Quadplex with Separate
For Sale
$545,000
2106 Elliot Avenue, Minneapolis, MN 55404
MULTI_FAMILY - Minneapolis, MN
Property Size3,514 SF
Lot Size0.10 Acres
Price / SF$155.09
Days on Market59
Property Features for 2106 Elliot Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Basement
Exterior features
Aluminum Siding, Brick/Stone, Vinyl
Subdivision
Clarks Add
High school district
Minneapolis
Directions
94w to 7th Street. West on 7th Street to 11th Avenue S. South on 11th Avenue S. to Franklin Avenue. West on Franklin Avenue to Elliot Avenue. South on Elliot to 2016.
Standard status
Active
APN
3502924210019
Size
3,514 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6760
Utilities
Heating system
Forced Air
Building Details
Year built
1883
Listing Agency:
Bridge Realty, LLC
(952) 368-0021
Listed By:
Christopher Cornet
(952) 368-0021
Added: Jun 17
Changed: Aug 13
Last Checked: Aug 14 at 5:06PM
MLS# 7095120
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 quadplex offers two large 3-bedroom units and two studio apartments, each supported by separate systems for electric, gas, water heaters, and furnaces for all four units plus common areas. The property has been recently rehabbed with fresh finishes and updates to each unit and the common areas, including hallways and the basement. Interior updates include new vinyl flooring, new carpet, and refinished hardwood flooring throughout. Windows are efficient vinyl with double-pane glass.
Built in 1883, the exterior features an all-brick facade in good condition, along with maintenance-free aluminum and vinyl siding on the exterior trim. Additional exterior character comes from rare custom carved stone accents.
The large basement includes multiple private access points that may support potential expansion. With forced-air heating and a total size of 3,514 square feet on a 0.1-acre lot, the layout is designed for comfortable living and practical upkeep. The unit mix is described as turn-key for occupancy readiness.
Built in 1883, the exterior features an all-brick facade in good condition, along with maintenance-free aluminum and vinyl siding on the exterior trim. Additional exterior character comes from rare custom carved stone accents.
The large basement includes multiple private access points that may support potential expansion. With forced-air heating and a total size of 3,514 square feet on a 0.1-acre lot, the layout is designed for comfortable living and practical upkeep. The unit mix is described as turn-key for occupancy readiness.
Key Highlights
- Two 3‑bedroom units plus two studio apartments
- Separate electric, separate gas, separate water heaters, and separate furnaces for all 4 units
- Recently rehabbed with updates to each unit and common areas including hallways and basement
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
$47,157
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
8.65%
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%
$943,140
$943.1K
Cap Rate 7%
$673,671
$673.7K
Cap Rate 9%
$523,967
$524.0K
Market Conditions
NOI Build-Up for 3,514 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
$91.5K $26.04/SF
− Vacancy
−$5.8K −$1.64/SF
EGI
$85.7K $24.40/SF
− OpEx
−$38.6K −$10.98/SF
NOI
$47.2K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$943,140
Cap Rate 7%
$673,671
Cap Rate 9%
$523,967
Alternative Uses
Best Use
Multifamily LT 5
$733.5K
$641.8K – $855.7K
NOI $51,342 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$673.7K
$589.5K – $786.0K
NOI $47,157 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$838.4K
$733.6K – $978.1K
NOI $58,686 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,295
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
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 - Four-unit quadplex with separate electric, gas, water heaters, and furnaces, recently rehabbed with updated finishes and common areas.
Where is this quadplex located?
The property is located at 2106 Elliot Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Two 3‑bedroom units plus two studio apartments; Separate electric, separate gas, separate water heaters, and separate furnaces for all 4 units; Recently rehabbed with updates to each unit and common areas including hallways and basement
