2-Unit Duplex with
For Sale
$410,000
3047 Grand Street NE, Minneapolis, MN 55418
Up-and-down residential income property with occupied units, private outdoor space, and a detached two-car garage.
Property Size1,814 SF
Price / SF$226.02
Days on Market19
Property Features for 3047 Grand Street NE
General Information
Standard status
Active
Size
1,814 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
fenced yard
deck
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Realty Xperts
(612) 916-0245
Listed By:
Jay Hancock Real Estate
(612) 916-0245
Source:
Jayhancockrealestate
Added: Aug 14
Changed: Aug 31
Last Checked: Sep 1 at 6:41PM
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 Realty Xperts
Investment Insights
Based on property information with market context.
This 1,814-square-foot duplex was built in 1900 and is arranged as an upper and lower residence. Each unit includes two bedrooms and one bathroom, and both units are currently occupied. The property also provides a fenced backyard, a deck, and a large two-car garage.
The property is located at 3047 Grand Street NE in Minneapolis, near neighborhood breweries, restaurants, and the river. Its residential configuration and existing occupancy provide a clearly defined multifamily asset with dedicated outdoor and garage amenities.
The property is located at 3047 Grand Street NE in Minneapolis, near neighborhood breweries, restaurants, and the river. Its residential configuration and existing occupancy provide a clearly defined multifamily asset with dedicated outdoor and garage amenities.
Key Highlights
- 1,814 SF duplex built in 1900
- Two units, each with 2 bedrooms and 1 bathroom
- Both units currently occupied
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
$26,504
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
6.46%
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%
$530,080
$530.1K
Cap Rate 7%
$378,629
$378.6K
Cap Rate 9%
$294,489
$294.5K
Market Conditions
NOI Build-Up for 1,814 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
$40.3K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.9K $20.87/SF
− OpEx
−$11.4K −$6.26/SF
NOI
$26.5K $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%
$530,080
Cap Rate 7%
$378,629
Cap Rate 9%
$294,489
Alternative Uses
Best Use
Multifamily LT 5
$378.6K
$331.3K – $441.7K
NOI $26,504 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$347.8K
$304.3K – $405.7K
NOI $24,343 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$432.8K
$378.7K – $504.9K
NOI $30,295 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
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 - Up-and-down residential income property with occupied units, private outdoor space, and a detached two-car garage.
Where is this duplex located?
The property is located at 3047 Grand Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 1,814 SF duplex built in 1900; Two units, each with 2 bedrooms and 1 bathroom; Both units currently occupied
