Modern 5-Bedroom
For Sale
$1,149,000
2109 Aldrich Ave S, Minneapolis, MN 55405
Three residences feature private entries, individual systems, in-unit laundry, and open living areas with contemporary kitchen finishes.
Property Size5,525 SF
Price / SF$207.96
Days on Market11
Property Features for 2109 Aldrich Ave S
General Information
Standard status
Active
Size
5,525 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 5BR/4BA
Multifamily Units
3
Amenities
in-unit laundry
private entrance
Building Details
Year Built
2020
Listing Agency:
Coldwell Banker Realty - Lakes
(612) 280-8889
Listed By:
Laurie M Allen
Source:
Chrisfritchteam
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 8:09PM
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 Coldwell Banker Realty - Lakes
Investment Insights
Based on property information with market context.
Completed in 2020, this 5,525-square-foot triplex contains three multi-level residences. Each unit provides five bedrooms, four bathrooms, a private entrance, and separate mechanical systems. The interiors use open living and dining layouts with substantial natural light, while the kitchens include granite countertops, stainless steel appliances, and generous cabinetry.
Every residence also includes in-unit laundry. The property is located at 2109 Aldrich Ave S in Minneapolis, Minnesota, providing a consolidated multifamily configuration with three separately entered homes and substantial bedroom and bathroom counts across the building.
Every residence also includes in-unit laundry. The property is located at 2109 Aldrich Ave S in Minneapolis, Minnesota, providing a consolidated multifamily configuration with three separately entered homes and substantial bedroom and bathroom counts across the building.
Key Highlights
- 5,525‑square‑foot triplex completed in 2020
- Three multi‑level units, each with 5 bedrooms and 4 bathrooms
- Private entrances serve all three residences
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
$80,724
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
7.03%
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%
$1,614,480
$1.6M
Cap Rate 7%
$1,153,200
$1.2M
Cap Rate 9%
$896,933
$896.9K
Market Conditions
NOI Build-Up for 5,525 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
$122.7K $22.20/SF
− Vacancy
−$7.3K −$1.33/SF
EGI
$115.3K $20.87/SF
− OpEx
−$34.6K −$6.26/SF
NOI
$80.7K $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%
$1,614,480
Cap Rate 7%
$1,153,200
Cap Rate 9%
$896,933
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.35M
NOI $80,724 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$1.06M
$926.8K – $1.24M
NOI $74,144 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,271 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 55405, MN
15,497
Population
8,724
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,535
Density / Sq Mi
$70,425
Median Household Income
$47,271
Median Earnings
$1,188
Median Rent
$450,200
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?
Triplex - Three residences feature private entries, individual systems, in-unit laundry, and open living areas with contemporary kitchen finishes.
Where is this triplex located?
The property is located at 2109 Aldrich Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 5,525‑square‑foot triplex completed in 2020; Three multi‑level units, each with 5 bedrooms and 4 bathrooms; Private entrances serve all three residences
