Minneapolis Multifamily Investment
For Sale
Contact for pricing
Pending
2323 Clinton Ave, Minneapolis, MN 55404
39 units, 100% occupied, walkable location near downtown Minneapolis.
Property Size18,894 SF
Days on Market171
Property Features for 2323 Clinton Ave
General Information
Standard status
Pending
Size
18,894 SF
Class
B
Property subtype
Multifamily
Building Details
Year Built
1962
Buildings
2
Stories
3
Units
39
Listing Agency:
MRG Realty Partners
(651) 900-4386
Listed By:
Doug McNicoll · License #40492260
Source:
Crexi
Added: Mar 2
Changed: Aug 9
Last Checked: Aug 19 at 9:01AM
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 MRG Realty Partners
Investment Insights
Based on property information with market context.
This multifamily investment opportunity features 39 units across two properties located directly across the street from one another: 2401 Clinton (17 units) and 2323 Clinton (22 units). The properties are situated in a walkable South Minneapolis location, with convenient access to Downtown Minneapolis, Eat Street, MCAD, and the Minneapolis Institute of Art. Located directly on a bus line, the properties also offer convenient access to Uptown and the Midtown Greenway. The unit mix consists of 8 studios and 31 one-bedroom units. The properties are currently 100% occupied. 2323 Clinton has covered parking. The total property size is 18894 square feet. Operational upside exists through RUBS implementation or optimization, expense recapture, and strategic interior upgrades upon turnover. The side-by-side positioning of the two properties facilitates ease of management.
Key Highlights
- 100% Occupied, providing immediate cash flow.
- 39‑unit multifamily portfolio with a desirable mix of studios and one‑bedroom units.
- Prime location in South Minneapolis, walkable to Downtown, Eat Street, MCAD, and the Minneapolis Institute of Art.
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
$253,552
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
6.50%
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%
$5,071,040
$5.1M
Cap Rate 7%
$3,622,171
$3.6M
Cap Rate 9%
$2,817,244
$2.8M
Market Conditions
NOI Build-Up for 18,894 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
$492.0K $26.04/SF
− Vacancy
−$31.0K −$1.64/SF
EGI
$461.0K $24.40/SF
− OpEx
−$207.5K −$10.98/SF
NOI
$253.6K $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%
$5,071,040
Cap Rate 7%
$3,622,171
Cap Rate 9%
$2,817,244
Alternative Uses
Best Use
Apartment 5plus
$3.62M
$3.17M – $4.23M
NOI $253,552 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.51M
$3.94M – $5.26M
NOI $315,540 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,770
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 39 units, 100% occupied, walkable location near downtown Minneapolis.
Where is this apartment building located?
The property is located at 2323 Clinton Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 100% Occupied, providing immediate cash flow.; 39‑unit multifamily portfolio with a desirable mix of studios and one‑bedroom units.; Prime location in South Minneapolis, walkable to Downtown, Eat Street, MCAD, and the Minneapolis Institute of Art.
