Four-Unit Apartment Building with
For Sale
$875,000
3101 E 24th Street, Minneapolis, MN 55406
Minneapolis, MN
Property Size4,464 SF
Price / SF$196.01
Days on Market79
Property Features for 3101 E 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 10, Bedroom 1, Bedroom 11, Bedroom 12, Bedroom 7, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 9, Bedroom 5, Bedroom 8
Subdivision
Rgt Falls City Addn-Blks E-F-G-H-T &U
Standard status
Active
Size
4,464 SF
Amenities
balcony
coin-op laundry
Building Details
Year built
1905
Listing Agency:
Engel & Volkers Minneapolis · Engel & Völkers
(612) 338-3836
Listed By:
Malee Vang
(651) 332-4569
Added: Jul 15
Changed: Sep 16
Last Checked: Oct 1 at 8:06AM
MLS# 7096745
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,464-square-foot quadplex, built in 1905, contains four matching apartments, each with three bedrooms and one full bathroom. The main-floor residences have separate front and rear entrances, while the upper apartments share a rear balcony. Each unit also includes a front porch or balcony and individual control of its heat through the building’s boiler system.
Recent work includes interior paint and newer appliances in some units. The property provides rear parking for at least 8 cars, coin-operated laundry equipment, and a newer dryer. Basement storage includes three tenant storage units plus a substantially sized owner storage area. All four apartments are fully leased, with tenants occupying year-long leases that have been renewed.
Recent work includes interior paint and newer appliances in some units. The property provides rear parking for at least 8 cars, coin-operated laundry equipment, and a newer dryer. Basement storage includes three tenant storage units plus a substantially sized owner storage area. All four apartments are fully leased, with tenants occupying year-long leases that have been renewed.
Key Highlights
- Four‑unit property with 4,464 square feet, built in 1905
- Each apartment offers 3 bedrooms and 1 full bathroom
- All 4 units are fully leased with renewed year‑long leases
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased property with matching floor plans, private entries, and basement 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‑unit property with 4,464 square feet, built in 1905; Each apartment offers 3 bedrooms and 1 full bathroom; All 4 units are fully leased with renewed year‑long leases
