Renovated Multifamily
For Sale
$364,900
Pending
3304 Lyndale Avenue S, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size1,700 SF
Lot Size0.11 Acres
Days on Market159
Property Features for 3304 Lyndale Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Business/Commercial, Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Parking Lot
Exterior features
Vinyl
Subdivision
Remingtons 2nd Add
Lot features
Infill Lot
High school district
Minneapolis
Directions
94 W to Lyndale Ave S to property on the right
Standard status
Pending
APN
0402824140222
Size
1,700 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5671
Utilities
Heating system
Forced Air
Building Details
Year built
1907
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Ineye Bobmanuel
(612) 821-7400
Added: Mar 16
Changed: Aug 19
Last Checked: Aug 21 at 10:06AM
MLS# 7006768
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.
Renovated multifamily property with forced-air heating and vinyl exterior. The home has newer windows, newer carpet and fixtures, a newer furnace, newer appliances, and bathroom remodels. Layout includes multiple bedrooms and two bathrooms, plus a basement. Off-street parking is provided via a parking lot.
Situated at 3304 Lyndale Avenue S in Minneapolis, MN 55408, the property is on a bus line and close to bike paths, lakes, restaurants, and shops. It is across from a park.
The property sits on a 0.11-acre lot and was built in 1907. Zoning supports small business use, and there is an opportunity to add a garage with an ADU, subject to applicable approvals.
Situated at 3304 Lyndale Avenue S in Minneapolis, MN 55408, the property is on a bus line and close to bike paths, lakes, restaurants, and shops. It is across from a park.
The property sits on a 0.11-acre lot and was built in 1907. Zoning supports small business use, and there is an opportunity to add a garage with an ADU, subject to applicable approvals.
Key Highlights
- 0.11‑acre lot and 1,700 SF multifamily building
- Built in 1907
- Newer windows, carpet, fixtures, furnace, appliances, and bathroom remodels
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
$22,814
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
6.25%
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%
$456,280
$456.3K
Cap Rate 7%
$325,914
$325.9K
Cap Rate 9%
$253,489
$253.5K
Market Conditions
NOI Build-Up for 1,700 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
$44.3K $26.04/SF
− Vacancy
−$2.8K −$1.64/SF
EGI
$41.5K $24.40/SF
− OpEx
−$18.7K −$10.98/SF
NOI
$22.8K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /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%
$456,280
Cap Rate 7%
$325,914
Cap Rate 9%
$253,489
Alternative Uses
Best Use
Apartment 5plus
$325.9K
$285.2K – $380.2K
NOI $22,814 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$405.6K
$354.9K – $473.2K
NOI $28,391 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,031
Businesses Nearby
Explore this area
Business Placement
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
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?
Multifamily property - Multifamily with forced-air heat, vinyl exterior, parking lot, and zoning that supports small business use and potential ADU.
Where is this multifamily property located?
The property is located at 3304 Lyndale Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: 0.11‑acre lot and 1,700 SF multifamily building; Built in 1907; Newer windows, carpet, fixtures, furnace, appliances, and bathroom remodels
