Two-Unit Multi-Story
New
For Sale
$350,000
3045 Harriet Avenue, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size1,115 SF
Lot Size0.11 Acres
Price / SF$313.90
Days on Market4
Property Features for 3045 Harriet Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Basement, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Laundry Room, Bedroom 3, Bathroom 1
Parking features
Driveway
Fencing
Chain Link
Subdivision
Motor Line Add
High school district
Minneapolis
Directions
South on Harriet Ave from Lake Street to Property
Standard status
Active
APN
0302824220037
Size
1,115 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7215
Utilities
Heating system
Forced Air
Amenities
shared laundry
storage
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Michelle Fussy Peterson · License #NST505003859
(651) 494-4000
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 7149022
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 2.5-story duplex contains two separate residences: a two-bedroom unit on the main floor and a three-bedroom residence occupying the second and third floors. The main-floor home has a kitchen, living room, decorative fireplace, and hardwood flooring. In the upper residence, the third-floor bedroom includes a walk-in closet and can also serve as office or flex space. Shared laundry and storage are located below grade. The property was built in 1900 and includes driveway parking for up to four vehicles.
The parcel measures 0.11 acres, and the property size is listed as 1,115 square feet.
The parcel measures 0.11 acres, and the property size is listed as 1,115 square feet.
Key Highlights
- Two residences: a 2‑bedroom main‑floor unit and a 3‑bedroom upper residence
- 2.5‑story building constructed in 1900
- Upper residence spans the second and third floors; third‑floor bedroom has a walk‑in closet
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
$16,291
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
4.65%
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%
$325,820
$325.8K
Cap Rate 7%
$232,729
$232.7K
Cap Rate 9%
$181,011
$181.0K
Market Conditions
NOI Build-Up for 1,115 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
$24.8K $22.20/SF
− Vacancy
−$1.5K −$1.33/SF
EGI
$23.3K $20.87/SF
− OpEx
−$7.0K −$6.26/SF
NOI
$16.3K $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%
$325,820
Cap Rate 7%
$232,729
Cap Rate 9%
$181,011
Alternative Uses
Best Use
Multifamily LT 5
$232.7K
$203.6K – $271.5K
NOI $16,291 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$213.8K
$187.0K – $249.4K
NOI $14,963 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$266.0K
$232.8K – $310.4K
NOI $18,621 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer distinct bedroom layouts, with shared laundry and storage on the lower level.
Where is this duplex located?
The property is located at 3045 Harriet Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two residences: a 2‑bedroom main‑floor unit and a 3‑bedroom upper residence; 2.5‑story building constructed in 1900; Upper residence spans the second and third floors; third‑floor bedroom has a walk‑in closet
