Renovated Fourplex with Loft
New
For Sale
$549,900
2630 Blaisdell Avenue, Minneapolis, MN 55408
MULTI_FAMILY - Minneapolis, MN
Property Size3,164 SF
Lot Size0.17 Acres
Price / SF$173.80
Days on Market1
Property Features for 2630 Blaisdell Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Driveway
Exterior features
Stucco
Fencing
Chain Link
Subdivision
J T Blaisdells Rev Add
Lot features
Tree Coverage - Light
High school district
Minneapolis
Directions
35w, go west at East 26th Street to Blaisdell Av So one half block to property on west side of street.
Standard status
Active
APN
3402924310005
Size
3,164 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11205
Utilities
Heating system
Oil, Steam
Amenities
parking
Building Details
Year built
1900
Listing Agency:
Northstar Real Estate Associates
(651) 451-2850
Listed By:
Michael Kootsikas
(651) 451-2850
Added: Aug 7
Last Checked: Aug 7 at 10:06PM
MLS# 7123641
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 3,164-square-foot fourplex occupies a 0.17-acre lot and was built in 1900. The layout includes two residences on the main floor and two on the second floor. Each upper unit connects to an unfinished third-floor loft, providing additional interior space in its current condition. Renovations across all four units include new appliances, fresh paint, new interior doors, general improvements, and replacement of the majority of the windows.
The property is located at 2630 Blaisdell Avenue in Minneapolis, within the Whittier neighborhood. Exterior construction is stucco, with oil and steam heating. A rear driveway provides on-site parking, and the property also includes chain-link fencing. The unfinished top floor remains in its existing condition, while previously boarded windows there have been replaced.
The property is located at 2630 Blaisdell Avenue in Minneapolis, within the Whittier neighborhood. Exterior construction is stucco, with oil and steam heating. A rear driveway provides on-site parking, and the property also includes chain-link fencing. The unfinished top floor remains in its existing condition, while previously boarded windows there have been replaced.
Key Highlights
- Four‑unit property with two main‑level residences and two second‑level residences
- 3,164 square feet on a 0.17‑acre lot; built in 1900
- Each upper unit has access to an unfinished third‑floor loft
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
8.41%
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 8.41%
Second Best
Apartment 5plus
$606.6K
$530.8K – $707.7K
NOI $42,460 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$754.9K
$660.5K – $880.7K
NOI $52,841 @ 7.0% cap · market cap 9.61%
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 driveway parking, and unfinished upper-level expansion space.
Where is this quadplex located?
The property is located at 2630 Blaisdell Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Four‑unit property with two main‑level residences and two second‑level residences; 3,164 square feet on a 0.17‑acre lot; built in 1900; Each upper unit has access to an unfinished third‑floor loft
