Two-Story Multifamily
For Sale
Contact for pricing
3021 Longfellow Ave S, Minneapolis, MN 55407
A 12-unit, two-story brick and stucco property near transit and major employment centers for long-term rental demand.
Property Size5,040 SF
Price / SF$243.06
Days on Market55
Property Features for 3021 Longfellow Ave S
General Information
Standard status
Active
Size
5,040 SF
Class
C
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$97,662
Building Details
Year Built
1962
Buildings
1
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
Commercial Investors Group
(612) 598-0780
Listed By:
Mike Sowers · License #40571176
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 10:39AM
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 Commercial Investors Group
Investment Insights
Based on property information with market context.
This offering presents a 12-unit multifamily building built in 1962, arranged as a two-story brick and stucco structure on a large lot. The property is positioned for a straightforward acquisition in an established south Minneapolis setting, with the seller describing stable in-place cash flow and a clear value-add path on turns.
The building is located in the Corcoran neighborhood on Minneapolis’s south side. Lake Street/Midtown Station light rail is approximately 0.4 miles away, supporting tenant access to Downtown Minneapolis and MSP Airport without a car. Several parks are within about 1.1 miles, including Powderhorn Park and Corcoran Park, and multiple shopping options are within roughly 0.8 miles.
From a renter-fit perspective, the area includes nearby higher education and healthcare institutions, with Augsburg College, North Central University, and Abbott Northwestern Hospital all within minutes. That mix of student and workforce housing demand can support leasing stability across a diverse tenant pool. For buyers looking to add a well-located, transit-connected asset to a south Minneapolis portfolio, this 12-unit building offers an efficient, low-complexity platform in a walkable, amenity-supported corridor.
The building is located in the Corcoran neighborhood on Minneapolis’s south side. Lake Street/Midtown Station light rail is approximately 0.4 miles away, supporting tenant access to Downtown Minneapolis and MSP Airport without a car. Several parks are within about 1.1 miles, including Powderhorn Park and Corcoran Park, and multiple shopping options are within roughly 0.8 miles.
From a renter-fit perspective, the area includes nearby higher education and healthcare institutions, with Augsburg College, North Central University, and Abbott Northwestern Hospital all within minutes. That mix of student and workforce housing demand can support leasing stability across a diverse tenant pool. For buyers looking to add a well-located, transit-connected asset to a south Minneapolis portfolio, this 12-unit building offers an efficient, low-complexity platform in a walkable, amenity-supported corridor.
Key Highlights
- 12‑unit multifamily property built in 1962 with a two‑story brick and stucco exterior
- Large lot in Minneapolis south side Corcoran neighborhood
- Lake Street/Midtown Station light rail is 0.4 miles away for convenient access for tenants
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
$67,635
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
5.52%
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%
$1,352,700
$1.4M
Cap Rate 7%
$966,214
$966.2K
Cap Rate 9%
$751,500
$751.5K
Market Conditions
NOI Build-Up for 5,040 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
$131.2K $26.04/SF
− Vacancy
−$8.3K −$1.64/SF
EGI
$123.0K $24.40/SF
− OpEx
−$55.3K −$10.98/SF
NOI
$67.6K $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%
$1,352,700
Cap Rate 7%
$966,214
Cap Rate 9%
$751,500
Alternative Uses
Best Use
Apartment 5plus
$966.2K
$845.4K – $1.13M
NOI $67,635 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,171 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,812
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - A 12-unit, two-story brick and stucco property near transit and major employment centers for long-term rental demand.
Where is this apartment building located?
The property is located at 3021 Longfellow Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 12‑unit multifamily property built in 1962 with a two‑story brick and stucco exterior; Large lot in Minneapolis south side Corcoran neighborhood; Lake Street/Midtown Station light rail is 0.4 miles away for convenient access for tenants
