Turnkey Fourplex Investment
1609 4th Street NE, Minneapolis, MN 55413
MULTI_FAMILY - Minneapolis, MN
Property size:
3,577 SFLot size:
0.12 AcresPrice / SF:
$209/SF- Added:
- Jan 13, 2026
- Days on Market:
- 168
- Last Refresh:
- Jun 30 at 12:06 pm
Property Features for 1609 4th Street NE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 9
- Bathrooms
- 5
- Rooms
- Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 8, Basement, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 9, Bathroom 5, Bedroom 7, Bedroom 6, Bathroom 4, Bathroom 1
- Parking features
- Assigned
- Exterior features
- Brick/Stone
- Fencing
- Chain Link
- Standard status
- Active
- APN
- 1402924210125
- Size
- 3,577 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8676
Utilities
- Heating system
- Oil, Other (Heating)
Building Details
- Year built
- 1900
- Building materials
- Brick
Listing agent Christopher D Long (952) 829-2900
Listing office RE/MAX Results 7373 Kirkwood Court N #300, Eden Prairie, MN (763) 235-7000
Listing date Jan 13, 2026
MLS# 7005352
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
- Turnkey fourplex in northeast Minneapolis with $85,320 annual rental income.
- Brick building built in 1900 featuring original natural wood flooring and updated vinyl windows.
- Unit mix: one 2BD/1BA and one 1BD/1BA on main level; one 2BD/1BA and one renovated 4BD/2BA with in‑unit laundry upstairs.
- Baseboard radiator heat; oil/other heating and tenants use their own window A/C units in summer.
- 4 off‑street parking spaces with assigned parking; chain link fencing.
- Owner‑paid utilities: gas, water, sewer, and trash; tenants pay electricity; boiler is about 3 years old and electrical system updated.
Overview
This turnkey fourplex features a charming brick exterior and a unit mix across two levels. The main level includes one 2-bed/1-bath unit and one 1-bed/1-bath unit, while the upper level offers one additional 2-bed/1-bath unit and a renovated 4-bed/2-bath unit with in-unit laundry. Original natural wood flooring is present, along with updated vinyl windows. Each unit has private outdoor seating, and the property also includes coin-operated laundry plus dedicated storage lockers in the shared basement. Heat is provided by baseboard radiators, and tenants handle cooling with their own window A/C units. An updated electrical system and a boiler reportedly about three years old support the building’s readiness.
Located in northeast Minneapolis within the Sheridan neighborhood, the property is described as being near local dining and entertainment options. The building also provides four off-street parking spaces and is supported by utility arrangements where tenants pay electricity while the owner covers gas, water, sewer, and trash.
For buyers seeking a residential income property, this fourplex offers flexible tenant-ready layouts, including a larger 4-bedroom unit, as well as shared and in-unit laundry options depending on the unit. With four off-street spaces, updated windows, and an updated electrical system, it is positioned as a practical, lower-maintenance option for an owner-operator or investor looking for a turnkey multi-family purchase.
Located in northeast Minneapolis within the Sheridan neighborhood, the property is described as being near local dining and entertainment options. The building also provides four off-street parking spaces and is supported by utility arrangements where tenants pay electricity while the owner covers gas, water, sewer, and trash.
For buyers seeking a residential income property, this fourplex offers flexible tenant-ready layouts, including a larger 4-bedroom unit, as well as shared and in-unit laundry options depending on the unit. With four off-street spaces, updated windows, and an updated electrical system, it is positioned as a practical, lower-maintenance option for an owner-operator or investor looking for a turnkey multi-family purchase.
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 | $79.4k | $22.20 |
| − Vacancy | −$4.7k | −$1.33 |
| EGI | $74.7k | $20.87 |
| − OpEx | −$22.4k | −$6.26 |
| NOI | $52.3k | $14.61 |
3,577 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$746.6K
$653.3K – $871.1K
NOI $52,263 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$685.7K
$600.0K – $800.0K
NOI $48,002 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$853.4K
$746.7K – $995.6K
NOI $59,738 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Minneapolis AB-n-B
Hotel & Motel
Location Insight
- Map
- Local Demand
- City
- Minneapolis
- County
- Anoka
- State
- Minnesota
- Longitude
- -93.2612
- Latitude
- 45.004525
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Well-maintained four-unit brick building with multiple bedroom configurations and private outdoor seating for each unit.
Where is this quadplex located?
The property is located at 1609 4th Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Turnkey fourplex in northeast Minneapolis with $85,320 annual rental income.; Brick building built in 1900 featuring original natural wood flooring and updated vinyl windows.; Unit mix: one 2BD/1BA and one 1BD/1BA on main level; one 2BD/1BA and one renovated 4BD/2BA with in‑unit laundry upstairs.
