2-Unit Duplex with
For Sale
$390,000
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$214.99
Days on Market67
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:
Century 21 Affiliated
Listed By:
Jay Hancock Real Estate
(612) 916-0245
Source:
Jayhancockrealestate
Added: Aug 14
Changed: Oct 16
Last Checked: Oct 16 at 8:17AM
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 Century 21 Affiliated
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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 / Yr
$26,504
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
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
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 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 6.80%
Second Best
Apartment 5plus
$347.8K
$304.3K – $405.7K
NOI $24,343 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$432.8K
$378.7K – $504.9K
NOI $30,295 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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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?
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 $390,000.
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
