Duplex with Brand-New
For Sale
$459,900
3213 Minnehaha Avenue, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size3,370 SF
Lot Size0.20 Acres
Price / SF$136.47
Days on Market35
Property Features for 3213 Minnehaha Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 4, Basement, Bedroom 7, Bathroom 2, Bedroom 2
Exterior features
Wood
Subdivision
Adams Rgt In 2nd Add
High school district
Minneapolis
Directions
On Minnehaha and between E 32nd St and E 33rd St
Standard status
Active
APN
0102824140011
Size
3,370 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8389
Utilities
Heating system
Oil
Building Details
Year built
1905
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 848-2400
Listed By:
Paulo Mora
(952) 829-2900
Added: Jul 17
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 7102970
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 duplex on a 0.2-acre lot is a well-maintained residential income option with a spacious layout. The home features original hardwood floors and includes 9 bedrooms. Updates called out include newer windows and fresh paint, along with a brand-new roof.
The property has 3,370 square feet of space and was built in 1905. Heating is oil-based, and exterior features include wood. The location is described as close to the light rail as well as restaurants, distilleries, and coffee shops.
With its mix of bedrooms and maintained interior elements, this duplex is positioned for either investment or multigenerational living.
The property has 3,370 square feet of space and was built in 1905. Heating is oil-based, and exterior features include wood. The location is described as close to the light rail as well as restaurants, distilleries, and coffee shops.
With its mix of bedrooms and maintained interior elements, this duplex is positioned for either investment or multigenerational living.
Key Highlights
- Brand‑new roof and fresh paint
- Original hardwood floors
- 9 bedrooms
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
$40,647
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
8.84%
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%
$812,940
$812.9K
Cap Rate 7%
$580,671
$580.7K
Cap Rate 9%
$451,633
$451.6K
Market Conditions
NOI Build-Up for 3,370 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
$78.5K $23.28/SF
− Vacancy
−$4.6K −$1.35/SF
EGI
$73.9K $21.93/SF
− OpEx
−$33.3K −$9.87/SF
NOI
$40.6K $12.06/SF
Area
ZIP 55406
Vacancy
5.80%
Lease Rate
$23.28 /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%
$812,940
Cap Rate 7%
$580,671
Cap Rate 9%
$451,633
Alternative Uses
Best Use
Multifamily LT 5
$623.9K
$545.9K – $727.9K
NOI $43,672 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$580.7K
$508.1K – $677.5K
NOI $40,647 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$984.7K
$861.6K – $1.15M
NOI $68,931 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
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?
Duplex - Duplex on a 0.2-acre lot with a brand-new roof, original hardwood floors, and oil heat.
Where is this duplex located?
The property is located at 3213 Minnehaha Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Brand‑new roof and fresh paint; Original hardwood floors; 9 bedrooms
