9-Bedroom Duplex with New
For Sale
$459,900
3213 Minnehaha Ave, Minneapolis, MN 55406
Two-unit property with hardwood floors, updated windows, fresh paint, and convenient access to light rail and neighborhood businesses.
Property Size3,370 SF
Price / SF$136.47
Days on Market46
Property Features for 3213 Minnehaha Ave
General Information
Standard status
Active
Size
3,370 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1905
Buildings
1
Listing Agency:
RE/MAX Results
(763) 755-1100
Listed By:
Paulo Mora
Source:
Bethanynelsongroup
Added: Jul 19
Changed: Aug 29
Last Checked: Aug 30 at 8:49PM
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
Investment Insights
Based on property information with market context.
This duplex at 3213 Minnehaha Ave offers 9 bedrooms within a spacious layout suited to income-producing use or multigenerational living. Original hardwood floors, newer windows, fresh paint, and a brand new roof are among the property’s notable features. The home was built in 1905 and has been well maintained.
The property is located near light rail service, restaurants, distilleries, and coffee shops. Its two-unit configuration and substantial bedroom count provide flexibility for an owner-occupant or residential income strategy, while the updated exterior and interior elements support immediate usability.
The property is located near light rail service, restaurants, distilleries, and coffee shops. Its two-unit configuration and substantial bedroom count provide flexibility for an owner-occupant or residential income strategy, while the updated exterior and interior elements support immediate usability.
Key Highlights
- 9‑bedroom duplex at 3213 Minnehaha Ave, Minneapolis, MN 55406
- Brand new roof and newer windows
- Original hardwood floors and fresh paint
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
$40,647
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
8.84%
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%
$812,940
$812.9K
Cap Rate 7%
$580,671
$580.7K
Cap Rate 9%
$451,633
$451.6K
Market Conditions
NOI Build-Up for 3,370 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
$78.5K $23.28/SF
− Vacancy
−$4.6K −$1.35/SF
EGI
$73.9K $21.93/SF
− OpEx
−$33.3K −$9.87/SF
NOI
$40.6K $12.06/SF
Area
ZIP 55406
Vacancy
5.80%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$812,940
Cap Rate 7%
$580,671
Cap Rate 9%
$451,633
Alternative Uses
Best Use
Multifamily LT 5
$623.9K
$545.9K – $727.9K
NOI $43,672 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$580.7K
$508.1K – $677.5K
NOI $40,647 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$984.7K
$861.6K – $1.15M
NOI $68,931 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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 - Two-unit property with hardwood floors, updated windows, fresh paint, and convenient access to light rail and neighborhood businesses.
Where is this duplex located?
The property is located at 3213 Minnehaha Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: 9‑bedroom duplex at 3213 Minnehaha Ave, Minneapolis, MN 55406; Brand new roof and newer windows; Original hardwood floors and fresh paint
