16-Unit Brick Apartment
1501 Marshall Street NE, Minneapolis, MN 55413
For Sale
$1,625,000
Three-story configuration with a mix of efficiency and one-bedroom residences.
Property Size9,792 SF
Price / SF$165.95
Days on Market34
Property Features for 1501 Marshall Street NE
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
air conditioning
hot water boiler system
electric oven ranges
Building Details
Year Built
Stories
Construction
Listing Agency:
Edina Realty, Inc.
Listed By:
James L Cohen
(612) 590-1718
Source:
Thinkhl
Added: Oct 8
Changed: Nov 7
Last Checked: Nov 9 at 7:29PM
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 Edina Realty, Inc.
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Investment Insights
Based on property information with market context.
The 1964 brick apartment building rises three stories and contains 16 residences: four efficiencies and 12 one-bedroom units. Each apartment has an electric range and a wall-mounted air-conditioning unit. Heat is supplied by a hot water boiler system. The property includes 13 on-site parking spaces, and the lot measures 74 feet by 167 feet.
The building is near the Mississippi River, restaurants, and shopping.
The building is near the Mississippi River, restaurants, and shopping.
Key Highlights
- 16 units: 4 efficiencies and 12 one‑bedroom apartments
- Three‑story brick building constructed in 1964
- 9,792 square feet on a 74‑foot by 167‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$131,406
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,628,120
$2.6M
Cap Rate 7%
$1,877,229
$1.9M
Cap Rate 9%
$1,460,067
$1.5M
Market Conditions
NOI Build-Up for 9,792 SF
Gross rent
$255.0K $26.04/SF
− Vacancy
−$16.1K −$1.64/SF
EGI
$238.9K $24.40/SF
− OpEx
−$107.5K −$10.98/SF
NOI
$131.4K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,628,120
Cap Rate 7%
$1,877,229
Cap Rate 9%
$1,460,067
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.64M – $2.19M
NOI $131,406 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.04M – $2.73M
NOI $163,532 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,111
Businesses Nearby
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Business Placement
Demographics for 55413, MN
13,914
Population
8,080
Households
1.7
Avg Household Size
34
Median Age
58%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
4,488
Density / Sq Mi
$84,252
Median Household Income
$57,091
Median Earnings
$1,497
Median Rent
$354,200
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Minneapolis, MN
Properties on Market for Apartment buildings in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story configuration with a mix of efficiency and one-bedroom residences.
Where is this apartment building located?
The property is located at 1501 Marshall Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: 16 units: 4 efficiencies and 12 one‑bedroom apartments; Three‑story brick building constructed in 1964; 9,792 square feet on a 74‑foot by 167‑foot lot
