3-Unit Apartment
2223 Pleasant Ave, Minneapolis, MN 55404
For Sale
$615,400
Two- and three-bedroom layouts include storage, updated cabinetry, and shared covered outdoor areas.
Property Size4,014 SF
Price / SF$153.31
Days on Market98
Property Features for 2223 Pleasant Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Public Transit
Units
Unit Mix
Multifamily Units
Amenities
covered communal porches and balconies
Building Details
Year Built
Buildings
Listing Agency:
Metro Group Real Estate
Listed By:
Jerry Lindeen
(612) 239-6390
Source:
Thehomeadvantagegroup
Added: Aug 7
Changed: Oct 26
Last Checked: Nov 10 at 2:45PM
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 Metro Group Real Estate
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Investment Insights
Based on property information with market context.
This 4,014-square-foot triplex contains two 3-bedroom apartments and one 2-bedroom apartment. Interior layouts include substantial living and dining areas, ample closet storage, front and rear entrances, and covered communal porches and balconies. Depending on the unit, features include ceiling fans, hardwood flooring, refreshed kitchen cabinetry, pantry space, dishwashers, and fireplaces.
Building improvements include newer roofs, modern boilers, newer hot water heaters, and updated electrical service. The property is near Minneapolis’s Wedge and Whittier neighborhoods and is served by a nearby bus line.
Building improvements include newer roofs, modern boilers, newer hot water heaters, and updated electrical service. The property is near Minneapolis’s Wedge and Whittier neighborhoods and is served by a nearby bus line.
Key Highlights
- 3‑unit building with two 3‑bedroom apartments and one 2‑bedroom apartment
- 4,014 SF of residential space
- Newer roofs, modern boilers, newer hot water heaters, and updated electric
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,867
Cap Rate
8.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,077,340
$1.1M
Cap Rate 7%
$769,529
$769.5K
Cap Rate 9%
$598,522
$598.5K
Market Conditions
NOI Build-Up for 4,014 SF
Gross rent
$104.5K $26.04/SF
− Vacancy
−$6.6K −$1.64/SF
EGI
$97.9K $24.40/SF
− OpEx
−$44.1K −$10.98/SF
NOI
$53.9K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,077,340
Cap Rate 7%
$769,529
Cap Rate 9%
$598,522
Alternative Uses
Best Use
Multifamily LT 5
$837.8K
$733.1K – $977.5K
NOI $58,647 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$769.5K
$673.3K – $897.8K
NOI $53,867 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$957.7K
$838.0K – $1.12M
NOI $67,036 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,745
Businesses Nearby
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Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Minneapolis, MN
Properties on Market for Triplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Two- and three-bedroom layouts include storage, updated cabinetry, and shared covered outdoor areas.
Where is this triplex located?
The property is located at 2223 Pleasant Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $615,400.
What are key features of this property?
This property features: 3‑unit building with two 3‑bedroom apartments and one 2‑bedroom apartment; 4,014 SF of residential space; Newer roofs, modern boilers, newer hot water heaters, and updated electric
