Triplex with Additional Basement
3018 Chicago Avenue Minneapolis, MN 55407
New
3018 Chicago Avenue, Minneapolis, MN, 55407
$649,900
For Sale
$649,900
MULTI_FAMILY - Minneapolis, MN
Property Size4,439 SF
Lot Size0.13 Acres
Price / SF$146.41
Days on Market4
Property Features for 3018 Chicago Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Triplex
- Bedrooms
- 12
- Bathrooms
- 5
- Rooms
- Bedroom 4, Bedroom 2, Bedroom 10, Bedroom 12, Bathroom 4, Bedroom 9, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 11, Bathroom 5, Bedroom 6, Bedroom 7, Bathroom 2, Basement, Bedroom 3, Bedroom 8, Bedroom 5
- Parking features
- Driveway, Garage - Detached
- Exterior features
- Stucco
- Fireplace
- 1
- Standard status
- Active
- APN
- 0202824220008
- Size
- 4,439 SF
- Lot size
- 0.13 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 12680
Utilities
- Heating system
- Baseboard, Fireplace(s)
Building Details
- Year built
- 1909
- Roof type
- Shingle
Listing Agency
RE/MAX Results
(952) 848-2400
5201 Eden Ave #100, Eden Prairie, MN
Listed by
Paulo Mora
(952) 829-2900
Added: Jul 18 Updated: Jul 20 at 9:34 am Checked: Jul 21 at 2:06 am
MLS# 7111896
Listing URL
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 for-sale triplex includes three legal rental units plus a non-conforming basement unit for additional rental income. The property totals 12 bedrooms across the units and is currently fully occupied and generating income. The home has undergone numerous updates, including a brand-new roof and new exterior paint, along with many additional improvements throughout.
The property is located at 3018 Chicago Avenue in Minneapolis, MN 55407 (Hennepin County). The lot size is 0.13 acres, and the property size is listed at 4,439 square feet.
For buyers looking to acquire a producing multi-unit asset, this setup offers four rental areas in total, with the majority of the bedroom count within the three legal units and an additional basement unit contributing to overall income.
The property is located at 3018 Chicago Avenue in Minneapolis, MN 55407 (Hennepin County). The lot size is 0.13 acres, and the property size is listed at 4,439 square feet.
For buyers looking to acquire a producing multi-unit asset, this setup offers four rental areas in total, with the majority of the bedroom count within the three legal units and an additional basement unit contributing to overall income.
Key Highlights
- Triplex with three legal rental units plus a non‑conforming basement unit for additional rental income
- Total of 12 bedrooms throughout the property, plus multiple bathrooms (5 total bathrooms listed)
- All units are currently occupied and generating income
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.6k | $26.04 |
| − Vacancy | −$7.3k | −$1.64 |
| EGI | $108.3k | $24.40 |
| − OpEx | −$48.7k | −$10.98 |
| NOI | $59.6k | $13.42 |
4,439 SF · lease $26.04/SF/yr · vacancy 6.30% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$926.5K
$810.7K – $1.08M
NOI $64,857 @ 7.0% cap · market cap 9.98%
Second Best
Apartment 5plus
$851.0K
$744.6K – $992.8K
NOI $59,570 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$1.06M
$926.7K – $1.24M
NOI $74,134 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Spacious triplex with three legal units and an additional non-conforming basement unit; all units occupied.
Where is this triplex located?
The property is located at 3018 Chicago Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Triplex with three legal rental units plus a non‑conforming basement unit for additional rental income; Total of 12 bedrooms throughout the property, plus multiple bathrooms (5 total bathrooms listed); All units are currently occupied and generating income
