Duplex with Detached Two-Car
For Sale
$425,000
3954 Portland Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,491 SF
Lot Size0.11 Acres
Price / SF$170.61
Days on Market71
Property Features for 3954 Portland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 2
Parking features
Garage - Detached
Exterior features
Stucco
Fencing
Chain Link
Subdivision
Wolverton & Lewis Add
Lot features
Corner Lot
High school district
Minneapolis
Directions
Corner lot at Portland Ave S and E 40th St.
Standard status
Active
APN
1002824110170
Size
2,491 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6426
Utilities
Heating system
Forced Air, Radiant
Amenities
shared laundry
Building Details
Year built
1889
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Alyssa Strom
(612) 821-7400
Added: Jun 11
Changed: Aug 19
Last Checked: Aug 20 at 1:06AM
MLS# 7091487
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.
Spacious Bryant duplex offering flexible living and rental options. The property features more than 2,600 finished square feet across two units, with both having generously sized living and dining areas and abundant natural light. The main-level unit includes 2 bedrooms and 1 bath with hardwood floors, with an opportunity for immediate owner occupancy. The upper unit spans two levels and offers 3 bedrooms and 2 baths, with a layout that functions much like a single-family home. Updates include refreshed kitchens and baths.
Exterior features include stucco construction and a detached two-car garage, with shared laundry on site. The property is situated on a corner lot and includes chain link fencing. Heating is provided by radiant and forced air systems, and the home was built in 1889.
Rooming includes multiple bedrooms and bathrooms, along with a basement.
Exterior features include stucco construction and a detached two-car garage, with shared laundry on site. The property is situated on a corner lot and includes chain link fencing. Heating is provided by radiant and forced air systems, and the home was built in 1889.
Rooming includes multiple bedrooms and bathrooms, along with a basement.
Key Highlights
- More than 2,600 finished square feet across two units
- Main‑level unit: 2 bedrooms and 1 bath with hardwood floors
- Upper unit: 3 bedrooms and 2 baths spanning two levels
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
$36,395
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
8.56%
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%
$727,900
$727.9K
Cap Rate 7%
$519,929
$519.9K
Cap Rate 9%
$404,389
$404.4K
Market Conditions
NOI Build-Up for 2,491 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
$55.3K $22.20/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$52.0K $20.87/SF
− OpEx
−$15.6K −$6.26/SF
NOI
$36.4K $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%
$727,900
Cap Rate 7%
$519,929
Cap Rate 9%
$404,389
Alternative Uses
Best Use
Multifamily LT 5
$519.9K
$454.9K – $606.6K
NOI $36,395 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$477.6K
$417.9K – $557.2K
NOI $33,429 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$594.3K
$520.0K – $693.4K
NOI $41,601 @ 7.0% cap · market cap 9.79%
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
866
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
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 - Bryant duplex with updated kitchens and baths, shared laundry, and a detached two-car garage on a corner lot.
Where is this duplex located?
The property is located at 3954 Portland Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: More than 2,600 finished square feet across two units; Main‑level unit: 2 bedrooms and 1 bath with hardwood floors; Upper unit: 3 bedrooms and 2 baths spanning two levels
