Updated Triplex with Historic
For Sale
$475,000
505 8th Ave SE, Minneapolis, MN 55414
Three-unit property with separate utilities, porches, attic storage, and a mix of central and window air conditioning.
Property Size1,964 SF
Price / SF$241.85
Days on Market53
Property Features for 505 8th Ave SE
General Information
Standard status
Active
Size
1,964 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
hardwood floors
natural woodwork
high ceilings
front and back porches
walk-up attic
central air conditioning
Building Details
Year Built
1900
Listing Agency:
RE/MAX Results
Listed By:
Thomas J Buratti
(612) 790-5745
Source:
Bethanynelsongroup
Added: Aug 15
Changed: Oct 4
Last Checked: Oct 5 at 11:58PM
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 1,964-square-foot triplex offers three separate residential units with a combination of preserved character and practical system updates. Improvements include three newer forced-air furnaces, individually separated electrical service and meters, updated windows, and three newer water heaters. The building also features hardwood flooring, natural wood trim, tall ceilings, front and rear porches, and a walk-up attic providing additional storage. One unit has central air conditioning, while the other two use window units.
Located in Minneapolis’ Marcy-Holmes neighborhood, the property is near the University of Minnesota and downtown Minneapolis. Separate heat and electric meters allow tenants to pay their own heating and electricity costs. The property has been maintained and updated by a long-term owner-occupant.
Located in Minneapolis’ Marcy-Holmes neighborhood, the property is near the University of Minnesota and downtown Minneapolis. Separate heat and electric meters allow tenants to pay their own heating and electricity costs. The property has been maintained and updated by a long-term owner-occupant.
Key Highlights
- 1,964‑square‑foot triplex with three residential units
- Three newer forced‑air furnaces and three newer water heaters
- Separate electrical service and meters for the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,695
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$573,900
$573.9K
Cap Rate 7%
$409,929
$409.9K
Cap Rate 9%
$318,833
$318.8K
Market Conditions
NOI Build-Up for 1,964 SF
Gross rent
$43.6K $22.20/SF
− Vacancy
−$2.6K −$1.33/SF
EGI
$41.0K $20.87/SF
− OpEx
−$12.3K −$6.26/SF
NOI
$28.7K $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%
$573,900
Cap Rate 7%
$409,929
Cap Rate 9%
$318,833
Alternative Uses
Best Use
Multifamily LT 5
$409.9K
$358.7K – $478.3K
NOI $28,695 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$376.5K
$329.5K – $439.3K
NOI $26,356 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$468.6K
$410.0K – $546.7K
NOI $32,800 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,479
Businesses Nearby
Explore this area
Business Placement
Demographics for 55414, MN
36,600
Population
15,541
Households
2.4
Avg Household Size
26
Median Age
68%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
11,806
Density / Sq Mi
$47,004
Median Household Income
$18,386
Median Earnings
$1,368
Median Rent
$454,200
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?
Triplex - Three-unit property with separate utilities, porches, attic storage, and a mix of central and window air conditioning.
Where is this triplex located?
The property is located at 505 8th Ave SE Minneapolis, MN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,964‑square‑foot triplex with three residential units; Three newer forced‑air furnaces and three newer water heaters; Separate electrical service and meters for the units
