Fully Rented Triplex with
New
For Sale
$449,900
2444 1st Avenue S, Minneapolis, MN 55404
MULTI_FAMILY - Minneapolis, MN
Property Size3,009 SF
Lot Size0.14 Acres
Price / SF$149.52
Days on Market2
Property Features for 2444 1st Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1
Parking features
Covered
Exterior features
Wood
Subdivision
Cochrans Add
Lot features
Tree Coverage - Light
High school district
Minneapolis
Directions
Nicollet Ave. to 25th St, L on 25th to 1st Ave, L on 1st to property.
Standard status
Active
APN
3402924130046
Size
3,009 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9040
Utilities
Heating system
Baseboard, Oil
Amenities
off-street parking
onsite laundry
Building Details
Year built
1909
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 698-8006
Listed By:
Karen L Reid · License #RA-20533107
(952) 829-2900
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 11:06AM
MLS# 7126666
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,009-square-foot triplex, built in 1909, is fully rented and includes two 2-bedroom units plus one 1-bedroom unit. The property has a wood exterior, shingle roof, baseboard and oil heating, separate utilities, covered off-street parking, and on-site laundry. A third-floor studio provides additional space that may serve as an artist’s studio, home office, creative area, or living area.
Located at 2444 1st Avenue S in Minneapolis, Minnesota, the property occupies a 0.14-acre parcel in Hennepin County. The existing configuration combines three residential units with supplemental third-floor studio space.
Located at 2444 1st Avenue S in Minneapolis, Minnesota, the property occupies a 0.14-acre parcel in Hennepin County. The existing configuration combines three residential units with supplemental third-floor studio space.
Key Highlights
- Fully rented triplex with two 2‑bedroom units and one 1‑bedroom unit
- 3009 square feet on a 0.14‑acre lot
- Third‑floor studio space for an artist’s studio, home office, creative space, or living area
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
Location Intelligence
Trade Area within ½ mile
2,718
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 - Two 2-bedroom units and one 1-bedroom unit include separate utilities, covered parking, and on-site laundry.
Where is this triplex located?
The property is located at 2444 1st Avenue 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 triplex with two 2‑bedroom units and one 1‑bedroom unit; 3009 square feet on a 0.14‑acre lot; Third‑floor studio space for an artist’s studio, home office, creative space, or living area
