Duplex with Updated
New
For Sale
$310,000
3022 Longfellow Avenue, Minneapolis, MN 55407
Both residences have individual gas furnaces and central air conditioning.
Property Size1,686 SF
Price / SF$183.87
Days on Market6
Property Features for 3022 Longfellow Avenue
General Information
Standard status
Active
Size
1,686 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Site & Location
Neighborhood
Powderhorn
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
fenced yard
storage shed
Building Details
Year Built
1900
Year Renovated
2020
Buildings
1
Listing Agency:
Mississippi Valley Real Estate
Listed By:
Eric Eickhof
(952) 472-6200
Source:
Fultonrealty
Added: Oct 26
Changed: Oct 31
Last Checked: Oct 30 at 2:43PM
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 Mississippi Valley Real Estate
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Investment Insights
Based on property information with market context.
This 1,686-square-foot duplex, built in 1900, has two residences with updated kitchens and bathrooms, hardwood flooring, and separate gas furnaces and central air conditioning. Work following a 2020 fire insurance claim included substantial rebuilding and interior updates. Exterior improvements include newer windows, siding, fascia, and roofing; the property also has updated utilities and a clean TISH.
The outdoor area includes a fully fenced yard, a storage shed, and parking for up to three vehicles. Light rail service, biking trails, and nearby amenities are accessible from the property at 3022 Longfellow Avenue in Minneapolis.
The outdoor area includes a fully fenced yard, a storage shed, and parking for up to three vehicles. Light rail service, biking trails, and nearby amenities are accessible from the property at 3022 Longfellow Avenue in Minneapolis.
Key Highlights
- 1,686‑square‑foot duplex built in 1900
- Substantially rebuilt and renovated following a 2020 fire insurance claim
- Separate gas furnaces and central air conditioning for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,634
Cap Rate
7.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,680
$492.7K
Cap Rate 7%
$351,914
$351.9K
Cap Rate 9%
$273,711
$273.7K
Market Conditions
NOI Build-Up for 1,686 SF
Gross rent
$37.4K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$35.2K $20.87/SF
− OpEx
−$10.6K −$6.26/SF
NOI
$24.6K $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 Rate 5%
$492,680
Cap Rate 7%
$351,914
Cap Rate 9%
$273,711
Alternative Uses
Best Use
Multifamily LT 5
$351.9K
$307.9K – $410.6K
NOI $24,634 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$323.2K
$282.8K – $377.1K
NOI $22,626 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$402.2K
$352.0K – $469.3K
NOI $28,157 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,361
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have individual gas furnaces and central air conditioning.
Where is this duplex located?
The property is located at 3022 Longfellow Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 1,686‑square‑foot duplex built in 1900; Substantially rebuilt and renovated following a 2020 fire insurance claim; Separate gas furnaces and central air conditioning for each residence
