Renovated Victorian
For Sale
$524,900
2630 Blaisdell Ave, Minneapolis, MN 55408
Four-unit Victorian property with updated interiors, rear parking, and loft access from both second-level residences.
Property Size3,164 SF
Price / SF$165.90
Days on Market11
Property Features for 2630 Blaisdell Ave
General Information
Standard status
Active
Size
3,164 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Buildings
1
Construction
Victorian
Listing Agency:
Northstar Real Estate Associates
(651) 451-2850
Listed By:
Michael Kootsikas
Source:
Searchhousesnow
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 12:10PM
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.
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 = 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
$46,228
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
8.81%
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%
$924,560
$924.6K
Cap Rate 7%
$660,400
$660.4K
Cap Rate 9%
$513,644
$513.6K
Market Conditions
NOI Build-Up for 3,164 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
$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 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%
$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
NOI $46,228 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$606.6K
$530.8K – $707.7K
NOI $42,460 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$754.9K
$660.5K – $880.7K
NOI $52,841 @ 7.0% cap · market cap 10.07%
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
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
Questions? Ask Rey
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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
