Updated Quadplex with Coin
New
For Sale
$689,900
3024 Pleasant Avenue, Minneapolis, MN 55408
Four-unit income property with renovated interiors, fenced outdoor areas, and on-site parking near Uptown Minneapolis.
Property Size3,600 SF
Price / SF$191.64
Days on Market6
Property Features for 3024 Pleasant Avenue
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Jason Mitchell Group
Listed By:
The BPR Experience
(952) 992-9279
Source:
Thebprexperience
Added: Aug 30
Changed: Sep 3
Last Checked: Sep 2 at 4:52PM
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 Jason Mitchell Group
Investment Insights
Based on property information with market context.
This 3,600-square-foot quadplex, built in 1910, contains four units with a combined eight bedrooms and four bathrooms. Recent improvements include a new roof and updates throughout the units. The property also offers a fully fenced front yard and back yard, four off-street parking spaces, and an owned coin-operated laundry area in the basement.
Units 3 and 4 are leased through 2027, while Units 1 and 2 are expected to be vacant at closing. That configuration supports a range of ownership approaches, including occupying one of the vacant units or establishing new tenancy. The property is located at 3024 Pleasant Avenue in Minneapolis, near Uptown.
Units 3 and 4 are leased through 2027, while Units 1 and 2 are expected to be vacant at closing. That configuration supports a range of ownership approaches, including occupying one of the vacant units or establishing new tenancy. The property is located at 3024 Pleasant Avenue in Minneapolis, near Uptown.
Key Highlights
- Four‑unit property with 3,600 square feet, eight bedrooms, and four bathrooms
- New roof and updated interiors throughout the building
- Units 3 and 4 leased through 2027
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
$52,599
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
7.62%
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%
$1,051,980
$1.1M
Cap Rate 7%
$751,414
$751.4K
Cap Rate 9%
$584,433
$584.4K
Market Conditions
NOI Build-Up for 3,600 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
$79.9K $22.20/SF
− Vacancy
−$4.8K −$1.33/SF
EGI
$75.1K $20.87/SF
− OpEx
−$22.5K −$6.26/SF
NOI
$52.6K $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%
$1,051,980
Cap Rate 7%
$751,414
Cap Rate 9%
$584,433
Alternative Uses
Best Use
Multifamily LT 5
$751.4K
$657.5K – $876.7K
NOI $52,599 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$690.2K
$603.9K – $805.2K
NOI $48,311 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$858.9K
$751.5K – $1.00M
NOI $60,122 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,621
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit income property with renovated interiors, fenced outdoor areas, and on-site parking near Uptown Minneapolis.
Where is this quadplex located?
The property is located at 3024 Pleasant Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Four‑unit property with 3,600 square feet, eight bedrooms, and four bathrooms; New roof and updated interiors throughout the building; Units 3 and 4 leased through 2027
