Nice building with updated systems, but $1.229M is far above the roughly $694K that break-even supports. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$13,999
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$6,413
Water, sewer, trash / mo Listinglisting. tenants pay water	$0
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. built 1915: +1 pt capital reserve; 8 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-02-17 (230 days, relisted 1×); down $66,000 (5.1%) from the first ask of $1,295,000.

Date	Event	Price
2026-07-04	Removed	$1,295,000
2026-05-12	Removed	—
2026-05-11	Listed	$1,229,000
2026-03-22	Relisted	$1,295,000
2026-03-14	Removed	—
2026-02-17	Listed	$1,295,000

County record Public record

Recorded as	apartment 4 or 5 unit
Living units	5
Year built	1915
Market value (2026)	$740,000
Property tax	$13,999
Special assessments	none
Homestead	no
Last sale	—

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 394, about 980 m away.

Crime in Kenwood

31 incidents in the last 12 months (22 per 1,000 residents), −35% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).