Maintained Duplex with Music
For Sale
$390,000
Pending
3132 Columbus Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,385 SF
Lot Size0.11 Acres
Days on Market23
Property Features for 3132 Columbus Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Laundry Room, Basement, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3
Parking features
Driveway, Garage - Detached
Patio and Porch features
Deck, Porch
Subdivision
Chicago Lake Park Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
From Lake Street, go north on Columbus for 1.5 blocks. The home is on the right.
Standard status
Pending
APN
0202824220045
Size
2,385 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4707
Utilities
Heating system
Oil
Building Details
Year built
1891
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Heather Mylin · License #40677468
(612) 867-7541
Added: Sep 14
Changed: Oct 1
Last Checked: Oct 6 at 5:06AM
MLS# 7110043
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.
Built in 1891, this 2,385-square-foot duplex includes two spacious residential units with separate laundry areas. Interior character features include original woodwork, updated pocket doors, custom built-ins, and other modern improvements. A finished third-floor attic provides additional room configured as a bedroom and reading area.
The 0.1084-acre property also includes a detached carriage house converted into a soundproofed, heated, air-conditioned music studio with storage and a preserved loft. New windows were installed in 2017, followed by a new roof and siding in 2023. Exterior features include composite front and rear porches, custom-wrapped pillars, a pollinator garden, driveway parking, and a detached garage. The property is near neighborhood cafes, local shops, and public transit.
The 0.1084-acre property also includes a detached carriage house converted into a soundproofed, heated, air-conditioned music studio with storage and a preserved loft. New windows were installed in 2017, followed by a new roof and siding in 2023. Exterior features include composite front and rear porches, custom-wrapped pillars, a pollinator garden, driveway parking, and a detached garage. The property is near neighborhood cafes, local shops, and public transit.
Key Highlights
- 2,385 SF duplex built in 1891
- Detached carriage house converted to a soundproofed, heated, air‑conditioned music studio
- Finished third‑floor attic with bedroom and reading lounge
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,847
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,940
$696.9K
Cap Rate 7%
$497,814
$497.8K
Cap Rate 9%
$387,189
$387.2K
Market Conditions
NOI Build-Up for 2,385 SF
Gross rent
$52.9K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$49.8K $20.87/SF
− OpEx
−$14.9K −$6.26/SF
NOI
$34.8K $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 Rate 5%
$696,940
Cap Rate 7%
$497,814
Cap Rate 9%
$387,189
Alternative Uses
Best Use
Multifamily LT 5
$497.8K
$435.6K – $580.8K
NOI $34,847 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$457.2K
$400.1K – $533.4K
NOI $32,006 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$569.0K
$497.9K – $663.9K
NOI $39,831 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,681
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two units include dedicated laundry, and a detached carriage house contains a heated, air-conditioned music studio.
Where is this duplex located?
The property is located at 3132 Columbus Avenue 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: 2,385 SF duplex built in 1891; Detached carriage house converted to a soundproofed, heated, air‑conditioned music studio; Finished third‑floor attic with bedroom and reading lounge
