Multifamily
For Sale
$494,900
305 Jackson Avenue N, Hopkins, MN 55343
Residential-Multi-Family zoning and finished interior space support a residential income-property configuration.
Property Size2,282 SF
Price / SF$148.57
Days on Market14
Property Features for 305 Jackson Avenue N
General Information
Standard status
Active
Size
2,282 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Taxes and HOA fees
Annual Taxes
$9,142
Amenities
Natural Gas, Forced Air
Finished
Concrete, Attached
Building Details
Building Size
2,282 SF
Year Built
1967
Stories
1
Listing Agency:
Chestnut Realty
(952) 368-0422
Listed By:
Chad M Haasken
(952) 368-0422
Source:
Evrealestate
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 11 at 7:17AM
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 Chestnut Realty
Investment Insights
Based on property information with market context.
This multifamily property at 305 Jackson Avenue N in Hopkins was built in 1967 and includes finished interior space. The building is equipped with natural gas and forced-air systems, with concrete and attached exterior features identified in the property information.
The property is located on Jackson Avenue N, north of 2nd Street NE, with access from Excelsior Boulevard between Hwy. 100 and Hwy. 169. Hennepin County records identify the zoning as Residential-Multi-Family.
The property is located on Jackson Avenue N, north of 2nd Street NE, with access from Excelsior Boulevard between Hwy. 100 and Hwy. 169. Hennepin County records identify the zoning as Residential-Multi-Family.
Key Highlights
- Residential‑Multi‑Family zoning
- Built in 1967
- Finished interior space
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
$38,934
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
7.87%
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%
$778,680
$778.7K
Cap Rate 7%
$556,200
$556.2K
Cap Rate 9%
$432,600
$432.6K
Market Conditions
NOI Build-Up for 3,331 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
$75.1K $22.56/SF
− Vacancy
−$4.4K −$1.31/SF
EGI
$70.8K $21.25/SF
− OpEx
−$31.9K −$9.56/SF
NOI
$38.9K $11.69/SF
Area
Hennepin County, MN
Vacancy
5.80%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$778,680
Cap Rate 7%
$556,200
Cap Rate 9%
$432,600
Alternative Uses
Best Use
Apartment 5plus
$556.2K
$486.7K – $648.9K
NOI $38,934 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$794.7K
$695.4K – $927.2K
NOI $55,630 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 55343, MN
26,307
Population
14,111
Households
1.9
Avg Household Size
38
Median Age
52%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,416
Density / Sq Mi
$82,415
Median Household Income
$54,823
Median Earnings
$1,427
Median Rent
$350,700
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?
Multifamily property - Residential-Multi-Family zoning and finished interior space support a residential income-property configuration.
Where is this multifamily property located?
The property is located at 305 Jackson Avenue N Hopkins, MN.
What is the asking price?
The asking price for this property is $494,900.
What are key features of this property?
This property features: Residential‑Multi‑Family zoning; Built in 1967; Finished interior space
