Renovated Mediterranean
For Sale
$795,000
3524 Lyndale Ave S, Minneapolis, MN 55408
Two spacious units combine historic detailing, updated systems, private laundry, and shared outdoor areas in a classic residential-income property.
Property Size2,800 SF
Price / SF$283.93
Days on Market58
Property Features for 3524 Lyndale Ave S
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
need to be cleaned & inspected
Units
Unit Mix
2 x 2BR + den
Multifamily Units
2
Amenities
shared outdoor spaces
in-unit washer & dryer
wood-burning fireplaces
stainless steel appliances
Building Details
Year Built
1924
Construction
Mediterranean
Listing Agency:
Housing Hub LLC
Listed By:
Andrew Knutson
(202) 615-8100
Source:
Homesearchlive
Added: Aug 12
Changed: Oct 7
Last Checked: Oct 7 at 4:44PM
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 Housing Hub LLC
Investment Insights
Based on property information with market context.
Built in 1924, this Mediterranean-style duplex offers 2,800 square feet across two spacious units. Each residence includes two bedrooms and a southwest-facing den, along with living and dining areas, substantial closet storage, refinished hardwood flooring, oak trim, layered crown molding, and wood-burning fireplaces that require cleaning and inspection. Restored chandeliers and updated hardware retain the property's period character, while stainless steel appliances, new boilers, water heaters, and LG steam washer and dryer sets add modern utility.
The property includes a three-car garage, one additional driveway parking space, shared outdoor areas, and access to the surrounding Lyn-Lake and Uptown districts. Lake Harriet and Bde Maka Ska are also nearby. Both units benefit from practical floor plans and abundant natural light.
The property includes a three-car garage, one additional driveway parking space, shared outdoor areas, and access to the surrounding Lyn-Lake and Uptown districts. Lake Harriet and Bde Maka Ska are also nearby. Both units benefit from practical floor plans and abundant natural light.
Key Highlights
- Two‑unit duplex with 2,800 SF of total property size
- Each unit includes 2 bedrooms and a southwest‑facing den
- Three‑car garage plus one additional driveway parking space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,910
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$818,200
$818.2K
Cap Rate 7%
$584,429
$584.4K
Cap Rate 9%
$454,556
$454.6K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$62.2K $22.20/SF
− Vacancy
−$3.7K −$1.33/SF
EGI
$58.4K $20.87/SF
− OpEx
−$17.5K −$6.26/SF
NOI
$40.9K $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%
$818,200
Cap Rate 7%
$584,429
Cap Rate 9%
$454,556
Alternative Uses
Best Use
Multifamily LT 5
$584.4K
$511.4K – $681.8K
NOI $40,910 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$536.8K
$469.7K – $626.3K
NOI $37,575 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$668.0K
$584.5K – $779.4K
NOI $46,762 @ 7.0% cap · market cap 5.88%
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
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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 spacious units combine historic detailing, updated systems, private laundry, and shared outdoor areas in a classic residential-income property.
Where is this duplex located?
The property is located at 3524 Lyndale Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,800 SF of total property size; Each unit includes 2 bedrooms and a southwest‑facing den; Three‑car garage plus one additional driveway parking space
