Four-Unit Brick Apartment
New
For Sale
$550,000
2641 Lyndale Avenue S, Minneapolis, MN 55408
Four one-bedroom apartments are arranged across two floors above a full basement, with rear off-street parking.
Property Size3,978 SF
Price / SF$207.39
Days on Market6
Property Features for 2641 Lyndale Avenue S
General Information
Standard status
Active
Size
3,978 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Calhoun Isles
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Individually Metered Utilities
gas, electricity
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$9,742
Amenities
on-site laundry
Natural Gas
Block
4
Yes
In Basement,Common Area
2652
City Water/Connected
0.12
45x118
No
1326
Parking Lot
3978
Building Details
Building Size
3,978 SF
Year Built
1912
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
MRG Realty Partners, LLC
(612) 656-1200
Listed By:
Rod Riehl
(612) 282-6467
Source:
Imetroproperty
Added: Oct 26
Changed: Oct 31
Last Checked: Oct 31 at 2:15AM
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
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Investment Insights
Based on property information with market context.
This 1912 brick multifamily property contains four one-bedroom apartments, with two units on each floor and a full basement. Rear off-street parking serves the building. Recent mechanical updates include a combination boiler and water heater in each apartment, installed in 2024. Electrical panels have also been updated, and gas and electricity are separately metered without house meters. Water, sewer, and trash charges are billed back through RUBS. The property includes owner-owned laundry equipment in a common basement area; use is currently free for tenants.
The building is on Lyndale Avenue S in Minneapolis, in the Whittier and Wedge area. LynLake, the Midtown Greenway, and Eat Street are described as nearby, with Uptown, the lakes, and downtown also within minutes. Three apartments are leased, while the fourth is on a month-to-month arrangement.
The building is on Lyndale Avenue S in Minneapolis, in the Whittier and Wedge area. LynLake, the Midtown Greenway, and Eat Street are described as nearby, with Uptown, the lakes, and downtown also within minutes. Three apartments are leased, while the fourth is on a month-to-month arrangement.
Key Highlights
- Four one‑bedroom apartments; two units per floor above a full basement
- Brick building constructed in 1912
- Combination boiler and water heater in each unit installed in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,748
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,960
$775.0K
Cap Rate 7%
$553,543
$553.5K
Cap Rate 9%
$430,533
$430.5K
Market Conditions
NOI Build-Up for 2,652 SF
Gross rent
$58.9K $22.20/SF
− Vacancy
−$3.5K −$1.33/SF
EGI
$55.4K $20.87/SF
− OpEx
−$16.6K −$6.26/SF
NOI
$38.7K $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%
$774,960
Cap Rate 7%
$553,543
Cap Rate 9%
$430,533
Alternative Uses
Best Use
Multifamily LT 5
$553.5K
$484.4K – $645.8K
NOI $38,748 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$508.4K
$444.9K – $593.2K
NOI $35,589 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$632.7K
$553.6K – $738.2K
NOI $44,290 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,058
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom apartments are arranged across two floors above a full basement, with rear off-street parking.
Where is this quadplex located?
The property is located at 2641 Lyndale Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four one‑bedroom apartments; two units per floor above a full basement; Brick building constructed in 1912; Combination boiler and water heater in each unit installed in 2024
