Fully Renovated Fourplex With Mini-Split
For Sale
$680,000
1537 E 38th Street, Minneapolis, MN 55407
MULTI_FAMILY - Minneapolis, MN
Property Size3,456 SF
Lot Size0.14 Acres
Price / SF$196.76
Days on Market163
Property Features for 1537 E 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 8, Bedroom 7, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2
Parking features
Parking Lot
Exterior features
Stucco
Subdivision
Monroe Bros Sub Of Lts Herrick Haml
Lot features
Corner Lot
High school district
Minneapolis
Directions
Take the I-35W S/MN-55 E/Hiawatha Ave ramp Use the left lane to take the MN-55 E/Hiawatha Ave exit Continue onto MN-55 E/Hiawatha Ave Turn right onto E 26th St Turn left onto Bloomington Ave Destination will be on the right
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
Baseboard, Oil
Building Details
Year built
1911
Building materials
Block, Timber/Post & Beam, Concrete, Stone
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Jacqueline Sandoval
(651) 494-4000
Added: Mar 6
Changed: Aug 15
Last Checked: Aug 16 at 1:06PM
MLS# 7032128
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.
Investment Insights
Based on property information with market context.
A fully renovated fourplex with extensive interior and exterior improvements, presented as a turn-key investment. Exterior updates include new siding, exterior paint, new upper rear windows, and a fully rebuilt upper rear balcony with new decking and flooring, plus replaced front porch flooring and professionally restored stucco. Common areas include new carpeting on the stairways.
Inside, the units have been remodeled with new kitchens, updated bathrooms, new flooring, fresh paint, and modern light fixtures. Each unit is served by efficient hot and cold mini-split systems. A key operational component includes four 75,000 BTU boilers, four high-capacity water heaters, four pressure tanks, and updated electrical with split meters designed for owner management.
The property sits on a 0.14-acre lot with off-street parking for up to 10 vehicles. In addition to the main front entry, there are two separate rear entrances for convenient resident access. Built in 1911, the building is 3,456 square feet with a shingle roof and stucco exterior. Additional income potential may be available through finishing the basement and installing coin-operated laundry machines.
Inside, the units have been remodeled with new kitchens, updated bathrooms, new flooring, fresh paint, and modern light fixtures. Each unit is served by efficient hot and cold mini-split systems. A key operational component includes four 75,000 BTU boilers, four high-capacity water heaters, four pressure tanks, and updated electrical with split meters designed for owner management.
The property sits on a 0.14-acre lot with off-street parking for up to 10 vehicles. In addition to the main front entry, there are two separate rear entrances for convenient resident access. Built in 1911, the building is 3,456 square feet with a shingle roof and stucco exterior. Additional income potential may be available through finishing the basement and installing coin-operated laundry machines.
Key Highlights
- 0.14‑acre lot with off‑street parking for up to 10 vehicles
- Extensive exterior updates: new siding, exterior paint, restored stucco, rebuilt upper rear balcony
- Unit interiors remodeled with new kitchens, updated bathrooms, fresh paint, new flooring, modern light fixtures
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
Yes
Utilities to site
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 - Recently renovated fourplex featuring new kitchens, updated baths, fresh interiors, and unit hot/cold mini-split systems.
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 $680,000.
What are key features of this property?
This property features: 0.14‑acre lot with off‑street parking for up to 10 vehicles; Extensive exterior updates: new siding, exterior paint, restored stucco, rebuilt upper rear balcony; Unit interiors remodeled with new kitchens, updated bathrooms, fresh paint, new flooring, modern light fixtures
