Four-Unit Quadplex with
For Sale
$875,000
3101 E 24th Street, Minneapolis, MN 55406
Fully leased apartment property with consistent layouts, private entries, resident laundry, and dedicated storage.
Property Size6,696 SF
Price / SF$196.01
Days on Market116
Property Features for 3101 E 24th Street
General Information
Standard status
Active
Size
6,696 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Occupancy
100%
Net Operating Income
$74,450
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,457
Amenities
coin-operated laundry
front porch/balcony
back balcony
basement storage
Coin Laundry
Natural Gas
Block, Full, Unfinished
Assigned, Gravel, Parking Lot
Building Details
Building Size
6,696 SF
Year Built
1905
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Engel & Volkers Minneapolis
Listed By:
Malee Vang
(651) 332-4569
Source:
Evrealestate
Added: Jun 29
Changed: Oct 8
Last Checked: Oct 20 at 8:21PM
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
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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 / Yr
$57,849
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,292
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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 Street 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
