Maintained Duplex with Music
New
For Sale
$390,000
3132 Columbus Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,385 SF
Lot Size0.11 Acres
Price / SF$163.52
Days on Market2
Property Features for 3132 Columbus Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Basement, Bedroom 4, Bathroom 2
Parking features
Garage - Detached, Driveway
Exterior features
Vinyl
Subdivision
Chicago Lake Park Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
From Lake Street, go north on Columbus for 1.5 blocks. The home is on the right.
Standard status
Active
APN
0202824220045
Size
2,385 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4707
Utilities
Heating system
Oil
Building Details
Year built
1891
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Heather Mylin · License #40677468
(612) 867-7541
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 2:06AM
MLS# 7110043
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.
Built in 1891, this 2,385-square-foot duplex includes two residential units with dedicated laundry, original woodwork, updated pocket doors, custom built-ins, and modern improvements. The finished third-floor attic provides additional flexible space, while composite porches with wrapped pillars and a pollinator garden enhance the exterior. New windows were installed in 2017, followed by a new roof and siding in 2023.
A detached carriage house adds a soundproofed, heated, and air-conditioned music studio with storage and a preserved loft. The property occupies 0.1084 acres and includes a driveway and detached garage. Located at 3132 Columbus Avenue in Minneapolis, the property is near neighborhood cafes, local shops, and public transit.
A detached carriage house adds a soundproofed, heated, and air-conditioned music studio with storage and a preserved loft. The property occupies 0.1084 acres and includes a driveway and detached garage. Located at 3132 Columbus Avenue in Minneapolis, the property is near neighborhood cafes, local shops, and public transit.
Key Highlights
- 2,385‑square‑foot duplex built in 1891
- Two units with dedicated laundry
- Detached carriage house converted to a soundproofed music studio
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
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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
Check the figures for this property
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?
Duplex - Two residential units offer dedicated laundry, complemented by a detached studio with soundproofing, heating, and air conditioning.
Where is this duplex located?
The property is located at 3132 Columbus Avenue 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 built in 1891; Two units with dedicated laundry; Detached carriage house converted to a soundproofed music studio
