Fully Renovated Fourplex
1537 E 38th Street, Minneapolis, MN 55407
MULTI_FAMILY - Minneapolis, MN
Property size:
3,456 SFLot size:
0.14 AcresPrice / SF:
$209/SF- Added:
- Mar 6, 2026
- Days on Market:
- 117
- Last Refresh:
- Jul 1 at 7:06 am
Property Features for 1537 E 38th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bedroom 3, Bedroom 8, Bathroom 3, Bedroom 1, Bedroom 5, Basement, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 7, Bedroom 6, Bathroom 4, Bedroom 4
- Parking features
- Parking Lot
- Exterior features
- Stucco
- Standard status
- Active
- APN
- 1102824110068
- Size
- 3,456 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 7037
Utilities
- Heating system
- Oil, Baseboard
Building Details
- Year built
- 1911
- Building materials
- Block, Timber/Post & Beam, Concrete, Stone
- Roof type
- Shingle
Listing agent Jacqueline Sandoval (651) 494-4000
Listing office National Realty Guild 5200 Willson Road, Suite 150, Minneapolis, MN (651) 330-8001
Listing date Mar 6, 2026
MLS# 7032128
Listing URL
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Fully renovated fourplex with interior remodels including new kitchens, updated bathrooms, new flooring, and fresh paint.
- Updated systems include efficient hot/cold mini‑split systems, plus four 75,000 BTU boilers, four high‑capacity water heaters, and pressure tanks.
- Exterior improvements include new siding and exterior paint, restored stucco, rebuilt upper rear balcony with new decking and flooring, and replaced front porch flooring.
- Parking for up to 10 vehicles with off‑street parking, plus two separate rear entrances in addition to the main front entry.
- Built in 1911 with block and concrete construction, timber/post‑and‑beam elements, and a shingle roof.
- Basement included; possibility mentioned for finishing the basement and adding coin‑operated laundry to create additional income.
Overview
This fully renovated fourplex offers a turn-key residential income setup with extensive interior and exterior improvements. Exterior work includes new siding, exterior paint, and new upper rear windows. The upper rear balcony has been rebuilt with new decking and flooring, and the front porch flooring has been replaced with professionally restored stucco. Common areas have been updated with new carpeting on the stairways.
The property sits on a lot with off-street parking for up to 10 vehicles. It also includes two separate rear entrances in addition to the main front entry, supporting convenient resident access. The building’s systems are set up with four 75,000 BTU boilers, four high-capacity water heaters, and four pressure tanks, along with updated electrical that uses split meters for owner management.
Each unit has been remodeled with new kitchens, updated bathrooms, new flooring, fresh paint, modern light fixtures, and efficient hot and cold mini-split systems. The building’s layout provides spacious living spaces across four separate units. For buyers evaluating additional options, the property mentions the possibility of finishing the basement and adding coin-operated laundry machines to create another revenue stream.
The property sits on a lot with off-street parking for up to 10 vehicles. It also includes two separate rear entrances in addition to the main front entry, supporting convenient resident access. The building’s systems are set up with four 75,000 BTU boilers, four high-capacity water heaters, and four pressure tanks, along with updated electrical that uses split meters for owner management.
Each unit has been remodeled with new kitchens, updated bathrooms, new flooring, fresh paint, modern light fixtures, and efficient hot and cold mini-split systems. The building’s layout provides spacious living spaces across four separate units. For buyers evaluating additional options, the property mentions the possibility of finishing the basement and adding coin-operated laundry machines to create another revenue stream.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $76.7k | $22.20 |
| − Vacancy | −$4.6k | −$1.33 |
| EGI | $72.1k | $20.87 |
| − OpEx | −$21.6k | −$6.26 |
| NOI | $50.5k | $14.61 |
3,456 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$721.4K
$631.2K – $841.6K
NOI $50,495 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$662.6K
$579.7K – $773.0K
NOI $46,379 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$824.5K
$721.5K – $962.0K
NOI $57,717 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Minneapolis
- County
- Anoka
- State
- Minnesota
- Longitude
- -93.251635
- Latitude
- 44.933846
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Turn-key four-unit building with extensive interior and exterior renovations and off-street parking for up to 10 vehicles.
Where is this quadplex located?
The property is located at 1537 E 38th Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Fully renovated fourplex with interior remodels including new kitchens, updated bathrooms, new flooring, and fresh paint.; Updated systems include efficient hot/cold mini‑split systems, plus four 75,000 BTU boilers, four high‑capacity water heaters, and pressure tanks.; Exterior improvements include new siding and exterior paint, restored stucco, rebuilt upper rear balcony with new decking and flooring, and replaced front porch flooring.
