Updated Up-and-Down
For Sale
$350,000
3229 Penn Avenue N, Minneapolis, MN 55412
Two spacious residences offer hardwood flooring, separate mechanical systems, coin laundry, and off-street parking.
Property Size2,006 SF
Price / SF$174.48
Days on Market9
Property Features for 3229 Penn Avenue N
General Information
Standard status
Active
Size
2,006 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
coin-operated laundry
off-street parking
Building Details
Year Built
1963
Buildings
1
Listing Agency:
Edina Realty, Inc
Listed By:
The BPR Experience
(952) 992-9279
Source:
Thebprexperience
Added: Sep 19
Changed: Sep 26
Last Checked: Sep 26 at 7:12AM
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 Edina Realty, Inc
Investment Insights
Based on property information with market context.
Located at 3229 Penn Avenue N in Minneapolis, this 2,006-square-foot duplex has an up-and-down layout with one residence above the other. Each unit includes 3 bedrooms, 1 bathroom, hardwood floors, a separate furnace, and an individual water heater. The property was built in 1963 and has received updates throughout.
Additional features include coin-operated laundry, off-street parking, and tenant-paid utilities. The upper unit is owner occupied, while the lower unit is leased. A basement provides additional space and may support conversion to a third unit, subject to city approval.
Additional features include coin-operated laundry, off-street parking, and tenant-paid utilities. The upper unit is owner occupied, while the lower unit is leased. A basement provides additional space and may support conversion to a third unit, subject to city approval.
Key Highlights
- 2,006‑square‑foot duplex at 3229 Penn Avenue N, Minneapolis, MN 55412
- Up‑and‑down layout with 3 bedrooms and 1 bathroom in each unit
- Separate furnace and water heater serving each residence
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
$29,309
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
8.37%
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%
$586,180
$586.2K
Cap Rate 7%
$418,700
$418.7K
Cap Rate 9%
$325,656
$325.7K
Market Conditions
NOI Build-Up for 2,006 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
$44.5K $22.20/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$41.9K $20.87/SF
− OpEx
−$12.6K −$6.26/SF
NOI
$29.3K $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%
$586,180
Cap Rate 7%
$418,700
Cap Rate 9%
$325,656
Alternative Uses
Best Use
Multifamily LT 5
$418.7K
$366.4K – $488.5K
NOI $29,309 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$384.6K
$336.5K – $448.7K
NOI $26,920 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$478.6K
$418.8K – $558.4K
NOI $33,501 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 55412, MN
23,800
Population
9,676
Households
2.5
Avg Household Size
33
Median Age
28%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,000
Density / Sq Mi
$71,905
Median Household Income
$42,494
Median Earnings
$1,340
Median Rent
$226,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 spacious residences offer hardwood flooring, separate mechanical systems, coin laundry, and off-street parking.
Where is this duplex located?
The property is located at 3229 Penn Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,006‑square‑foot duplex at 3229 Penn Avenue N, Minneapolis, MN 55412; Up‑and‑down layout with 3 bedrooms and 1 bathroom in each unit; Separate furnace and water heater serving each residence
