Building Details

Year Built 1909

Listing Agency: RE/MAX Results

Listed By: Karen L Reid · License #RA-20533107 Show Phone

Source: Putyourrootsdown

Added: Jul 20 Changed: Oct 9 Last Checked: Oct 16 at 12:34PM

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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.

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 / Yr

$40,380

Cap Rate

8.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$807,600 $807.6K

Cap Rate 7%

$576,857 $576.9K

Cap Rate 9%

$448,667 $448.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,009 SF

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 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 (±1% cap)

NOI $43,964 @ 7.0% cap · market cap 9.77%

Second Best

Apartment 5plus

$576.9K

$504.8K – $673.0K (±1% cap)

NOI $40,380 @ 7.0% cap · market cap 8.98%

Theoretical Best

Office A

$717.9K

$628.2K – $837.5K (±1% cap)

NOI $50,252 @ 7.0% cap · market cap 11.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Pet Store & Service Pet Grooming Service Electrical Service Locksmith Pet Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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