4-Unit Multifamily
For Sale
$689,900
3024 Pleasant Avenue, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size3,600 SF
Lot Size0.13 Acres
Price / SF$191.64
Days on Market55
Property Features for 3024 Pleasant Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 8, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 7, Bathroom 4
Subdivision
Motor Line Add
High school district
Minneapolis
Directions
I 35W exit to Stevens Avenue, West on Lake then South on Pleasant Ave, To home on the right.
Standard status
Active
APN
0302824220007
Size
3,600 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9814
Utilities
Heating system
Other (Heating)
Amenities
coin laundry
fully fenced yard
Building Details
Year built
1910
Building materials
Block
Roof type
Flat
Listing Agency:
Keller Williams Classic Rlty NW · Keller Williams Realty
(763) 463-7500
Listed By:
Cariana Chambers
(763) 657-4444
Added: Aug 29
Changed: Oct 20
Last Checked: Oct 22 at 5:06PM
MLS# 7134709
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.
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Investment Insights
Based on property information with market context.
This 4-unit property contains 3,600 square feet with a total of 8 bedrooms and 4 bathrooms. Built in 1910, the building has a new roof and updated units. A coin-operated laundry area in the basement is owned outright. The 0.13-acre parcel also includes fenced front and back yards and 4 off-street parking spaces.
At 3024 Pleasant Avenue in Minneapolis, the property is near Uptown. Units 3 and 4 are leased through 2027; units 1 and 2 are scheduled to be vacant at closing.
At 3024 Pleasant Avenue in Minneapolis, the property is near Uptown. Units 3 and 4 are leased through 2027; units 1 and 2 are scheduled to be vacant at closing.
Key Highlights
- Four‑unit property with 8 bedrooms and 4 bathrooms
- Units 3 and 4 leased through 2027; units 1 and 2 vacant at closing
- 3,600 square feet on a 0.13‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,599
Cap Rate
7.62%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Two units are leased through 2027, while the other two will be vacant at closing.
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 8 bedrooms and 4 bathrooms; Units 3 and 4 leased through 2027; units 1 and 2 vacant at closing; 3,600 square feet on a 0.13‑acre parcel
