Occupied Two-Unit
For Sale
$390,000
3047 Grand Street NE, Minneapolis, MN 55418
Residential Income, Minneapolis, MN
Property Size1,814 SF
Lot Size0.15 Acres
Price / SF$214.99
Days on Market49
Property Features for 3047 Grand Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Basement, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
Northtown Add
High school district
Minneapolis
Directions
Lowry to north on Grand Street. House on right.
Standard status
Active
APN
0302924440035
Size
1,814 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6229
Utilities
Heating system
Forced Air
Amenities
fenced backyard
deck
Building Details
Year built
1900
Listing Agency:
Banneker Realty, LLC
(612) 338-9647
Listed By:
Jacqueline Howard
(651) 210-3697
Added: Aug 12
Changed: Sep 24
Last Checked: Sep 29 at 8:06AM
MLS# 7125818
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 two-unit duplex contains 1,814 square feet on a 0.15-acre lot, with two bedrooms and one bathroom in each residence. Built in 1900, the property has vinyl exterior siding, forced-air heating, and a basement. Both units are occupied, providing an established residential income setup. A detached two-car garage, fenced backyard, and spacious deck add outdoor and storage functionality.
Located at 3047 Grand Street NE in Minneapolis, the property is near breweries, restaurants, the river, and surrounding residential neighborhoods. Its Northeast Minneapolis setting combines a small-scale multifamily configuration with access to nearby dining and recreation destinations.
Located at 3047 Grand Street NE in Minneapolis, the property is near breweries, restaurants, the river, and surrounding residential neighborhoods. Its Northeast Minneapolis setting combines a small-scale multifamily configuration with access to nearby dining and recreation destinations.
Key Highlights
- Two‑unit duplex with 1,814 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Both units are currently occupied
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
$26,504
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
6.80%
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%
$530,080
$530.1K
Cap Rate 7%
$378,629
$378.6K
Cap Rate 9%
$294,489
$294.5K
Market Conditions
NOI Build-Up for 1,814 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
$40.3K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.9K $20.87/SF
− OpEx
−$11.4K −$6.26/SF
NOI
$26.5K $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%
$530,080
Cap Rate 7%
$378,629
Cap Rate 9%
$294,489
Alternative Uses
Best Use
Multifamily LT 5
$378.6K
$331.3K – $441.7K
NOI $26,504 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$347.8K
$304.3K – $405.7K
NOI $24,343 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$432.8K
$378.7K – $504.9K
NOI $30,295 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences share a fenced yard, deck, detached garage, and proximity to Northeast Minneapolis dining and breweries.
Where is this duplex located?
The property is located at 3047 Grand Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,814 square feet; Each unit includes 2 bedrooms and 1 bathroom; Both units are currently occupied
