Brick 4-Unit Apartment
2121 Penn Avenue S, Minneapolis, MN 55405
For Sale
$1,229,000
Residents pay their own heat and electricity, with separate electrical panels serving the apartments.
Property Size5,320 SF
Price / SF$231.02
Days on Market183
Property Features for 2121 Penn Avenue S
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Construction
Listing Agency:
Coldwell Banker Realty - Lakes
Listed By:
Christopher J Carrow
(612) 802-5592
Source:
Harkerwoods
Added: May 11
Changed: Nov 8
Last Checked: Nov 8 at 6:29PM
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
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Investment Insights
Based on property information with market context.
Built in 1915, this 5,320-square-foot brick apartment property contains four units. Interior details include oak woodwork and hardwood flooring; three apartments retain built-in buffets and bookcase room dividers. In Unit 1, the sunroom and living room have been combined. Kitchens have been modernized while retaining a style suited to the building’s period character.
Mechanical and building updates include four boilers installed in 2017, individual hot water heaters, updated electrical panels, a Duro-Last roof replaced in 2020, and a sewer line relined in 2025. Residents pay separately for heat and electricity. The property is about half a block from Lake of the Isles.
Mechanical and building updates include four boilers installed in 2017, individual hot water heaters, updated electrical panels, a Duro-Last roof replaced in 2020, and a sewer line relined in 2025. Residents pay separately for heat and electricity. The property is about half a block from Lake of the Isles.
Key Highlights
- Four‑unit brick apartment property with 5,320 square feet, built in 1915
- About half a block from Lake of the Isles
- Four boilers installed in 2017; each unit has an individual hot water heater
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,729
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,554,580
$1.6M
Cap Rate 7%
$1,110,414
$1.1M
Cap Rate 9%
$863,656
$863.7K
Market Conditions
NOI Build-Up for 5,320 SF
Gross rent
$118.1K $22.20/SF
− Vacancy
−$7.1K −$1.33/SF
EGI
$111.0K $20.87/SF
− OpEx
−$33.3K −$6.26/SF
NOI
$77.7K $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 Rate 5%
$1,554,580
Cap Rate 7%
$1,110,414
Cap Rate 9%
$863,656
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$971.6K – $1.30M
NOI $77,729 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$1.02M
$892.4K – $1.19M
NOI $71,393 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,847 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
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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
$450,200
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Minneapolis, MN
Properties on Market for Quadplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Residents pay their own heat and electricity, with separate electrical panels serving the apartments.
Where is this quadplex located?
The property is located at 2121 Penn Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,229,000.
What are key features of this property?
This property features: Four‑unit brick apartment property with 5,320 square feet, built in 1915; About half a block from Lake of the Isles; Four boilers installed in 2017; each unit has an individual hot water heater
