Updated Quadplex with
For Sale
$549,999
1508 E 26th St, Minneapolis, MN 55404
Four-unit residential property with off-street parking, a recent water-heater replacement, and full occupancy.
Property Size3,124 SF
Price / SF$176.06
Days on Market30
Property Features for 1508 E 26th St
General Information
Standard status
Active
Size
3,124 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$69,600
Multifamily Units
4
Amenities
private off-street parking lot
Building Details
Year Built
1913
Listing Agency:
Bridge Realty, LLC
(952) 368-0021
Listed By:
Benjamin Jacobs
Source:
Vibemn
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 30 at 6:54PM
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 Bridge Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 3,124 square feet and was built in 1913. Recent work includes installation of a new water heater, while a private off-street parking lot serves the building. The property has remained 100% occupied over the past year and is currently fully leased.
Located at 1508 E 26th St in Minneapolis, Minnesota, the quadplex offers an established rental configuration with on-site tenant parking and a documented occupancy history.
Located at 1508 E 26th St in Minneapolis, Minnesota, the quadplex offers an established rental configuration with on-site tenant parking and a documented occupancy history.
Key Highlights
- Four‑unit residential income property
- 3,124 square feet; built in 1913
- 100% occupancy over the past year
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,644
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$912,880
$912.9K
Cap Rate 7%
$652,057
$652.1K
Cap Rate 9%
$507,156
$507.2K
Market Conditions
NOI Build-Up for 3,124 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$69.4K $22.20/SF
− Vacancy
−$4.1K −$1.33/SF
EGI
$65.2K $20.87/SF
− OpEx
−$19.6K −$6.26/SF
NOI
$45.6K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$912,880
Cap Rate 7%
$652,057
Cap Rate 9%
$507,156
Alternative Uses
Best Use
Multifamily LT 5
$652.1K
$570.6K – $760.7K
NOI $45,644 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$598.9K
$524.0K – $698.7K
NOI $41,923 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$745.3K
$652.2K – $869.5K
NOI $52,172 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,403
Businesses Nearby
Explore this area
Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with off-street parking, a recent water-heater replacement, and full occupancy.
Where is this quadplex located?
The property is located at 1508 E 26th St Minneapolis, MN.
What is the asking price?
The asking price for this property is $549,999.
What are key features of this property?
This property features: Four‑unit residential income property; 3,124 square feet; built in 1913; 100% occupancy over the past year
