Four-Unit Quadplex with
For Sale
$875,000
3101 E 24th St, Minneapolis, MN 55406
Fully leased apartment property with consistent layouts, private entries, resident laundry, and dedicated storage.
Property Size4,464 SF
Price / SF$196.01
Days on Market31
Property Features for 3101 E 24th St
General Information
Standard status
Active
Size
4,464 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Amenities
coin-operated laundry
front porch/balcony
back balcony
basement storage
Building Details
Year Built
1905
Buildings
1
Tenancy
Multi
Listing Agency:
Engel & Volkers Minneapolis
(612) 338-3836
Listed By:
Malee Vang
Source:
Homesearchlive
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 28 at 1:02PM
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 Engel & Volkers Minneapolis
Investment Insights
Based on property information with market context.
This 4,464-square-foot quadplex contains four matching apartments, each with 3 bedrooms and 1 full bathroom. The main-level residences offer separate front and rear access, while all units feature a front porch or balcony; the upper apartments share a rear balcony. Individual heat controls are available through the building’s boiler setup. Select improvements include interior paint and newer appliances in some units.
The property includes rear parking for at least 8 cars, a coin-operated washer, and a newer complimentary dryer. Basement storage consists of 3 resident storage units plus a substantial owner’s storage area. All four apartments are fully leased on year-long terms, with tenants having renewed. Built in 1905 and located in Minneapolis’s Seward neighborhood.
The property includes rear parking for at least 8 cars, a coin-operated washer, and a newer complimentary dryer. Basement storage consists of 3 resident storage units plus a substantial owner’s storage area. All four apartments are fully leased on year-long terms, with tenants having renewed. Built in 1905 and located in Minneapolis’s Seward neighborhood.
Key Highlights
- Four 3‑bedroom, 1‑bathroom apartments with matching floor plans
- 4,464 SF quadplex built in 1905
- Rear parking accommodates at least 8 cars
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
$57,849
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
6.61%
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%
$1,156,980
$1.2M
Cap Rate 7%
$826,414
$826.4K
Cap Rate 9%
$642,767
$642.8K
Market Conditions
NOI Build-Up for 4,464 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
$88.4K $19.80/SF
− Vacancy
−$5.7K −$1.29/SF
EGI
$82.6K $18.51/SF
− OpEx
−$24.8K −$5.55/SF
NOI
$57.8K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /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%
$1,156,980
Cap Rate 7%
$826,414
Cap Rate 9%
$642,767
Alternative Uses
Best Use
Multifamily LT 5
$826.4K
$723.1K – $964.2K
NOI $57,849 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$769.2K
$673.0K – $897.4K
NOI $53,842 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,308 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,292
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased apartment property with consistent layouts, private entries, resident laundry, and dedicated storage.
Where is this quadplex located?
The property is located at 3101 E 24th St Minneapolis, MN.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Four 3‑bedroom, 1‑bathroom apartments with matching floor plans; 4,464 SF quadplex built in 1905; Rear parking accommodates at least 8 cars
