Quadplex with Four-Car Detached
For Sale
$1,100,000
2535 Aldrich Avenue S, Minneapolis, MN 55405
MULTI_FAMILY - Minneapolis, MN
Property Size5,225 SF
Lot Size0.11 Acres
Price / SF$210.53
Days on Market64
Property Features for 2535 Aldrich Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
11
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 5, Bedroom 9, Bedroom 6, Bathroom 1, Basement, Bedroom 8, Bedroom 7, Bedroom 10, Bathroom 4, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 11
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
Twenty Fifth St Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
Minneapolis
Directions
Lyndale Ave S to 25th St, West to Aldrich, South to property.
Standard status
Active
APN
3302924140168
Size
5,225 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15137
Utilities
Heating system
Radiant, Hot Water(Heating), Forced Air, Ductless (Heating)
Amenities
fully fenced
private back yard
original trim and millwork
decorative fireplaces
tall ceilings
south facing windows
front balconies
Building Details
Year built
1908
Building materials
Frame
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Paul A Olson
(612) 821-7400
Added: Jun 12
Changed: Aug 13
Last Checked: Aug 14 at 2:06AM
MLS# 7055953
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 quadplex blends Victorian-era character with large-scale modern upgrades. The home was built in 1908 and features original trim and millwork, tall ceilings, and south-facing windows, with coal-burning tiled fireplaces presented decoratively. Balconies are located on three of the four units, and most kitchens and bathrooms have been upgraded. Heating is served by radiant and hot water systems, along with ductless and forced-air options, and the HVAC mechanicals are described as modern high efficiency, with billing directed to the tenants.
Exterior updates include new siding, windows, and roofing, alongside a full redo of electrical and plumbing. Exterior materials are listed as vinyl and construction is frame. There is a detached garage described as a massive four-car garage, plus a fully fenced property with a private backyard hangout area.
The lot is listed at 0.11 acres, and the property size is 5,225 square feet. The address is 2535 Aldrich Avenue S in Minneapolis, MN 55405, in Hennepin County.
Exterior updates include new siding, windows, and roofing, alongside a full redo of electrical and plumbing. Exterior materials are listed as vinyl and construction is frame. There is a detached garage described as a massive four-car garage, plus a fully fenced property with a private backyard hangout area.
The lot is listed at 0.11 acres, and the property size is 5,225 square feet. The address is 2535 Aldrich Avenue S in Minneapolis, MN 55405, in Hennepin County.
Key Highlights
- Detached four‑car garage plus a fully fenced yard with a private backyard hangout area
- Modernized electric, plumbing, heating, siding, windows, and roofing
- Balconies on three of the four units
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
$76,341
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
6.94%
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%
$1,526,820
$1.5M
Cap Rate 7%
$1,090,586
$1.1M
Cap Rate 9%
$848,233
$848.2K
Market Conditions
NOI Build-Up for 5,225 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
$116.0K $22.20/SF
− Vacancy
−$6.9K −$1.33/SF
EGI
$109.1K $20.87/SF
− OpEx
−$32.7K −$6.26/SF
NOI
$76.3K $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%
$1,526,820
Cap Rate 7%
$1,090,586
Cap Rate 9%
$848,233
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$954.3K – $1.27M
NOI $76,341 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$1.00M
$876.5K – $1.17M
NOI $70,118 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,260 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,773
Businesses Nearby
Explore this area
Business Placement
Demographics for 55405, MN
15,497
Population
8,724
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,535
Density / Sq Mi
$70,425
Median Household Income
$47,271
Median Earnings
$1,188
Median Rent
$450,200
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?
Quadplex - Modernized quadplex built in 1908 with detached four-car garage and upgraded electric, plumbing, heating, siding, windows, and roofing.
Where is this quadplex located?
The property is located at 2535 Aldrich Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Detached four‑car garage plus a fully fenced yard with a private backyard hangout area; Modernized electric, plumbing, heating, siding, windows, and roofing; Balconies on three of the four units
