Duplex with Detached Music
For Sale
$390,000
3132 Columbus Ave, Minneapolis, MN 55407
Updated duplex with two private laundry areas, finished attic space, and a separate climate-controlled creative studio.
Property Size2,385 SF
Price / SF$163.52
Days on Market16
Property Features for 3132 Columbus Ave
General Information
Standard status
Active
Size
2,385 SF
Property subtype
Multi-Family
Building Details
Year Built
1891
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Heather Mylin · License #40677468
(612) 867-7541
Source:
Brickandbanister
Added: Sep 21
Changed: Sep 26
Last Checked: Oct 5 at 7:51PM
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 Keller Williams Realty Integrity Lakes
Investment Insights
Based on property information with market context.
This 2,385-square-foot duplex combines preserved architectural detailing with practical updates. The two units include dedicated laundry areas, while original woodwork, pocket doors, and built-in cabinetry add character. A finished third-floor attic provides additional flexible space, and composite porches extend the usable area outdoors. New windows were installed in 2017, followed by a new roof and siding in 2023.
A detached carriage house has been converted into a soundproofed music studio with heating, air conditioning, storage, and a preserved loft. The grounds include a pollinator garden and front and rear porches with custom-wrapped pillars. The property is located at 3132 Columbus Ave in Minneapolis, within walking distance of neighborhood cafes, local shops, and public transit.
A detached carriage house has been converted into a soundproofed music studio with heating, air conditioning, storage, and a preserved loft. The grounds include a pollinator garden and front and rear porches with custom-wrapped pillars. The property is located at 3132 Columbus Ave in Minneapolis, within walking distance of neighborhood cafes, local shops, and public transit.
Key Highlights
- 2,385‑square‑foot duplex with two residential units
- Detached carriage house converted to a soundproofed, heated, air‑conditioned music studio
- Finished third‑floor attic with additional flexible space and preserved loft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,847
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,940
$696.9K
Cap Rate 7%
$497,814
$497.8K
Cap Rate 9%
$387,189
$387.2K
Market Conditions
NOI Build-Up for 2,385 SF
Gross rent
$52.9K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$49.8K $20.87/SF
− OpEx
−$14.9K −$6.26/SF
NOI
$34.8K $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%
$696,940
Cap Rate 7%
$497,814
Cap Rate 9%
$387,189
Alternative Uses
Best Use
Multifamily LT 5
$497.8K
$435.6K – $580.8K
NOI $34,847 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$457.2K
$400.1K – $533.4K
NOI $32,006 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$569.0K
$497.9K – $663.9K
NOI $39,831 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,681
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with two private laundry areas, finished attic space, and a separate climate-controlled creative studio.
Where is this duplex located?
The property is located at 3132 Columbus Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,385‑square‑foot duplex with two residential units; Detached carriage house converted to a soundproofed, heated, air‑conditioned music studio; Finished third‑floor attic with additional flexible space and preserved loft
