Updated Three-Unit
For Sale
$449,900
318 7th Avenue NE, Minneapolis, MN 55413
Residential Income, Minneapolis, MN
Property Size1,900 SF
Lot Size0.12 Acres
Price / SF$236.79
Days on Market146
Property Features for 318 7th Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 1, Basement, Bathroom 2, Bathroom 3
Parking features
Driveway, Garage - Detached
Exterior features
Stucco, Wood
High school district
Minneapolis
Directions
University to 7th, east. Home on right.
Standard status
Active
APN
1402924310162
Size
1,900 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5983
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Brett Lizotte · License #40689497
(952) 829-2900
Added: May 7
Changed: Sep 24
Last Checked: Sep 29 at 8:06AM
MLS# 7064181
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 three-unit residential property offers 1,900 square feet across a configuration with three bedrooms and three bathrooms identified in the property details. The building dates to 1900 and includes updated kitchens, newer mechanical systems, and a newer shingle roof. Exterior materials include stucco and wood, with forced-air heating serving the property.
The 0.12-acre site includes a detached garage and driveway parking. The property is located at 318 7th Avenue NE in Minneapolis, near Boom Island and the Mississippi riverfront, with breweries, restaurants, and galleries in the surrounding Northeast area. Showings require a minimum of 24-hour notice.
The 0.12-acre site includes a detached garage and driveway parking. The property is located at 318 7th Avenue NE in Minneapolis, near Boom Island and the Mississippi riverfront, with breweries, restaurants, and galleries in the surrounding Northeast area. Showings require a minimum of 24-hour notice.
Key Highlights
- Three‑unit residential property with 1,900 square feet
- Updated kitchens in all three units
- Newer mechanical systems and shingle roof
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
$27,760
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
6.17%
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%
$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
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
$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 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%
$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.
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature refreshed kitchens, newer mechanical systems, and a newer shingle roof.
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‑unit residential property with 1,900 square feet; Updated kitchens in all three units; Newer mechanical systems and shingle roof
