Residential Income
For Sale
$434,900
3116 Columbus Avenue, Minneapolis, MN 55407
The property has full fencing and a finished basement with natural gas, forced-air heating.
Property Size2,375 SF
Price / SF$204.76
Days on Market137
Property Features for 3116 Columbus Avenue
General Information
Standard status
Active
Size
2,375 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Taxes and HOA fees
Annual Taxes
$6,478
Amenities
Natural Gas, Forced Air
Finished, Full
Fenced, Full
Building Details
Building Size
2,375 SF
Year Built
1886
Stories
2
Listing Agency:
Bridge Realty
Listed By:
Jamil Porte
(763) 273-6556
Source:
Evrealestate
Added: May 22
Changed: Sep 26
Last Checked: Oct 4 at 8:59AM
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 Bridge Realty
Investment Insights
Based on property information with market context.
This residential income property at 3116 Columbus Avenue features a finished, full basement and full fencing. The home was built in 1886 and has natural gas and forced-air heating. Its zoning is designated Residential-Multi-Family.
The property is on Columbus Avenue in Minneapolis, with access from East 31st Street.
The property is on Columbus Avenue in Minneapolis, with access from East 31st Street.
Key Highlights
- Residential‑Multi‑Family zoning
- Built in 1886
- Finished, full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,503
Cap Rate
6.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,060
$570.1K
Cap Rate 7%
$407,186
$407.2K
Cap Rate 9%
$316,700
$316.7K
Market Conditions
NOI Build-Up for 2,124 SF
Gross rent
$55.3K $26.04/SF
− Vacancy
−$3.5K −$1.64/SF
EGI
$51.8K $24.40/SF
− OpEx
−$23.3K −$10.98/SF
NOI
$28.5K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,060
Cap Rate 7%
$407,186
Cap Rate 9%
$316,700
Alternative Uses
Best Use
Apartment 5plus
$407.2K
$356.3K – $475.1K
NOI $28,503 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$506.7K
$443.4K – $591.2K
NOI $35,472 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,681
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The property has full fencing and a finished basement with natural gas, forced-air heating.
Where is this residential income property located?
The property is located at 3116 Columbus Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $434,900.
What are key features of this property?
This property features: Residential‑Multi‑Family zoning; Built in 1886; Finished, full basement
