Updated
For Sale
$449,900
318 7TH Avenue NE, Minneapolis, MN 55413
Three residential units feature refreshed kitchens and newer building systems and roofing.
Property Size1,900 SF
Price / SF$236.79
Days on Market224
Property Features for 318 7TH Avenue NE
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
RE/MAX Results
Listed By:
Brett Lizotte · License #40689497
(651) 319-6599
Source:
C21atwood
Added: Mar 6
Changed: Oct 11
Last Checked: Oct 14 at 11:58PM
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 RE/MAX Results
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Investment Insights
Based on property information with market context.
This 1,900-square-foot triplex, built in 1900, contains three units, each in great condition. The kitchens have been updated, and the property has newer mechanical systems and a newer roof.
The building is in Northeast Minneapolis, near Boom Island and the Mississippi River waterfront. Restaurants, breweries, and galleries are also part of the surrounding area. Showings require at least 24 hours’ notice.
The building is in Northeast Minneapolis, near Boom Island and the Mississippi River waterfront. Restaurants, breweries, and galleries are also part of the surrounding area. Showings require at least 24 hours’ notice.
Key Highlights
- Three units in great condition
- 1,900 square feet; built in 1900
- Updated kitchens across the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,760
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$555,200
$555.2K
Cap Rate 7%
$396,571
$396.6K
Cap Rate 9%
$308,444
$308.4K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$42.2K $22.20/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$39.7K $20.87/SF
− OpEx
−$11.9K −$6.26/SF
NOI
$27.8K $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 Rate 5%
$555,200
Cap Rate 7%
$396,571
Cap Rate 9%
$308,444
Alternative Uses
Best Use
Multifamily LT 5
$396.6K
$347.0K – $462.7K
NOI $27,760 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$364.2K
$318.7K – $425.0K
NOI $25,497 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$453.3K
$396.6K – $528.9K
NOI $31,731 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 55413, MN
13,914
Population
8,080
Households
1.7
Avg Household Size
34
Median Age
58%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
4,488
Density / Sq Mi
$84,252
Median Household Income
$57,091
Median Earnings
$1,497
Median Rent
$354,200
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
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature refreshed kitchens and newer building systems and roofing.
Where is this triplex located?
The property is located at 318 7TH Avenue NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three units in great condition; 1,900 square feet; built in 1900; Updated kitchens across the property
