Triplex with Two-Car
For Sale
$430,000
3033 Park Ave S, Minneapolis, MN 55407
Three-unit residential property with separate gas and electric service for each unit.
Property Size2,775 SF
Price / SF$154.95
Days on Market55
Property Features for 3033 Park Ave S
General Information
Standard status
Active
Size
2,775 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 3BR/1BA + office, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
porch
coin-operated laundry
Building Details
Year Built
1903
Listing Agency:
Side by Side Realty LLC
Listed By:
Garrett Gordon
(970) 571-3904
Source:
Bradadamrealty
Added: Aug 24
Changed: Oct 5
Last Checked: Oct 7 at 3:48PM
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 Side by Side Realty LLC
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Investment Insights
Based on property information with market context.
This Minneapolis triplex, built in 1903, contains 2,775 square feet across three units. The configuration includes two three-bedroom residences—one with two bathrooms and another with one bathroom plus an office—along with a one-bedroom, one-bathroom unit. A porch, vinyl siding, and a two-car garage serve the exterior.
The basement offers high ceilings, substantial storage or utility space, and roughed-in plumbing. Each apartment has its own gas and electric service, while the house systems are separately metered as well. Appliances and coin-operated laundry machines remain with the property at closing. One three-bedroom unit may offer an owner-occupancy option, subject to availability.
The basement offers high ceilings, substantial storage or utility space, and roughed-in plumbing. Each apartment has its own gas and electric service, while the house systems are separately metered as well. Appliances and coin-operated laundry machines remain with the property at closing. One three-bedroom unit may offer an owner-occupancy option, subject to availability.
Key Highlights
- Three‑unit property with 2,775 square feet
- Unit mix includes 3BR/2BA, 3BR/1BA with office, and 1BR/1BA
- 1903 construction with vinyl siding and a porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,240
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$744,800
$744.8K
Cap Rate 7%
$532,000
$532.0K
Cap Rate 9%
$413,778
$413.8K
Market Conditions
NOI Build-Up for 2,775 SF
Gross rent
$72.3K $26.04/SF
− Vacancy
−$4.6K −$1.64/SF
EGI
$67.7K $24.40/SF
− OpEx
−$30.5K −$10.98/SF
NOI
$37.2K $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 Rate 5%
$744,800
Cap Rate 7%
$532,000
Cap Rate 9%
$413,778
Alternative Uses
Best Use
Multifamily LT 5
$579.2K
$506.8K – $675.8K
NOI $40,545 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$532.0K
$465.5K – $620.7K
NOI $37,240 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$662.1K
$579.3K – $772.4K
NOI $46,344 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,681
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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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?
Triplex - Three-unit residential property with separate gas and electric service for each unit.
Where is this triplex located?
The property is located at 3033 Park Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Three‑unit property with 2,775 square feet; Unit mix includes 3BR/2BA, 3BR/1BA with office, and 1BR/1BA; 1903 construction with vinyl siding and a porch
