Updated Quadplex with
New
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 Market7
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 1, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 7, Bedroom 8, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 5
Exterior features
Stucco
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: Sep 3
Last Checked: Sep 4 at 4:06PM
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.
Investment Insights
Based on property information with market context.
This 3,600-square-foot quadplex includes four residential units with a combined eight bedrooms and four bathrooms. Built in 1910, the property has block construction, stucco exterior finishes, a flat roof, and updated interiors. The roof has been replaced, and the front and rear yards are fully fenced. Four off-street parking spaces serve the property.
The building sits at 3024 Pleasant Avenue in Minneapolis’s Uptown area on a 0.13-acre lot. A basement coin laundry is owned with the property and provides an additional operating feature. Two apartments are leased through 2027, while the remaining two are scheduled to be vacant at closing, offering flexibility for occupancy or new leasing arrangements.
The building sits at 3024 Pleasant Avenue in Minneapolis’s Uptown area on a 0.13-acre lot. A basement coin laundry is owned with the property and provides an additional operating feature. Two apartments are leased through 2027, while the remaining two are scheduled to be vacant at closing, offering flexibility for occupancy or new leasing arrangements.
Key Highlights
- 3,600 square feet across a four‑unit quadplex
- Eight bedrooms and four bathrooms total
- 0.13‑acre lot with fully fenced front and rear yards
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
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with fenced outdoor areas and owned coin-operated basement laundry.
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: 3,600 square feet across a four‑unit quadplex; Eight bedrooms and four bathrooms total; 0.13‑acre lot with fully fenced front and rear yards
