Updated Historic Fourplex
2535 Aldrich Avenue S, Minneapolis, MN 55405
MULTI_FAMILY - Minneapolis, MN
Property size:
5,225 SFLot size:
0.11 AcresPrice / SF:
$224/SF- Added:
- Jun 12, 2026
- Days on Market:
- 19
- Last Refresh:
- Jun 30 at 12:06 am
Property Features for 2535 Aldrich Avenue S
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 11
- Bathrooms
- 5
- Rooms
- Bedroom 5, Bathroom 4, Bedroom 4, Bedroom 3, Bedroom 11, Bedroom 2, Bedroom 7, Bedroom 6, Bedroom 1, Bedroom 9, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 8, Bathroom 5, Basement, Bedroom 10
- Parking features
- Garage - Detached
- Exterior features
- Vinyl
- Standard status
- Active
- APN
- 3302924140168
- Size
- 5,225 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 15137
Utilities
- Heating system
- Hot Water(Heating), Radiant, Forced Air, Ductless (Heating)
Building Details
- Year built
- 1908
- Building materials
- Frame
Listing agent Paul A Olson (612) 821-7400
Listing office Keller Williams Realty Integrity Lakes 800 N Washington Ave N Ste 460, Minneapolis, MN (612) 821-7400
Listing date Jun 12, 2026
MLS# 7055953
Listing URL
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.
HighLights
- Historic 1908 Minneapolis fourplex with frame construction and vinyl exterior
- Heavily updated/redone systems including electric, plumbing, heating, siding, windows, roofing, and maintenance
- Modern high‑efficiency HVAC with radiant, forced air, hot water (heating), and ductless (heating)
- Coal‑burning tiled fireplaces (decorative), original trim and millwork, and tall ceilings
- Massive front balconies in 3 of 4 units and south‑facing windows
- Detached garage and fully fenced yard with a private backyard hang‑out area
Overview
This historic fourplex at 2535 Aldrich Avenue S combines original Victorian trim and millwork with extensive modern updates throughout the property. The building features coal-burning tiled fireplaces that are described as decorative, tall ceilings, and south-facing windows, with massive front balconies in three of the four units. Kitchens and bathrooms have been upgraded in most units, and the seller states that the electric, plumbing, heating, siding, windows, roofing, and maintenance have been completely redone. The property also includes modern high-efficiency HVAC mechanicals with billing directed to the tenants.
Set on a 0.11-acre lot in Minneapolis, MN, the home provides outdoor space through a fully fenced setting and a private back-yard hangout area. Parking is supported by a massive four-car garage. The configuration and furnishings are presented as suitable for medium and short-term rental use.
For owner-occupants or investors, the mix of updated building systems, preserved architectural character, and tenant-directed HVAC billing is intended to support straightforward day-to-day operation. With four separate units in a single property and on-site garage parking, this fourplex is positioned as a turnkey option for buyers seeking a well-maintained historic residence with modern improvements. The seller is also willing to consider creative financing options, including seller financing, for qualified buyers.
Set on a 0.11-acre lot in Minneapolis, MN, the home provides outdoor space through a fully fenced setting and a private back-yard hangout area. Parking is supported by a massive four-car garage. The configuration and furnishings are presented as suitable for medium and short-term rental use.
For owner-occupants or investors, the mix of updated building systems, preserved architectural character, and tenant-directed HVAC billing is intended to support straightforward day-to-day operation. With four separate units in a single property and on-site garage parking, this fourplex is positioned as a turnkey option for buyers seeking a well-maintained historic residence with modern improvements. The seller is also willing to consider creative financing options, including seller financing, for qualified buyers.
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 | $116.0k | $22.20 |
| − Vacancy | −$6.9k | −$1.33 |
| EGI | $109.1k | $20.87 |
| − OpEx | −$32.7k | −$6.26 |
| NOI | $76.3k | $14.61 |
5,225 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$954.3K – $1.27M
NOI $76,341 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$1.00M
$876.5K – $1.17M
NOI $70,118 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,260 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Minneapolis
- County
- Anoka
- State
- Minnesota
- Longitude
- -93.2901267
- Latitude
- 44.9533726
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four updated units with modern mechanicals, tenant-directed HVAC billing, and a fully fenced private yard.
Where is this quadplex located?
The property is located at 2535 Aldrich Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Historic 1908 Minneapolis fourplex with frame construction and vinyl exterior; Heavily updated/redone systems including electric, plumbing, heating, siding, windows, roofing, and maintenance; Modern high‑efficiency HVAC with radiant, forced air, hot water (heating), and ductless (heating)
