Side-by-Side Duplex with Detached
For Sale
$439,900
3116 Columbus Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,124 SF
Lot Size0.17 Acres
Price / SF$207.11
Days on Market92
Property Features for 3116 Columbus Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 1, Basement, Bedroom 2, Bathroom 2, Bedroom 5
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
Chicago Lake Park Add
High school district
Minneapolis
Directions
From East 31st St, go SOUTH on Columbus Ave to home. Home will be on your RIGHT.
Standard status
Active
APN
0202824220199
Size
2,124 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6479
Utilities
Heating system
Forced Air
Amenities
private laundry
fenced-in yard
Building Details
Year built
1886
Roof type
Shingle
Listing Agency:
Bridge Realty, LLC
(952) 368-0021
Listed By:
Jamil Porte
(952) 368-0021
Added: May 21
Changed: Aug 20
Last Checked: Aug 20 at 3:06PM
MLS# 7078649
Copyright © 2026 Northstar MLS. 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 sunny side-by-side duplex offers two separate units with private laundry on each side. Unit 1 has three bedrooms and two bathrooms and is currently vacant. Unit 2 has three bedrooms and one bathroom and is rented on a month-to-month basis.
The property includes a detached garage for two cars, plus three additional parking spaces in the back by the garage. Exterior features include vinyl siding, with shingle roofing and forced-air heating. Recent updates include a new roof and updated electrical.
Set on a 0.17-acre lot, the duplex was built in 1886 and contains 2,124 square feet. The yard is fenced and described as private, providing outdoor space for pets or recreation.
The property includes a detached garage for two cars, plus three additional parking spaces in the back by the garage. Exterior features include vinyl siding, with shingle roofing and forced-air heating. Recent updates include a new roof and updated electrical.
Set on a 0.17-acre lot, the duplex was built in 1886 and contains 2,124 square feet. The yard is fenced and described as private, providing outdoor space for pets or recreation.
Key Highlights
- Side‑by‑side duplex with 3 bedrooms and 2 bathrooms in Unit 1; Unit 1 is vacant
- Unit 2 has 3 bedrooms and 1 bathroom and is rented month to month
- Private laundry on each side
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
$31,033
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
7.05%
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%
$620,660
$620.7K
Cap Rate 7%
$443,329
$443.3K
Cap Rate 9%
$344,811
$344.8K
Market Conditions
NOI Build-Up for 2,124 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
$47.2K $22.20/SF
− Vacancy
−$2.8K −$1.33/SF
EGI
$44.3K $20.87/SF
− OpEx
−$13.3K −$6.26/SF
NOI
$31.0K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$620,660
Cap Rate 7%
$443,329
Cap Rate 9%
$344,811
Alternative Uses
Best Use
Multifamily LT 5
$443.3K
$387.9K – $517.2K
NOI $31,033 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$407.2K
$356.3K – $475.1K
NOI $28,503 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$506.7K
$443.4K – $591.2K
NOI $35,472 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Sunny side-by-side duplex with private laundry on each side, detached garage parking, and fenced yard.
Where is this duplex located?
The property is located at 3116 Columbus Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Side‑by‑side duplex with 3 bedrooms and 2 bathrooms in Unit 1; Unit 1 is vacant; Unit 2 has 3 bedrooms and 1 bathroom and is rented month to month; Private laundry on each side
