Renovated Quadplex with Off-Street
For Sale
$680,000
1537 E 38th St, Minneapolis, MN 55407
Updated four-unit property with remodeled interiors, refreshed exterior features, and separate resident access points.
Property Size3,456 SF
Price / SF$196.76
Days on Market37
Property Features for 1537 E 38th St
General Information
Standard status
Active
Size
3,456 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1911
Buildings
1
Listing Agency:
National Realty Guild
(612) 877-2169
Listed By:
Jacqueline Sandoval
Source:
Putyourrootsdown
Added: Jul 25
Changed: Aug 27
Last Checked: Aug 29 at 12:30PM
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 National Realty Guild
Investment Insights
Based on property information with market context.
This 3,456-square-foot quadplex, built in 1911, has undergone extensive interior and exterior renovations. Each of the four units includes remodeled kitchens and bathrooms, new flooring, fresh paint, modern light fixtures, and hot-and-cold mini-split systems. Exterior work includes new siding, paint, upper rear windows, a rebuilt upper balcony, replaced front porch flooring, and restored stucco. Stairway carpeting and multiple entry points further enhance the property’s functionality.
The building is equipped with four 75,000 BTU boilers, four high-capacity water heaters, four pressure tanks, and updated electrical with split meters. The lot provides off-street parking for up to 10 vehicles, while two separate rear entrances supplement the main front entry. The property is near parks, restaurants, shopping, public transportation, and major city routes.
The basement may offer an opportunity for additional finished space and coin-operated laundry installation, subject to applicable approvals.
The building is equipped with four 75,000 BTU boilers, four high-capacity water heaters, four pressure tanks, and updated electrical with split meters. The lot provides off-street parking for up to 10 vehicles, while two separate rear entrances supplement the main front entry. The property is near parks, restaurants, shopping, public transportation, and major city routes.
The basement may offer an opportunity for additional finished space and coin-operated laundry installation, subject to applicable approvals.
Key Highlights
- Four‑unit quadplex with 3,456 SF, built in 1911
- Remodeled kitchens, bathrooms, flooring, paint, lighting, and mini‑split systems in each unit
- Exterior upgrades include new siding, paint, upper rear windows, balcony decking, porch flooring, and restored stucco
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
$50,495
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
7.43%
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%
$1,009,900
$1.0M
Cap Rate 7%
$721,357
$721.4K
Cap Rate 9%
$561,056
$561.1K
Market Conditions
NOI Build-Up for 3,456 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
$76.7K $22.20/SF
− Vacancy
−$4.6K −$1.33/SF
EGI
$72.1K $20.87/SF
− OpEx
−$21.6K −$6.26/SF
NOI
$50.5K $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%
$1,009,900
Cap Rate 7%
$721,357
Cap Rate 9%
$561,056
Alternative Uses
Best Use
Multifamily LT 5
$721.4K
$631.2K – $841.6K
NOI $50,495 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$662.6K
$579.7K – $773.0K
NOI $46,379 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$824.5K
$721.5K – $962.0K
NOI $57,717 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
846
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated four-unit property with remodeled interiors, refreshed exterior features, and separate resident access points.
Where is this quadplex located?
The property is located at 1537 E 38th St Minneapolis, MN.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,456 SF, built in 1911; Remodeled kitchens, bathrooms, flooring, paint, lighting, and mini‑split systems in each unit; Exterior upgrades include new siding, paint, upper rear windows, balcony decking, porch flooring, and restored stucco
