Triplex with Updated
For Sale
$409,900
3300 41st Ave S, Minneapolis, MN 55421
Recent capital improvements include roofing, sewer, plumbing, and furnace work.
Property Size2,052 SF
Price / SF$199.76
Days on Market56
Property Features for 3300 41st Ave S
General Information
Standard status
Active
Size
2,052 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,418
Amenities
basement storage
owned coin-operated laundry
Listing Agency:
Home Avenue Flat Fee Realty
(612) 716-9473
Listed By:
Gregory W Lawrence · License #20324479
(612) 716-9473
Source:
Exprealty
Added: Jun 17
Changed: Aug 9
Last Checked: Aug 10 at 7:10AM
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
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 = 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
$29,981
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
7.31%
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%
$599,620
$599.6K
Cap Rate 7%
$428,300
$428.3K
Cap Rate 9%
$333,122
$333.1K
Market Conditions
NOI Build-Up for 2,052 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
$45.6K $22.20/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$42.8K $20.87/SF
− OpEx
−$12.8K −$6.26/SF
NOI
$30.0K $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%
$599,620
Cap Rate 7%
$428,300
Cap Rate 9%
$333,122
Alternative Uses
Best Use
Multifamily LT 5
$428.3K
$374.8K – $499.7K
NOI $29,981 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$393.4K
$344.2K – $459.0K
NOI $27,537 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$489.6K
$428.4K – $571.2K
NOI $34,270 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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?
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 $409,900.
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
