Duplex with Detached
For Sale
$440,000
Pending
3427 Garfield Avenue, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size2,164 SF
Lot Size0.13 Acres
Days on Market71
Property Features for 3427 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 5, Bedroom 3, Bedroom 4, Bedroom 1, Basement, Bedroom 2, Bathroom 1, Laundry Room, Bathroom 2
Parking features
Garage - Detached, Driveway, Parking Lot
Patio and Porch features
Porch, Deck
Fencing
Chain Link
Subdivision
Bakers Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
35TH ST TO GARFIELD AVE, NORTH TO PROPERTY
Standard status
Pending
APN
0302824320083
Size
2,164 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7343
Utilities
Heating system
Forced Air
Amenities
covered porch
shared laundry
Building Details
Year built
1900
Building materials
Block, Stone
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Michelle Fussy Peterson · License #NST505003859
(651) 494-4000
Added: Jul 31
Changed: Oct 9
Last Checked: Oct 9 at 2:06PM
MLS# 7120152
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 has 2,164 square feet across two apartments. The main-level unit includes two bedrooms and one bathroom, while the upper apartment spans a story and a half and has three bedrooms and two bathrooms. In the upper unit, the primary suite extends approximately 38 feet and includes an updated bathroom, walk-in closet, and additional flexible space. A kitchen opens onto a deck, and the main-level apartment has a bay window and a decorative fireplace in its primary bedroom.
Shared laundry is located on the lower level, with a separate entrance at the rear. Covered porches are at both the front and rear of the property. Parking includes a detached single-car garage and space for three to four additional vehicles. The parcel measures 0.13 acres; the building dates to 1900.
Shared laundry is located on the lower level, with a separate entrance at the rear. Covered porches are at both the front and rear of the property. Parking includes a detached single-car garage and space for three to four additional vehicles. The parcel measures 0.13 acres; the building dates to 1900.
Key Highlights
- Two apartments: a 2‑bedroom, 1‑bath main‑level unit and an upper unit with 3 bedrooms and 2 bathrooms
- 2,164 square feet on a 0.13‑acre parcel
- Upper‑level primary suite extends approximately 38 feet and includes an updated bath and walk‑in closet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,618
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$632,360
$632.4K
Cap Rate 7%
$451,686
$451.7K
Cap Rate 9%
$351,311
$351.3K
Market Conditions
NOI Build-Up for 2,164 SF
Gross rent
$48.0K $22.20/SF
− Vacancy
−$2.9K −$1.33/SF
EGI
$45.2K $20.87/SF
− OpEx
−$13.6K −$6.26/SF
NOI
$31.6K $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%
$632,360
Cap Rate 7%
$451,686
Cap Rate 9%
$351,311
Alternative Uses
Best Use
Multifamily LT 5
$451.7K
$395.2K – $527.0K
NOI $31,618 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$414.9K
$363.0K – $484.0K
NOI $29,040 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$516.3K
$451.8K – $602.3K
NOI $36,140 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,478
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 separate apartments offer distinct two-bedroom and three-bedroom layouts.
Where is this duplex located?
The property is located at 3427 Garfield Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two apartments: a 2‑bedroom, 1‑bath main‑level unit and an upper unit with 3 bedrooms and 2 bathrooms; 2,164 square feet on a 0.13‑acre parcel; Upper‑level primary suite extends approximately 38 feet and includes an updated bath and walk‑in closet
