Duplex with Detached Music
New
For Sale
$390,000
3132 Columbus Ave, Minneapolis, MN 55407
Updated duplex with two private laundry areas, finished attic space, and a separate climate-controlled creative studio.
Property Size2,385 SF
Price / SF$163.52
Days on Market7
Property Features for 3132 Columbus Ave
General Information
Standard status
Active
Size
2,385 SF
Property subtype
Multi-Family
Building Details
Year Built
1891
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Heather Mylin · License #40677468
(612) 867-7541
Source:
Brickandbanister
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 11:16AM
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 Keller Williams Realty Integrity Lakes
Investment Insights
Based on property information with market context.
This 2,385-square-foot duplex combines preserved architectural detailing with practical updates. The two units include dedicated laundry areas, while original woodwork, pocket doors, and built-in cabinetry add character. A finished third-floor attic provides additional flexible space, and composite porches extend the usable area outdoors. New windows were installed in 2017, followed by a new roof and siding in 2023.
A detached carriage house has been converted into a soundproofed music studio with heating, air conditioning, storage, and a preserved loft. The grounds include a pollinator garden and front and rear porches with custom-wrapped pillars. The property is located at 3132 Columbus Ave in Minneapolis, within walking distance of neighborhood cafes, local shops, and public transit.
A detached carriage house has been converted into a soundproofed music studio with heating, air conditioning, storage, and a preserved loft. The grounds include a pollinator garden and front and rear porches with custom-wrapped pillars. The property is located at 3132 Columbus Ave in Minneapolis, within walking distance of neighborhood cafes, local shops, and public transit.
Key Highlights
- 2,385‑square‑foot duplex with two residential units
- Detached carriage house converted to a soundproofed, heated, air‑conditioned music studio
- Finished third‑floor attic with additional flexible space and preserved loft
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
$34,847
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
8.94%
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%
$696,940
$696.9K
Cap Rate 7%
$497,814
$497.8K
Cap Rate 9%
$387,189
$387.2K
Market Conditions
NOI Build-Up for 2,385 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
$52.9K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$49.8K $20.87/SF
− OpEx
−$14.9K −$6.26/SF
NOI
$34.8K $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%
$696,940
Cap Rate 7%
$497,814
Cap Rate 9%
$387,189
Alternative Uses
Best Use
Multifamily LT 5
$497.8K
$435.6K – $580.8K
NOI $34,847 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$457.2K
$400.1K – $533.4K
NOI $32,006 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$569.0K
$497.9K – $663.9K
NOI $39,831 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with two private laundry areas, finished attic space, and a separate climate-controlled creative studio.
Where is this duplex located?
The property is located at 3132 Columbus Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,385‑square‑foot duplex with two residential units; Detached carriage house converted to a soundproofed, heated, air‑conditioned music studio; Finished third‑floor attic with additional flexible space and preserved loft
