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Building Details

Year Built 1900

Buildings 1

Construction Victorian

Listing Agency: Northstar Real Estate Associates

Listed By: Michael Kootsikas Show Phone

Source: Bradadamrealty

Added: Aug 20 Changed: Sep 14 Last Checked: Oct 15 at 1:52AM

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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 Northstar Real Estate Associates

Investment Insights

Based on property information with market context.

This 1900 Victorian quadplex contains four residences arranged across two primary levels, with two units on the main floor and two upstairs. Each second-level unit includes access to an unfinished third-floor loft. Renovation work has been completed within all four units, including fresh paint, new interior doors, updated appliances, and replacement of most windows. The uppermost floor remains unfinished, while boarded windows on that level have been replaced.

The property includes parking behind the home and is located in the Whittier neighborhood of Minneapolis at 2630 Blaisdell Ave. One main-floor residence is occupied by the property manager under a lease arrangement that may be cancelled or renegotiated.

Key Highlights

• Four‑unit Victorian property built in 1900
• Two main‑level units and two second‑level units
• Both upper units connect to unfinished third‑floor lofts

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,228

Cap Rate

8.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$924,560 $924.6K

Cap Rate 7%

$660,400 $660.4K

Cap Rate 9%

$513,644 $513.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,164 SF

Gross rent

$70.2K $22.20/SF

− Vacancy

−$4.2K −$1.33/SF

EGI

$66.0K $20.87/SF

− OpEx

−$19.8K −$6.26/SF

NOI

$46.2K $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 Rate 5%

$924,560

Cap Rate 7%

$660,400

Cap Rate 9%

$513,644

Alternative Uses

Best Use

Multifamily LT 5

$660.4K

$577.9K – $770.5K (±1% cap)

NOI $46,228 @ 7.0% cap · market cap 8.81%

Second Best

Apartment 5plus

$606.6K

$530.8K – $707.7K (±1% cap)

NOI $42,460 @ 7.0% cap · market cap 8.09%

Theoretical Best

Office A

$754.9K

$660.5K – $880.7K (±1% cap)

NOI $52,841 @ 7.0% cap · market cap 10.07%

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

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Pet Store & Service Tanning Salon Pet Store Pet Grooming Service Clothing & Fashion 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

4

Residential units

Location Intelligence

Trade Area within ½ mile

3,002

Businesses Nearby

Explore this area Business Placement

Demographics for 55408, MN

33,718

Population

17,874

Households

1.9

Avg Household Size

30

Median Age

59%

College-Educated

91%

High-School Grad

2.7 sq mi

ZIP Area

12,488

Density / Sq Mi

$72,421

Median Household Income

$49,753

Median Earnings

$1,385

Median Rent

$387,500

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?

Quadplex - Four-unit Victorian property with updated interiors, rear parking, and loft access from both second-level residences.

Where is this quadplex located?

The property is located at 2630 Blaisdell Ave Minneapolis, MN.

What is the asking price?

The asking price for this property is $524,900.

What are key features of this property?

This property features: Four‑unit Victorian property built in 1900; Two main‑level units and two second‑level units; Both upper units connect to unfinished third‑floor lofts