Spacious Fourplex with Year-Round
3101 E 24th Street, Minneapolis, MN 55406
New
Other - Minneapolis, MN
Type:Quadruplex
Property size:
4,464 SFLot size:
0.12 AcresPrice / SF:
$200/SF- Added:
- Jun 29, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 30 at 12:06 am
Property Features for 3101 E 24th Street
General Information
- Property type
- Other
- Property subtype
- Quadruplex
- Zoning
- Residential-Multi-Family
- Bedrooms
- 12
- Bathrooms
- 4
- Rooms
- Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking features
- Assigned, Parking Lot
- Standard status
- Active
- APN
- 3102923230037
- Size
- 4,464 SF
- Lot size
- 0.12 Acres
Utilities
- Heating system
- Natural Gas
Building Details
- Year built
- 1905
- Floors in Building
- 2
- Roof type
- Asphalt
- Architectural style
- Other
Listing agent Malee Vang
Listing office Engel & Völkers Minneapolis Downtown 1601 Hennepin Avenue, Minneapolis, MN (612) 338-3836
Listing date Jun 29, 2026
MLS# 7096745
Listing URL
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Spacious 4‑plex with all 4 units fully leased on year‑long leases
- Each unit features 3 bedrooms and 1 full bathroom (same floor plan across all units)
- Heat is separately controlled for each unit via the boiler system
- Parking lot includes assigned parking with space in back that can fit at least 8 cars
- Coin‑op washer plus newer dryer provided to replace previous coin‑op
- 1905 construction with asphalt roof; includes basement storage for tenants and an owners storage unit
Overview
This property is a spacious fourplex featuring four identical units, each with three bedrooms and one full bathroom. The layout runs front to back, and the main level units each have separate front and back entries. Each unit also includes a front porch or balcony, and the upper units share a rear balcony. Heat control is set up so each unit can control its own heating, tied to the building’s boiler system configuration. Recent updates include paint and some newer appliances installed through new ownership. The building also offers coin-op laundry, with a free newer dryer provided to replace the previous coin-op setup, plus multiple basement storage options including three storage units and a large owners storage unit.
The fourplex is located in the Seward neighborhood of Minneapolis. Parking is available in the back with room for at least eight cars. The property sits on a 0.12-acre lot.
With all four units fully leased on year-long terms and tenants having renewed, this is a turnkey option for buyers seeking a stabilized residential income property. Each unit’s consistent floor plan and independent heat controls support resident convenience, while the parking and dedicated storage areas add day-to-day functionality for tenants.
The fourplex is located in the Seward neighborhood of Minneapolis. Parking is available in the back with room for at least eight cars. The property sits on a 0.12-acre lot.
With all four units fully leased on year-long terms and tenants having renewed, this is a turnkey option for buyers seeking a stabilized residential income property. Each unit’s consistent floor plan and independent heat controls support resident convenience, while the parking and dedicated storage areas add day-to-day functionality for tenants.
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 | $88.4k | $19.80 |
| − Vacancy | −$5.7k | −$1.29 |
| EGI | $82.6k | $18.51 |
| − OpEx | −$24.8k | −$5.55 |
| NOI | $57.8k | $12.96 |
4,464 SF · lease $19.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$826.4K
$723.1K – $964.2K
NOI $57,849 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$769.2K
$673.0K – $897.4K
NOI $53,842 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,308 @ 7.0% cap · market cap 10.20%
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
- -93.226711
- Latitude
- 44.958935
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four separate 3-bedroom units each with front-to-back layout, individual heat control, and multiple entries and porches.
Where is this quadplex located?
The property is located at 3101 E 24th Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Spacious 4‑plex with all 4 units fully leased on year‑long leases; Each unit features 3 bedrooms and 1 full bathroom (same floor plan across all units); Heat is separately controlled for each unit via the boiler system
