Renovated Triplex with Fenced
New
For Sale
$396,000
2317 Garfield Ave, Minneapolis, MN 55405
Three residential units feature updated interiors, separate electrical meters, and shared outdoor space.
Property Size2,598 SF
Price / SF$152.42
Days on Market4
Property Features for 2317 Garfield Ave
General Information
Standard status
Active
Size
2,598 SF
Total Parking Spaces
4
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
Need to Add Walls and a Door
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,801
Amenities
fenced backyard
raised garden beds
fire pit
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Martin Turner
(612) 695-0167
Source:
Exprealty
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 2:18PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This triplex contains three residential units with a combined 5+ bedrooms and 3 bathrooms. Kitchens, bathrooms, interior paint, and flooring were updated in 2022; electrical work that year added three separate meters. Plumbing to the kitchens and bathrooms was also updated in 2022. The roof and gutters date to 2021, the hot water heater was updated in 2015, and the boiler was installed in 2006 and has been regularly serviced. The third-floor unit’s kitchen remains to be finished, and flooring there needs updating.
The property includes a fully fenced private backyard with raised garden beds and a fire pit, along with four off-street parking spaces. It is less than two blocks from a bus line, SK Coffee, Learning Tower of Pizza, and Wedge Coop, and five blocks from Eat Street restaurants.
The property includes a fully fenced private backyard with raised garden beds and a fire pit, along with four off-street parking spaces. It is less than two blocks from a bus line, SK Coffee, Learning Tower of Pizza, and Wedge Coop, and five blocks from Eat Street restaurants.
Key Highlights
- Three‑unit property with 5+ bedrooms and 3 bathrooms
- 2022 updates include kitchens, bathrooms, painting, refinished floors, electrical, and plumbing
- Electrical work in 2022 added 3 separate meters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,864
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$697,280
$697.3K
Cap Rate 7%
$498,057
$498.1K
Cap Rate 9%
$387,378
$387.4K
Market Conditions
NOI Build-Up for 2,598 SF
Gross rent
$67.7K $26.04/SF
− Vacancy
−$4.3K −$1.64/SF
EGI
$63.4K $24.40/SF
− OpEx
−$28.5K −$10.98/SF
NOI
$34.9K $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%
$697,280
Cap Rate 7%
$498,057
Cap Rate 9%
$387,378
Alternative Uses
Best Use
Multifamily LT 5
$542.3K
$474.5K – $632.7K
NOI $37,959 @ 7.0% cap · market cap 9.59%
Second Best
Apartment 5plus
$498.1K
$435.8K – $581.1K
NOI $34,864 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$619.8K
$542.4K – $723.1K
NOI $43,388 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,928
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature updated interiors, separate electrical meters, and shared outdoor space.
Where is this triplex located?
The property is located at 2317 Garfield Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $396,000.
What are key features of this property?
This property features: Three‑unit property with 5+ bedrooms and 3 bathrooms; 2022 updates include kitchens, bathrooms, painting, refinished floors, electrical, and plumbing; Electrical work in 2022 added 3 separate meters
