Multifamily Value-Add
3200 Minnehaha Avenue Minneapolis, MN 55406
For Sale
$1,500,000
For sale 14-unit multifamily building on a bus line, with about 80% of units updated.
Property Size11,010 SF
Price / SF$136.24
Days on Market271
Property Features for 3200 Minnehaha Avenue
General Information
- Standard status
- Active
- Size
- 11,010 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1960
Listing Agency:
GREYHAWKE COMPANY
(503) 740-9037
Listed By:
Mawerdi Hamid
(503) 740-9037
Source:
Xome
Added: Oct 27, 2025
Changed: Jul 21
Last Checked: Jul 23 at 3:40AM
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 GREYHAWKE COMPANY
Investment Insights
Based on property information with market context.
This for-sale multifamily property offers the opportunity to own 14 residential units in a walkable, transit-oriented setting. The building is described as a 1960s value-add asset, with approximately 80% of the units updated and renovated, while rents are noted as being below market.
The property is located on a bus line and is about a block from the light rail, supporting convenient access for residents.
With a mix of updated and remaining units, the building presents a renovation-focused scenario within a transit-served neighborhood.
The property is located on a bus line and is about a block from the light rail, supporting convenient access for residents.
With a mix of updated and remaining units, the building presents a renovation-focused scenario within a transit-served neighborhood.
Key Highlights
- 14‑unit multifamily building built in 1960
- About 80% of units updated/renovated
- Located on a bus line and a block from the light rail
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $256.3k | $23.28 |
| − Vacancy | −$14.9k | −$1.35 |
| EGI | $241.4k | $21.93 |
| − OpEx | −$108.7k | −$9.87 |
| NOI | $132.8k | $12.06 |
11,010 SF · lease $23.28/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.66M – $2.21M
NOI $132,796 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.22M
$2.82M – $3.75M
NOI $225,202 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - For sale 14-unit multifamily building on a bus line, with about 80% of units updated.
Where is this apartment building located?
The property is located at 3200 Minnehaha Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 14‑unit multifamily building built in 1960; About 80% of units updated/renovated; Located on a bus line and a block from the light rail
