Turnkey Fourplex with Expansion
For Sale
$674,999
2524 Jackson Street NE, Minneapolis, MN 55418
Fully renovated, 100% occupied fourplex with in-place income and documented opportunity to reconfigure for additional units.
Property Size4,400 SF
Price / SF$204.55
Days on Market53
Property Features for 2524 Jackson Street NE
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Occupancy
100%
Net Operating Income
$31,111
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,933
Amenities
Laundry, Coin Laundry
Natural Gas, Forced Air
Full
Shared Driveway, Parking Lot, Driveway
Building Details
Building Size
4,400 SF
Year Built
1891
Year Renovated
2016
Tenancy
Multi
Listing Agency:
MRG Realty Partners, LLC
(612) 865-0080
Listed By:
Zachary Burnside · License #40585691
(612) 865-0080
Source:
Evrealestate
Added: Jul 3
Changed: Aug 24
Last Checked: Aug 24 at 3:08AM
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, LLC
Investment Insights
Based on property information with market context.
This fully renovated, 100% occupied fourplex was upgraded in a 2016 renovation that brought three of the four units to high-end, turnkey condition. Improvements include newer furnaces and water heaters, hardwood floors, and updated kitchens. The top unit is a two-level, premium 3-bedroom, 2-bath layout with its own central air conditioning, a bright loft, a finished upper-level bathroom with heated tile floors, and direct access to a private balcony. Residents also share a welcoming front porch and a rear deck. The remaining unrenodeled unit is a blank canvas that can be updated to match the others, with room to reconfigure to a two-bedroom.
Located in the Holland neighborhood of Northeast Minneapolis within the Northeast Minneapolis Arts District, the property benefits from a strong walkable arts-and-dining area. The Northrup King Building, a large art complex with hundreds of studios, is located down the block. Access to nearby retail and entertainment along the Central Avenue corridor and surrounding arts venues supports day-to-day convenience for residents.
From a leasing and ownership standpoint, the building is separately metered, with residents paying their own electric and gas while the owner covers water, sewer, and trash. Existing income includes on-site coin laundry and basement storage rooms that are not currently being billed. A unit is coming available now, creating a practical owner-occupant option while preserving the documented path to expand bedroom count through unit conversions and a lower-level non-conforming space already built with a finished bathroom, separate utilities, and additional infrastructure.
Located in the Holland neighborhood of Northeast Minneapolis within the Northeast Minneapolis Arts District, the property benefits from a strong walkable arts-and-dining area. The Northrup King Building, a large art complex with hundreds of studios, is located down the block. Access to nearby retail and entertainment along the Central Avenue corridor and surrounding arts venues supports day-to-day convenience for residents.
From a leasing and ownership standpoint, the building is separately metered, with residents paying their own electric and gas while the owner covers water, sewer, and trash. Existing income includes on-site coin laundry and basement storage rooms that are not currently being billed. A unit is coming available now, creating a practical owner-occupant option while preserving the documented path to expand bedroom count through unit conversions and a lower-level non-conforming space already built with a finished bathroom, separate utilities, and additional infrastructure.
Key Highlights
- 100% occupied fourplex (Year Built 1891) with $5,510/month in‑place income ($66,120/year), and leases rolling through 2026.
- 2016 renovation: three of the four units updated with newer furnaces and water heaters, hardwood floors, and updated kitchens.
- Separate metering for all units; tenants pay their own electric and gas, while ownership covers water, sewer, and trash.
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
$48,215
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
7.14%
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%
$964,300
$964.3K
Cap Rate 7%
$688,786
$688.8K
Cap Rate 9%
$535,722
$535.7K
Market Conditions
NOI Build-Up for 3,300 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
$73.3K $22.20/SF
− Vacancy
−$4.4K −$1.33/SF
EGI
$68.9K $20.87/SF
− OpEx
−$20.7K −$6.26/SF
NOI
$48.2K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$964,300
Cap Rate 7%
$688,786
Cap Rate 9%
$535,722
Alternative Uses
Best Use
Multifamily LT 5
$688.8K
$602.7K – $803.6K
NOI $48,215 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$632.6K
$553.6K – $738.1K
NOI $44,285 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$787.3K
$688.9K – $918.5K
NOI $55,112 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
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?
Quadplex - Fully renovated, 100% occupied fourplex with in-place income and documented opportunity to reconfigure for additional units.
Where is this quadplex located?
The property is located at 2524 Jackson Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $674,999.
What are key features of this property?
This property features: 100% occupied fourplex (Year Built 1891) with $5,510/month in‑place income ($66,120/year), and leases rolling through 2026.; 2016 renovation: three of the four units updated with newer furnaces and water heaters, hardwood floors, and updated kitchens.; Separate metering for all units; tenants pay their own electric and gas, while ownership covers water, sewer, and trash.
