New Construction Triplex with Detached Three-Car
For Sale
$999,900
3336 3rd Avenue S, Minneapolis, MN 55408
MULTI_FAMILY - Minneapolis, MN
Property Size3,772 SF
Lot Size0.13 Acres
Price / SF$265.08
Days on Market170
Property Features for 3336 3rd Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 8, Bathroom 1, Bedroom 9, Bathroom 2, Bathroom 6, Basement, Bathroom 4, Bathroom 3, Bedroom 7, Bedroom 2, Bathroom 5
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
Bakers 2nd Add
High school district
Minneapolis
Directions
3rd Ave S
Standard status
Active
APN
0302824130130
Size
3,772 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13691
Utilities
Heating system
Forced Air
Building Details
Year built
2024
Building materials
Concrete, Insulating Concrete Forms
Roof type
Shingle
Listing Agency:
RES Realty
(952) 898-5760
Listed By:
Shirzad Raimi
(952) 898-5760
Added: Feb 19
Changed: Aug 1
Last Checked: Aug 8 at 11:06AM
MLS# 7023937
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.
New construction triplex built in 2024 on a 0.1322-acre lot, offering three separate units. Each unit features three bedrooms and two full bathrooms, with a basement and forced-air heating. The exterior includes vinyl, and construction materials include concrete and insulating concrete forms. The roof is shingle.
The property includes a detached three-car garage, providing dedicated parking. Interiors are described as updated, with granite countertops, updated kitchen cabinets, stainless steel appliances, and a washer and dryer. The home also includes backsplash and energy-saving LED lights.
With a total building size of 3,772 square feet, this triplex is positioned for owner-occupant or investor use, while keeping the unit layout consistent across all three residences.
The property includes a detached three-car garage, providing dedicated parking. Interiors are described as updated, with granite countertops, updated kitchen cabinets, stainless steel appliances, and a washer and dryer. The home also includes backsplash and energy-saving LED lights.
With a total building size of 3,772 square feet, this triplex is positioned for owner-occupant or investor use, while keeping the unit layout consistent across all three residences.
Key Highlights
- 0.1322‑acre triplex lot
- 2024 new construction triplex with three units
- Each unit offers 3 bedrooms and 2 full bathrooms
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
$55,112
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
5.51%
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%
$1,102,240
$1.1M
Cap Rate 7%
$787,314
$787.3K
Cap Rate 9%
$612,356
$612.4K
Market Conditions
NOI Build-Up for 3,772 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
$83.7K $22.20/SF
− Vacancy
−$5.0K −$1.33/SF
EGI
$78.7K $20.87/SF
− OpEx
−$23.6K −$6.26/SF
NOI
$55.1K $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%
$1,102,240
Cap Rate 7%
$787,314
Cap Rate 9%
$612,356
Alternative Uses
Best Use
Multifamily LT 5
$787.3K
$688.9K – $918.5K
NOI $55,112 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$723.1K
$632.7K – $843.7K
NOI $50,619 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$899.9K
$787.4K – $1.05M
NOI $62,994 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
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?
Triplex - New construction triplex with three 3-bedroom, two-bath units and a detached three-car garage plus forced-air heating.
Where is this triplex located?
The property is located at 3336 3rd Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 0.1322‑acre triplex lot; 2024 new construction triplex with three units; Each unit offers 3 bedrooms and 2 full bathrooms
