3-Unit Apartment
For Sale
$615,400
2223 Pleasant Ave, Minneapolis, MN 55404
Two- and three-bedroom layouts include storage, updated cabinetry, and shared covered outdoor areas.
Property Size4,014 SF
Price / SF$153.31
Days on Market45
Property Features for 2223 Pleasant Ave
General Information
Standard status
Active
Size
4,014 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR, 1 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,644
Amenities
covered communal porches and balconies
Building Details
Buildings
1
Listing Agency:
Metro Group Real Estate
(612) 239-6390
Listed By:
Jerry Lindeen
(612) 239-6390
Source:
Exprealty
Added: Jun 29
Changed: Aug 11
Last Checked: Aug 11 at 10:37AM
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
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 = 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
$53,867
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
8.75%
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%
$1,077,340
$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
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
$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 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%
$1,077,340
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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,745
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
