Fully Renovated Fourplex
1537 E 38th Street Minneapolis, MN 55407
1537 E 38th Street, Minneapolis, MN, 55407
$725,000
For Sale
$725,000
MULTI_FAMILY - Minneapolis, MN
Property Size3,456 SF
Lot Size0.14 Acres
Price / SF$209.78
Days on Market138
Property Features for 1537 E 38th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 2, Basement, Bathroom 4, Bedroom 3
- Parking features
- Parking Lot
- Exterior features
- Stucco
- Standard status
- Active
- APN
- 1102824110068
- Size
- 3,456 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 7037
Utilities
- Heating system
- Baseboard, Oil
Building Details
- Year built
- 1911
- Building materials
- Block, Timber/Post & Beam, Concrete, Stone
- Roof type
- Shingle
Listing agency
National Realty Guild
(651) 330-8001
Listed by
Jacqueline Sandoval
(651) 494-4000
Added: Mar 6 Updated: Jul 22 at 12:44AM Checked: Jul 22 at 12:06PM
MLS# 7032128
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 fully renovated fourplex offers a turn-key residential income setup with extensive interior and exterior improvements. Exterior work includes new siding, exterior paint, and new upper rear windows. The upper rear balcony has been rebuilt with new decking and flooring, and the front porch flooring has been replaced with professionally restored stucco. Common areas have been updated with new carpeting on the stairways.
The property sits on a lot with off-street parking for up to 10 vehicles. It also includes two separate rear entrances in addition to the main front entry, supporting convenient resident access. The building’s systems are set up with four 75,000 BTU boilers, four high-capacity water heaters, and four pressure tanks, along with updated electrical that uses split meters for owner management.
Each unit has been remodeled with new kitchens, updated bathrooms, new flooring, fresh paint, modern light fixtures, and efficient hot and cold mini-split systems. The building’s layout provides spacious living spaces across four separate units. For buyers evaluating additional options, the property mentions the possibility of finishing the basement and adding coin-operated laundry machines to create another revenue stream.
The property sits on a lot with off-street parking for up to 10 vehicles. It also includes two separate rear entrances in addition to the main front entry, supporting convenient resident access. The building’s systems are set up with four 75,000 BTU boilers, four high-capacity water heaters, and four pressure tanks, along with updated electrical that uses split meters for owner management.
Each unit has been remodeled with new kitchens, updated bathrooms, new flooring, fresh paint, modern light fixtures, and efficient hot and cold mini-split systems. The building’s layout provides spacious living spaces across four separate units. For buyers evaluating additional options, the property mentions the possibility of finishing the basement and adding coin-operated laundry machines to create another revenue stream.
Key Highlights
- Fully renovated fourplex built in 1911 with stucco exterior and block/timber/post‑and‑beam/concrete/stone construction materials
- Interior improvements include new kitchens, updated bathrooms, new flooring, fresh paint, and modern light fixtures
- Each unit includes hot/cold mini‑split systems; heating also includes baseboard and oil
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $76.7k | $22.20 |
| − Vacancy | −$4.6k | −$1.33 |
| EGI | $72.1k | $20.87 |
| − OpEx | −$21.6k | −$6.26 |
| NOI | $50.5k | $14.61 |
3,456 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$721.4K
$631.2K – $841.6K
NOI $50,495 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$662.6K
$579.7K – $773.0K
NOI $46,379 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$824.5K
$721.5K – $962.0K
NOI $57,717 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Turn-key four-unit building with extensive interior and exterior renovations and off-street parking for up to 10 vehicles.
Where is this quadplex located?
The property is located at 1537 E 38th Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Fully renovated fourplex built in 1911 with stucco exterior and block/timber/post‑and‑beam/concrete/stone construction materials; Interior improvements include new kitchens, updated bathrooms, new flooring, fresh paint, and modern light fixtures; Each unit includes hot/cold mini‑split systems; heating also includes baseboard and oil
