Multifamily
For Sale
$610,000
2824 Pillsbury Ave S, Minneapolis, MN 55408
Multifamily property located on Pillsbury Avenue S in Minneapolis.
Property Size2,720 SF
Price / SF$224.26
Days on Market90
Property Features for 2824 Pillsbury Ave S
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Powderhorn
Building Details
Year Built
1906
Listing Agency:
Northstar Real Estate Associates
Listed By:
Mohamed Abdulle · License #40596984
(612) 396-3762
Source:
Homesminn
Added: Jul 28
Changed: Oct 1
Last Checked: Oct 7 at 12:58PM
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 Northstar Real Estate Associates
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Investment Insights
Based on property information with market context.
This multifamily property is located at 2824 Pillsbury Avenue S in Minneapolis, Minnesota. The building dates to 1906 and carries a listed property size of 2,720.
Key Highlights
- Multifamily property at 2824 Pillsbury Avenue S, Minneapolis, MN 55408
- Building constructed in 1906
- Listed property size of 2,720
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,502
Cap Rate
5.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$730,040
$730.0K
Cap Rate 7%
$521,457
$521.5K
Cap Rate 9%
$405,578
$405.6K
Market Conditions
NOI Build-Up for 2,720 SF
Gross rent
$70.8K $26.04/SF
− Vacancy
−$4.5K −$1.64/SF
EGI
$66.4K $24.40/SF
− OpEx
−$29.9K −$10.98/SF
NOI
$36.5K $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 Rate 5%
$730,040
Cap Rate 7%
$521,457
Cap Rate 9%
$405,578
Alternative Uses
Best Use
Apartment 5plus
$521.5K
$456.3K – $608.4K
NOI $36,502 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$648.9K
$567.8K – $757.1K
NOI $45,425 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,773
Businesses Nearby
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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?
Multifamily property - Multifamily property located on Pillsbury Avenue S in Minneapolis.
Where is this multifamily property located?
The property is located at 2824 Pillsbury Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Multifamily property at 2824 Pillsbury Avenue S, Minneapolis, MN 55408; Building constructed in 1906; Listed property size of 2,720
