Triplex with On-Site
For Sale
$484,900
2834 15th Avenue S, Minneapolis, MN 55407
Three residential units occupy a 2,850-square-foot building with a parking lot.
Property Size3,250 SF
Price / SF$170.14
Days on Market34
Property Features for 2834 15th Avenue S
General Information
Standard status
Active
Size
3,250 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Net Operating Income
$54,480
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,002
Amenities
Natural Gas, Forced Air
Block, Unfinished
Parking Lot
Building Details
Building Size
3,250 SF
Year Built
1900
Listed By:
Grigoriy Gorshteyn
(952) 220-0861
Source:
Evrealestate
Added: Aug 27
Changed: Sep 28
Last Checked: Sep 28 at 2:01PM
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 Grigoriy Gorshteyn
Investment Insights
Based on property information with market context.
This triplex contains three residential units within a 2,850-square-foot building constructed in 1900. The property has natural gas and forced-air heating, along with block construction and unfinished interior space. A parking lot provides on-site parking.
The building is located at 2834 15th Avenue S in Minneapolis, Minnesota, and is zoned Residential-Multi-Family.
The building is located at 2834 15th Avenue S in Minneapolis, Minnesota, and is zoned Residential-Multi-Family.
Key Highlights
- Three‑unit residential property
- 2,850‑square‑foot building
- Constructed in 1900
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
$41,641
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
8.59%
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%
$832,820
$832.8K
Cap Rate 7%
$594,871
$594.9K
Cap Rate 9%
$462,678
$462.7K
Market Conditions
NOI Build-Up for 2,850 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
$63.3K $22.20/SF
− Vacancy
−$3.8K −$1.33/SF
EGI
$59.5K $20.87/SF
− OpEx
−$17.8K −$6.26/SF
NOI
$41.6K $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 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%
$832,820
Cap Rate 7%
$594,871
Cap Rate 9%
$462,678
Alternative Uses
Best Use
Multifamily LT 5
$594.9K
$520.5K – $694.0K
NOI $41,641 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$546.4K
$478.1K – $637.4K
NOI $38,246 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$680.0K
$595.0K – $793.3K
NOI $47,597 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,159
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units occupy a 2,850-square-foot building with a parking lot.
Where is this triplex located?
The property is located at 2834 15th Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $484,900.
What are key features of this property?
This property features: Three‑unit residential property; 2,850‑square‑foot building; Constructed in 1900
