Rented Triplex with Artist
For Sale
$449,900
2444 1st Ave S, Minneapolis, MN 55404
Three-unit income property with rear parking and an upper-level studio near Nicollet Avenue amenities.
Property Size3,009 SF
Price / SF$149.52
Days on Market44
Property Features for 2444 1st Ave S
General Information
Standard status
Active
Size
3,009 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1909
Listing Agency:
RE/MAX Results
(952) 451-2418
Listed By:
Karen L Reid · License #RA-20533107
Source:
Tayloronken
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:33PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 3-unit triplex was built in 1909 and is fully rented. The property contains 3,009 square feet, with an upper-level artist studio that can provide additional income or serve as bonus space and expansion area. Private parking is located behind the building.
The property is near Nicollet Avenue’s Eat Street, coffee shops, the Minneapolis Institute of Art, I-35W, and downtown Minneapolis. Its residential income configuration combines existing tenancy with a separate studio component and on-site parking.
The property is near Nicollet Avenue’s Eat Street, coffee shops, the Minneapolis Institute of Art, I-35W, and downtown Minneapolis. Its residential income configuration combines existing tenancy with a separate studio component and on-site parking.
Key Highlights
- Fully rented 3‑unit triplex
- 3,009 SF building constructed in 1909
- Upper‑level artist studio for additional income or bonus space
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
$40,380
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
8.98%
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%
$807,600
$807.6K
Cap Rate 7%
$576,857
$576.9K
Cap Rate 9%
$448,667
$448.7K
Market Conditions
NOI Build-Up for 3,009 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
$78.4K $26.04/SF
− Vacancy
−$4.9K −$1.64/SF
EGI
$73.4K $24.40/SF
− OpEx
−$33.0K −$10.98/SF
NOI
$40.4K $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%
$807,600
Cap Rate 7%
$576,857
Cap Rate 9%
$448,667
Alternative Uses
Best Use
Multifamily LT 5
$628.1K
$549.6K – $732.7K
NOI $43,964 @ 7.0% cap · market cap 9.77%
Second Best
Apartment 5plus
$576.9K
$504.8K – $673.0K
NOI $40,380 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$717.9K
$628.2K – $837.5K
NOI $50,252 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,607
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?
Triplex - Three-unit income property with rear parking and an upper-level studio near Nicollet Avenue amenities.
Where is this triplex located?
The property is located at 2444 1st Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Fully rented 3‑unit triplex; 3,009 SF building constructed in 1909; Upper‑level artist studio for additional income or bonus space
