Fourplex with Off-Street
For Sale
$529,999
1508 E 26th Street, Minneapolis, MN 55404
Residential Income, Minneapolis, MN
Property Size3,124 SF
Lot Size0.11 Acres
Price / SF$169.65
Days on Market94
Property Features for 1508 E 26th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
11
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 10, Basement, Bedroom 11, Bathroom 4, Bedroom 8, Bedroom 7, Bathroom 2, Bedroom 4, Bedroom 9, Bathroom 3, Bedroom 2, Bedroom 1
Parking features
Assigned, Driveway, Covered
Exterior features
Stucco
Subdivision
Gales 1st Add
High school district
Minneapolis
Directions
Lake Street to Bloomington Ave, North to 26th Street, West to property
Standard status
Active
APN
3502924130356
Size
3,124 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9147
Utilities
Heating system
Steam, Oil
Amenities
private off-street parking lot
Building Details
Year built
1913
Listing Agency:
Bridge Realty, LLC
(952) 368-0021
Listed By:
Benjamin Jacobs
(952) 239-5340
Added: Jun 30
Changed: Sep 24
Last Checked: Oct 1 at 6:06PM
MLS# 7101570
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,124-square-foot quadplex was built in 1913 and includes four residential units. Recent property work includes a new water heater and more than 10k of insulation improvements serving the upper level and basement. The exterior is finished in stucco, with steam and oil heating systems.
The property sits on 0.11 acres at 1508 E 26th Street in Minneapolis. Parking is provided through a private off-street lot with driveway, assigned, and covered parking features. The building has maintained 100% occupancy over the past year and is currently fully leased, offering an established residential income configuration.
The property sits on 0.11 acres at 1508 E 26th Street in Minneapolis. Parking is provided through a private off-street lot with driveway, assigned, and covered parking features. The building has maintained 100% occupancy over the past year and is currently fully leased, offering an established residential income configuration.
Key Highlights
- Four‑unit quadplex totaling 3,124 square feet
- 100% occupancy maintained over the past year
- Private off‑street parking with driveway, assigned, and covered spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,644
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$912,880
$912.9K
Cap Rate 7%
$652,057
$652.1K
Cap Rate 9%
$507,156
$507.2K
Market Conditions
NOI Build-Up for 3,124 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$69.4K $22.20/SF
− Vacancy
−$4.1K −$1.33/SF
EGI
$65.2K $20.87/SF
− OpEx
−$19.6K −$6.26/SF
NOI
$45.6K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$912,880
Cap Rate 7%
$652,057
Cap Rate 9%
$507,156
Alternative Uses
Best Use
Multifamily LT 5
$652.1K
$570.6K – $760.7K
NOI $45,644 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$598.9K
$524.0K – $698.7K
NOI $41,923 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$745.3K
$652.2K – $869.5K
NOI $52,172 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,403
Businesses Nearby
Explore this area
Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased four-unit property with updated insulation and a new water heater.
Where is this quadplex located?
The property is located at 1508 E 26th Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $529,999.
What are key features of this property?
This property features: Four‑unit quadplex totaling 3,124 square feet; 100% occupancy maintained over the past year; Private off‑street parking with driveway, assigned, and covered spaces
