Building Details

Year Built 1960

Listing Agency: Keller Williams Classic Rlty NW

Listed By: Michael Moe Show Phone

Source: Homesminn

Added: Jul 27 Changed: Oct 4 Last Checked: Oct 16 at 2:13PM

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Investment Insights

Based on property information with market context.

This 6-unit apartment building contains 5,050 square feet and was constructed in 1960. Recent updates include a high-efficiency boiler and hot-water combination unit, along with multiple energy-efficient appliances. The property is currently 100% occupied, with a mix of established tenants and newer move-ins.

Located at 2818 E 31st St in Minneapolis, the building is within the Longfellow neighborhood. The existing configuration and completed improvements provide a clear operating profile for an apartment investor evaluating a multifamily asset with established occupancy.

Key Highlights

• Six‑unit apartment building with 5,050 square feet
• 100% occupied with both long‑term tenants and recent move‑ins
• Recent property updates completed

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$60,910

Cap Rate

8.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,218,200 $1.2M

Cap Rate 7%

$870,143 $870.1K

Cap Rate 9%

$676,778 $676.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,050 SF

Gross rent

$117.6K $23.28/SF

− Vacancy

−$6.8K −$1.35/SF

EGI

$110.7K $21.93/SF

− OpEx

−$49.8K −$9.87/SF

NOI

$60.9K $12.06/SF

Area

ZIP 55406

Vacancy

5.80%

Lease Rate

$23.28 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,218,200

Cap Rate 7%

$870,143

Cap Rate 9%

$676,778

Alternative Uses

Best Use

Apartment 5plus

$870.1K

$761.4K – $1.02M (±1% cap)

NOI $60,910 @ 7.0% cap · market cap 8.97%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.48M

$1.29M – $1.72M (±1% cap)

NOI $103,294 @ 7.0% cap · market cap 15.21%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Nail Salon Skin Care Clinic Hair Salon (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,281

Businesses Nearby

Explore this area Business Placement

Demographics for 55406, MN

34,588

Population

17,439

Households

2

Avg Household Size

39

Median Age

56%

College-Educated

93%

High-School Grad

5.0 sq mi

ZIP Area

6,918

Density / Sq Mi

$91,865

Median Household Income

$56,291

Median Earnings

$1,276

Median Rent

$335,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied apartment property with recent improvements and upgraded mechanical and appliance systems.

Where is this apartment building located?

The property is located at 2818 E 31st St Minneapolis, MN.

What is the asking price?

The asking price for this property is $679,000.

What are key features of this property?

This property features: Six‑unit apartment building with 5,050 square feet; 100% occupied with both long‑term tenants and recent move‑ins; Recent property updates completed