Three-Unit Property with
For Sale
$395,000
3300 41st Avenue S, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size2,052 SF
Lot Size0.11 Acres
Price / SF$192.50
Days on Market68
Property Features for 3300 41st Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bedroom 5, Basement, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1
Exterior features
Aluminum Siding, Stucco
Subdivision
Auditors Sub 237
High school district
Minneapolis
Directions
Head south out of downtown Minneapolis toward Hiawatha Ave. Merge onto MN-55 E / Hiawatha Ave & continue south for approximately 2.5 miles. Turn left (east) onto E 32nd St. Turn right (south) onto 41st Ave S. Arrive at 3300 41st Ave S, which sits right on the corner of E 33rd St and 41st Ave S.
Standard status
Active
APN
0602823130156
Size
2,052 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6418
Utilities
Heating system
Forced Air
Amenities
coin-operated laundry
off-street parking
basement storage
Building Details
Year built
1911
Roof type
Flat
Listing Agency:
Home Avenue Flat Fee Realty
(952) 929-7355
Listed By:
Gregory W Lawrence · License #20324479
(763) 473-1510
Added: Jun 17
Changed: Aug 21
Last Checked: Aug 23 at 5:06AM
MLS# 7094932
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1911, this 2,052-square-foot triplex contains three independent residences, each configured with 2 bedrooms and 1 bathroom. The upper apartment includes hardwood flooring and an enclosed porch room, while the side apartment has updated flooring and bathroom plumbing. The property has aluminum siding, stucco, and a flat roof.
Recent capital work includes a new roof, main sewer line, plumbing improvements, and updated furnaces. Each unit has its own forced-air furnace and water heater, supporting separate utility operation. The corner-lot property occupies 0.11 acres and provides off-street parking, basement storage, and owned coin-operated laundry equipment. Tenancies are month to month, and one residence is available for an owner occupant.
Recent capital work includes a new roof, main sewer line, plumbing improvements, and updated furnaces. Each unit has its own forced-air furnace and water heater, supporting separate utility operation. The corner-lot property occupies 0.11 acres and provides off-street parking, basement storage, and owned coin-operated laundry equipment. Tenancies are month to month, and one residence is available for an owner occupant.
Key Highlights
- Three‑unit layout with 2 bedrooms and 1 bathroom in each residence
- 2,052 SF triplex on a 0.11‑acre corner lot
- Recent improvements include a new roof, main sewer line, plumbing, and updated furnaces
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
$26,592
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
6.73%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
657
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
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Frequently Asked Questions
What type of property is this?
Triplex - Corner-lot configuration includes off-street parking, basement storage, and separate mechanical systems for each residence.
Where is this triplex located?
The property is located at 3300 41st Avenue 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‑unit layout with 2 bedrooms and 1 bathroom in each residence; 2,052 SF triplex on a 0.11‑acre corner lot; Recent improvements include a new roof, main sewer line, plumbing, and updated furnaces
