Updated
For Sale
$349,900
3429 Aldrich Ave S, Minneapolis, MN 55408
Two units offer renovated kitchens, open layouts, and dedicated washer/dryer sets.
Property Size1,623 SF
Price / SF$215.59
Days on Market68
Property Features for 3429 Aldrich Ave S
General Information
Standard status
Active
Size
1,623 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
RE/MAX Results
Listed By:
Kyle Babcock · License #20453078
(651) 578-2245
Source:
Tayloronken
Added: Jul 30
Changed: Oct 4
Last Checked: Oct 4 at 12:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Results
Investment Insights
Based on property information with market context.
This duplex at 3429 Aldrich Ave S in Minneapolis includes a main-level two-bedroom, one-bath unit and an upper one-bedroom, one-bath unit. Both units feature open floor plans, renovated kitchens with brand-new cabinets and appliances, new flooring, fresh paint, and updated lighting. Each unit also has its own washer and dryer set.
Practical improvements include new windows, freshly painted front and back porches, split electrical utilities, and individual 100-amp panels. The roof was replaced in 2025. The property is located in South Uptown, a highly walkable neighborhood just blocks from local parks, shops, restaurants, and Bde Maka Ska. The configuration is suited to the owner-occupant or investor use described for the property.
Practical improvements include new windows, freshly painted front and back porches, split electrical utilities, and individual 100-amp panels. The roof was replaced in 2025. The property is located in South Uptown, a highly walkable neighborhood just blocks from local parks, shops, restaurants, and Bde Maka Ska. The configuration is suited to the owner-occupant or investor use described for the property.
Key Highlights
- Main‑level 2‑bedroom, 1‑bath unit and upper 1‑bedroom, 1‑bath unit
- Renovated kitchens with brand‑new cabinets and appliances
- New flooring, fresh paint, updated lighting, and new windows throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,713
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$474,260
$474.3K
Cap Rate 7%
$338,757
$338.8K
Cap Rate 9%
$263,478
$263.5K
Market Conditions
NOI Build-Up for 1,623 SF
Gross rent
$36.0K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$33.9K $20.87/SF
− OpEx
−$10.2K −$6.26/SF
NOI
$23.7K $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%
$474,260
Cap Rate 7%
$338,757
Cap Rate 9%
$263,478
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.4K – $395.2K
NOI $23,713 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$311.1K
$272.3K – $363.0K
NOI $21,780 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$387.2K
$338.8K – $451.8K
NOI $27,105 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two units offer renovated kitchens, open layouts, and dedicated washer/dryer sets.
Where is this duplex located?
The property is located at 3429 Aldrich Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Main‑level 2‑bedroom, 1‑bath unit and upper 1‑bedroom, 1‑bath unit; Renovated kitchens with brand‑new cabinets and appliances; New flooring, fresh paint, updated lighting, and new windows throughout
