Four-Unit Apartment
For Sale
$550,000
2701 Virginia Avenue N, New Hope, MN 55427
Residential Income, New Hope, MN
Property Size3,200 SF
Lot Size0.32 Acres
Price / SF$171.88
Days on Market8
Property Features for 2701 Virginia Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Laundry Room, Bedroom 6, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 7, Bathroom 4, Bedroom 1, Bedroom 4
Parking features
Parking Lot, Driveway
Subdivision
Twin Terra Linda 4th
Lot features
Public Transit (w/in 6 blks)
High school district
Robbinsdale
Directions
Medicine Lake Rd to Virginia North to property
Standard status
Active
APN
1911821440077
Size
3,200 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9718
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1965
Listing Agency:
RE/MAX Results · RE/MAX International
(763) 591-6000
Listed By:
Kerby & Cristina Real Estate Experts
(952) 829-2900
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 5 at 3:06PM
MLS# 7132082
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.
The four-unit property contains 3,200 square feet on a 0.32-acre parcel. Built in 1965, the building has hot-water heating, a parking lot, and driveway parking. All four units are currently leased.
The property is in New Hope, with shopping, dining, parks, schools, and major roadways identified in the surrounding area.
The property is in New Hope, with shopping, dining, parks, schools, and major roadways identified in the surrounding area.
Key Highlights
- Four units, all currently leased
- 3,200 square feet on 0.32 acres
- Built in 1965
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,469
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$829,380
$829.4K
Cap Rate 7%
$592,414
$592.4K
Cap Rate 9%
$460,767
$460.8K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$63.4K $19.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$59.2K $18.51/SF
− OpEx
−$17.8K −$5.55/SF
NOI
$41.5K $12.96/SF
Area
Hennepin County, MN
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$829,380
Cap Rate 7%
$592,414
Cap Rate 9%
$460,767
Alternative Uses
Best Use
Multifamily LT 5
$592.4K
$518.4K – $691.2K
NOI $41,469 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$534.3K
$467.5K – $623.4K
NOI $37,403 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$763.5K
$668.0K – $890.7K
NOI $53,442 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Explore this area
Business Placement
Demographics for 55427, MN
24,353
Population
10,788
Households
2.3
Avg Household Size
39
Median Age
49%
College-Educated
95%
High-School Grad
7.2 sq mi
ZIP Area
3,382
Density / Sq Mi
$92,013
Median Household Income
$53,808
Median Earnings
$1,443
Median Rent
$341,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - All four residences are leased, with hot-water heating and on-site parking.
Where is this quadplex located?
The property is located at 2701 Virginia Avenue N New Hope, 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 units, all currently leased; 3,200 square feet on 0.32 acres; Built in 1965
