Lake-View Side-by-Side
New
For Sale
$415,000
1715 37th Avenue NE, Columbia Heights, MN 55421
MULTI_FAMILY - Columbia Heights, MN
Property Size3,190 SF
Lot Size0.16 Acres
Price / SF$130.09
Days on Market4
Property Features for 1715 37th Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 4, Basement, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1
Parking features
Garage - Detached, Open, Driveway
Exterior features
Brick/Stone, Vinyl
Subdivision
Aud Sub Waltons Sunny Ac 3rd
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Columbia Heights
Directions
Silver Lake Road to 37th Avenue, West to property
Standard status
Active
APN
363024430030
Size
3,190 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6615
Utilities
Heating system
Forced Air
Amenities
hardwood floors
washer and dryer
egress windows
lake views
Building Details
Year built
1963
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka · Keller Williams Realty
(952) 475-0111
Listed By:
Jalana Moe
(952) 475-0111
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 11:06AM
MLS# 7060097
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.
This side-by-side duplex contains two nearly matching two-story residences, each with two bedrooms on the upper level and two bathrooms. Hardwood flooring runs through the main and upper floors, while individual washers and dryers serve each unit. Basement egress windows create additional flexibility, including the potential for a third bedroom or adaptable living area on either side. The property measures 3,190 square feet on a 0.164-acre lot and was built in 1963. Exterior materials include brick/stone and vinyl, with forced-air heating.
The home is located at 1715 37th Avenue NE in Columbia Heights, near Hart Lake and the boundary with Northeast Minneapolis. Nearby context includes parks, trails, shopping, restaurants, breweries, coffee shops, and major commuter routes. Parking consists of open parking, a detached garage, and a driveway.
The home is located at 1715 37th Avenue NE in Columbia Heights, near Hart Lake and the boundary with Northeast Minneapolis. Nearby context includes parks, trails, shopping, restaurants, breweries, coffee shops, and major commuter routes. Parking consists of open parking, a detached garage, and a driveway.
Key Highlights
- 3,190‑square‑foot side‑by‑side duplex on a 0.164‑acre lot
- Two nearly identical two‑story units, each with 2 bedrooms and 2 bathrooms
- Hart Lake views near the Columbia Heights and Northeast Minneapolis border
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
$36,407
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
8.77%
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%
$728,140
$728.1K
Cap Rate 7%
$520,100
$520.1K
Cap Rate 9%
$404,522
$404.5K
Market Conditions
NOI Build-Up for 3,190 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
$71.2K $22.32/SF
− Vacancy
−$5.0K −$1.57/SF
EGI
$66.2K $20.75/SF
− OpEx
−$29.8K −$9.34/SF
NOI
$36.4K $11.41/SF
Area
Anoka County, MN
Vacancy
7.03%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
45.00%
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%
$728,140
Cap Rate 7%
$520,100
Cap Rate 9%
$404,522
Alternative Uses
Best Use
Multifamily LT 5
$564.4K
$493.9K – $658.5K
NOI $39,510 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$520.1K
$455.1K – $606.8K
NOI $36,407 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$886.1K
$775.3K – $1.03M
NOI $62,026 @ 7.0% cap · market cap 14.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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?
Duplex - Two similar two-story residences offer separate laundry, hardwood flooring, and flexible basement space.
Where is this duplex located?
The property is located at 1715 37th Avenue NE Columbia Heights, MN.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 3,190‑square‑foot side‑by‑side duplex on a 0.164‑acre lot; Two nearly identical two‑story units, each with 2 bedrooms and 2 bathrooms; Hart Lake views near the Columbia Heights and Northeast Minneapolis border
