Updated Two-Bedroom
For Sale
$499,900
3044 Fremont Ave S, Minneapolis, MN 55408
Two-bedroom, one-bath layout with an updated kitchen, off-street parking, and access to Uptown amenities.
Property Size2,400 SF
Price / SF$208.29
Days on Market17
Property Features for 3044 Fremont Ave S
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Occupancy
75%
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Buildings
2
Tenancy
Multi
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka
Listed By:
Rick Brama
(952) 475-0111
Source:
Brickandbanister
Added: Aug 17
Changed: Aug 28
Last Checked: Sep 1 at 9:56PM
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 Keller Williams Premier Realty Lake Minnetonka
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex, built in 1900, offers an updated two-bedroom, one-bath unit with a practical up-and-down configuration. The residence includes a generous living and dining area, along with a renovated kitchen equipped with modern appliances. Off-street parking is provided, and a garage option is available.
The property is located at 3044 Fremont Ave S in Minneapolis’s Uptown area, near the Chain of Lakes and a range of shops, restaurants, and entertainment venues. The setting combines neighborhood convenience with access to outdoor recreation. Pets may be permitted subject to approval, with applicable pet deposit and pet rent. Tenants are responsible for utilities, snow removal, and liability insurance.
The property is located at 3044 Fremont Ave S in Minneapolis’s Uptown area, near the Chain of Lakes and a range of shops, restaurants, and entertainment venues. The setting combines neighborhood convenience with access to outdoor recreation. Pets may be permitted subject to approval, with applicable pet deposit and pet rent. Tenants are responsible for utilities, snow removal, and liability insurance.
Key Highlights
- 2,400 SF duplex at 3044 Fremont Ave S, Minneapolis, MN 55408
- Built in 1900
- Two‑bedroom, one‑bath unit with up‑and‑down duplex layout
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
$35,066
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
7.01%
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%
$701,320
$701.3K
Cap Rate 7%
$500,943
$500.9K
Cap Rate 9%
$389,622
$389.6K
Market Conditions
NOI Build-Up for 2,400 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
$53.3K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$50.1K $20.87/SF
− OpEx
−$15.0K −$6.26/SF
NOI
$35.1K $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%
$701,320
Cap Rate 7%
$500,943
Cap Rate 9%
$389,622
Alternative Uses
Best Use
Multifamily LT 5
$500.9K
$438.3K – $584.4K
NOI $35,066 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$460.1K
$402.6K – $536.8K
NOI $32,207 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$572.6K
$501.0K – $668.0K
NOI $40,081 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,100
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?
Duplex - Two-bedroom, one-bath layout with an updated kitchen, off-street parking, and access to Uptown amenities.
Where is this duplex located?
The property is located at 3044 Fremont Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,400 SF duplex at 3044 Fremont Ave S, Minneapolis, MN 55408; Built in 1900; Two‑bedroom, one‑bath unit with up‑and‑down duplex layout
