Triplex with Updated
For Sale
$395,000
3300 41st Ave S, Minneapolis, MN 55406
Recent capital improvements include roofing, sewer, plumbing, and furnace work.
Property Size2,052 SF
Price / SF$192.50
Days on Market84
Property Features for 3300 41st Ave S
General Information
Standard status
Active
Size
2,052 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Longfellow
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
basement storage
owned coin-operated laundry
Building Details
Year Built
1911
Listing Agency:
Home Avenue Flat Fee Realty
Listed By:
Gregory W Lawrence · License #20324479
(612) 924-3381
Source:
Putyourrootsdown
Added: Aug 3
Changed: Oct 5
Last Checked: Oct 7 at 3:05PM
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 Home Avenue Flat Fee Realty
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Investment Insights
Based on property information with market context.
This Minneapolis triplex includes three separate units, each configured with 2 bedrooms and 1 bathroom. The upper residence has hardwood flooring and an enclosed porch room, while the side unit includes newer flooring and updated bathroom plumbing. Recent property improvements include a replacement roof, new main sewer line, plumbing work, and updated furnaces.
The building sits on a corner lot with off-street parking, basement storage, and an owned coin-operated laundry. Each unit has its own forced-air furnace and water heater, supporting separate utility systems. Current occupants are on month-to-month leases, and one unit is available for an owner occupant. The property is located near restaurants and shops in Minneapolis.
The building sits on a corner lot with off-street parking, basement storage, and an owned coin-operated laundry. Each unit has its own forced-air furnace and water heater, supporting separate utility systems. Current occupants are on month-to-month leases, and one unit is available for an owner occupant. The property is located near restaurants and shops in Minneapolis.
Key Highlights
- Three units, each with 2 bedrooms and 1 bathroom
- New roof and main sewer line among recent capital improvements
- Three forced‑air furnaces and three water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,592
Cap Rate
6.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$531,840
$531.8K
Cap Rate 7%
$379,886
$379.9K
Cap Rate 9%
$295,467
$295.5K
Market Conditions
NOI Build-Up for 2,052 SF
Gross rent
$40.6K $19.80/SF
− Vacancy
−$2.6K −$1.29/SF
EGI
$38.0K $18.51/SF
− OpEx
−$11.4K −$5.55/SF
NOI
$26.6K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$531,840
Cap Rate 7%
$379,886
Cap Rate 9%
$295,467
Alternative Uses
Best Use
Multifamily LT 5
$379.9K
$332.4K – $443.2K
NOI $26,592 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$353.6K
$309.4K – $412.5K
NOI $24,750 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$599.6K
$524.7K – $699.5K
NOI $41,972 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Recent capital improvements include roofing, sewer, plumbing, and furnace work.
Where is this triplex located?
The property is located at 3300 41st Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three units, each with 2 bedrooms and 1 bathroom; New roof and main sewer line among recent capital improvements; Three forced‑air furnaces and three water heaters
