Updated Duplex Near Chain of
New
For Sale
$499,900
3044 Fremont Avenue S, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size2,400 SF
Lot Size0.15 Acres
Price / SF$208.29
Days on Market7
Property Features for 3044 Fremont Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Parking features
Driveway, Garage - Detached
Exterior features
Wood
Fencing
Privacy
Subdivision
Calhoun Park
Lot features
Corner Lot
High school district
Minneapolis
Directions
CORNER OF 31ST ST & FREMONT AVE S
Standard status
Active
APN
0402824120062
Size
2,400 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8048
Utilities
Heating system
Hot Water(Heating), Other (Heating), Oil
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka · Keller Williams Realty
(952) 475-0111
Listed By:
Rick Brama
(952) 475-0111
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 19 at 10:06PM
MLS# 7121589
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 duplex property offers 2,400 square feet on a 0.15-acre lot in Minneapolis’s Uptown area. The residence includes two bedrooms and one bathroom in the featured unit, along with living and dining areas, an updated kitchen with modern appliances, a basement, wood exterior siding, and a shingle roof. Off-street parking includes a driveway and detached garage, while privacy fencing adds separation around the property.
The property is located near the Chain of Lakes and the retail, restaurant, and entertainment offerings of Uptown Minneapolis. The ownership offering includes the adjacent duplex at 3040 Fremont Avenue S, with three of four total units occupied and the main-floor unit at 3040 currently vacant. Tenants are responsible for utilities, snow removal, and liability insurance.
The property is located near the Chain of Lakes and the retail, restaurant, and entertainment offerings of Uptown Minneapolis. The ownership offering includes the adjacent duplex at 3040 Fremont Avenue S, with three of four total units occupied and the main-floor unit at 3040 currently vacant. Tenants are responsible for utilities, snow removal, and liability insurance.
Key Highlights
- Two duplexes at 3040 and 3044 Fremont Avenue S
- 2,400 square feet on a 0.15‑acre lot
- Three of four total units occupied; 3040 main‑floor unit is vacant
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with off-street parking, a detached garage option, and proximity to Uptown shops, dining, and outdoor recreation.
Where is this duplex located?
The property is located at 3044 Fremont Avenue 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: Two duplexes at 3040 and 3044 Fremont Avenue S; 2,400 square feet on a 0.15‑acre lot; Three of four total units occupied; 3040 main‑floor unit is vacant
