Four-Unit Quadplex with
For Sale
$399,900
2721 Columbus Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,658 SF
Lot Size0.12 Acres
Price / SF$150.45
Days on Market19
Property Features for 2721 Columbus Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Basement, Bedroom 2, Bathroom 4, Laundry Room, Bathroom 3, Bathroom 2, Bedroom 1
Parking features
Garage, Garage - Detached
Fencing
Chain Link
Subdivision
Woodburn Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
26th to Columbus, S to property.
Standard status
Active
APN
3502924320332
Size
2,658 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5916
Utilities
Heating system
Oil
Amenities
storage
free laundry
Building Details
Year built
1906
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Timothy L Fisher · License #40696640
(612) 978-2299
Added: Sep 8
Changed: Sep 24
Last Checked: Sep 26 at 8:06AM
MLS# 7140287
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 2,658-square-foot quadplex, built in 1906, contains four residential units: two one-bedroom apartments and two studios. Each unit has a full bathroom, hardwood flooring, natural woodwork, solid-surface countertops, a range, and a refrigerator. One apartment is vacant, while the property also includes a shared full basement with storage and laundry equipment for residents.
Four detached single-stall garages provide off-street parking and separate rental potential. Recent capital improvements include a new electrical main, a new boiler, and replacement roofing on both the house and garages. The property is in Minneapolis near public transportation, neighborhood retail and restaurants, parks, and downtown.
Four detached single-stall garages provide off-street parking and separate rental potential. Recent capital improvements include a new electrical main, a new boiler, and replacement roofing on both the house and garages. The property is in Minneapolis near public transportation, neighborhood retail and restaurants, parks, and downtown.
Key Highlights
- Four‑unit layout with two one‑bedroom apartments and two studio units
- 2,658 square feet on a 0.12‑acre lot
- One unit is vacant; three additional units remain in the property
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
$35,670
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
8.92%
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%
$713,400
$713.4K
Cap Rate 7%
$509,571
$509.6K
Cap Rate 9%
$396,333
$396.3K
Market Conditions
NOI Build-Up for 2,658 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
$69.2K $26.04/SF
− Vacancy
−$4.4K −$1.64/SF
EGI
$64.9K $24.40/SF
− OpEx
−$29.2K −$10.98/SF
NOI
$35.7K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$713,400
Cap Rate 7%
$509,571
Cap Rate 9%
$396,333
Alternative Uses
Best Use
Multifamily LT 5
$554.8K
$485.4K – $647.3K
NOI $38,835 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$509.6K
$445.9K – $594.5K
NOI $35,670 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$634.1K
$554.9K – $739.8K
NOI $44,390 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,696
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Minneapolis income property with a vacant unit, resident laundry, basement storage, and detached garage parking.
Where is this quadplex located?
The property is located at 2721 Columbus Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four‑unit layout with two one‑bedroom apartments and two studio units; 2,658 square feet on a 0.12‑acre lot; One unit is vacant; three additional units remain in the property
