Duplex with Finished Lower
3118 Newton Avenue N, Minneapolis, MN 55411
For Sale
$339,000
Both residences are leased, with additional finished space and utility rough-ins below grade.
Property Size1,730 SF
Price / SF$195.95
Days on Market25
Property Features for 3118 Newton Avenue N
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Additional Details
Gross Income
Multifamily Units
Tenant in Place
Building Details
Year Built
Listing Agency:
Coldwell Banker Realty
(651) 452-5950
Listed By:
Mark D. Heinzman
(952) 693-5660
Source:
Obviousrealestate
Added: Oct 17
Changed: Nov 10
Last Checked: Nov 9 at 8:06PM
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 Coldwell Banker Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,730-square-foot duplex was built in 1914 and has two leased units. The lower level includes finished space, a framed bedroom area, and rough-ins for a kitchen and bathroom. These existing features add flexibility to the property's layout.
Key Highlights
- Two units, both currently leased
- 1,730 square feet
- Built in 1914
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,277
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$505,540
$505.5K
Cap Rate 7%
$361,100
$361.1K
Cap Rate 9%
$280,856
$280.9K
Market Conditions
NOI Build-Up for 1,730 SF
Gross rent
$38.4K $22.20/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$36.1K $20.87/SF
− OpEx
−$10.8K −$6.26/SF
NOI
$25.3K $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 Rate 5%
$505,540
Cap Rate 7%
$361,100
Cap Rate 9%
$280,856
Alternative Uses
Best Use
Multifamily LT 5
$361.1K
$316.0K – $421.3K
NOI $25,277 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$331.7K
$290.2K – $386.9K
NOI $23,216 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$412.7K
$361.2K – $481.5K
NOI $28,892 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Duplexes in Minneapolis, MN
Properties on Market for Duplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with additional finished space and utility rough-ins below grade.
Where is this duplex located?
The property is located at 3118 Newton Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Two units, both currently leased; 1,730 square feet; Built in 1914
