Renovated Duplex with In-Unit
For Sale
$335,000
3609 E 42nd Street, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size1,335 SF
Lot Size0.14 Acres
Price / SF$250.94
Days on Market126
Property Features for 3609 E 42nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 3, Bathroom 2
Parking features
Driveway
Exterior features
Shakes
Subdivision
Edridge Add
High school district
Minneapolis
Directions
From I-94, take Hiawatha Ave (MN-55) south to E 42nd St. Head east on 42nd St to the property on the right.
Standard status
Active
APN
0702823310022
Size
1,335 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4649
Utilities
Heating system
Forced Air
Amenities
in-unit laundry
air conditioning
Building Details
Year built
1900
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Hannah Dahlstrom
(331) 321-9123
Added: May 29
Changed: Oct 1
Last Checked: Oct 1 at 3:06PM
MLS# 7081579
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 1,335-square-foot duplex, built in 1900, features an up-down configuration with three bedrooms and two bathrooms. The upper residence has one bedroom, one bathroom, a separate entrance, and an updated kitchen and bath. Both units include in-unit laundry, refreshed paint, updated lighting, smart locks, blackout bedroom blinds, and updated bathroom finishes. Forced-air heating serves the property, with driveway parking and shake siding.
Exterior work completed in 2025 includes a new roof, gutters, exterior paint, landscaping, fencing, and added A/C. The upper unit has month-to-month occupancy, providing flexibility within the existing arrangement. The property is near the Mississippi River, neighborhood parks, trails, restaurants, and light rail access.
Exterior work completed in 2025 includes a new roof, gutters, exterior paint, landscaping, fencing, and added A/C. The upper unit has month-to-month occupancy, providing flexibility within the existing arrangement. The property is near the Mississippi River, neighborhood parks, trails, restaurants, and light rail access.
Key Highlights
- 1,335 SF duplex on a 0.1365‑acre lot
- Three bedrooms and two bathrooms in an up‑down layout
- 2025 improvements include roof, gutters, exterior paint, landscaping, fencing, and added A/C
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
$17,300
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
5.16%
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%
$346,000
$346.0K
Cap Rate 7%
$247,143
$247.1K
Cap Rate 9%
$192,222
$192.2K
Market Conditions
NOI Build-Up for 1,335 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
$26.4K $19.80/SF
− Vacancy
−$1.7K −$1.29/SF
EGI
$24.7K $18.51/SF
− OpEx
−$7.4K −$5.55/SF
NOI
$17.3K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /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%
$346,000
Cap Rate 7%
$247,143
Cap Rate 9%
$192,222
Alternative Uses
Best Use
Multifamily LT 5
$247.1K
$216.3K – $288.3K
NOI $17,300 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$230.0K
$201.3K – $268.4K
NOI $16,102 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$390.1K
$341.3K – $455.1K
NOI $27,307 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
754
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
Check the figures for this property
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 - Up-down layout with a private-entry upper residence and recent interior and exterior improvements.
Where is this duplex located?
The property is located at 3609 E 42nd Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,335 SF duplex on a 0.1365‑acre lot; Three bedrooms and two bathrooms in an up‑down layout; 2025 improvements include roof, gutters, exterior paint, landscaping, fencing, and added A/C
