Updated Duplex with Large
New
For Sale
$385,000
3307 29th Avenue S, Minneapolis, MN 55406
Two separate residences offer private access, individual utilities, laundry, and flexible occupancy options.
Property Size1,721 SF
Price / SF$223.71
Days on Market6
Property Features for 3307 29th Avenue S
General Information
Standard status
Active
Size
1,721 SF
Property subtype
Multi-Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Local Realty Inc
Listed By:
Eric Eickhof
(952) 472-6200
Source:
Fultonrealty
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 6:41AM
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 Local Realty Inc
Investment Insights
Based on property information with market context.
This 1,721-square-foot duplex, built in 1900, contains two distinct residences with separate entrances, utilities, and laundry areas. Both units feature hardwood flooring, ample bedrooms, and bright interiors. The main- and upper-level kitchens were renovated in 2019/2020 with granite counters, stainless steel appliances, tiled backsplashes, recessed lighting, and updated cabinetry. A newer firepit and substantial backyard create useful outdoor space for gatherings, gardening, and recreation.
Exterior work includes a 2022 roof replacement along with refreshed siding, fascia, soffits, gutters, and front porch elements. The property is positioned beside a city-maintained green space and is served by a bus line. Light rail is two short blocks away, while Lake Street is approximately three blocks from the property, providing access to restaurants, retail, coffee shops, entertainment, and daily conveniences.
Exterior work includes a 2022 roof replacement along with refreshed siding, fascia, soffits, gutters, and front porch elements. The property is positioned beside a city-maintained green space and is served by a bus line. Light rail is two short blocks away, while Lake Street is approximately three blocks from the property, providing access to restaurants, retail, coffee shops, entertainment, and daily conveniences.
Key Highlights
- 1,721 SF duplex with two separate residences
- Kitchens renovated in 2019/2020 with granite, stainless steel appliances, tile backsplashes, and recessed lighting
- New roof installed in 2022
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
$22,303
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
5.79%
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%
$446,060
$446.1K
Cap Rate 7%
$318,614
$318.6K
Cap Rate 9%
$247,811
$247.8K
Market Conditions
NOI Build-Up for 1,721 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
$34.1K $19.80/SF
− Vacancy
−$2.2K −$1.29/SF
EGI
$31.9K $18.51/SF
− OpEx
−$9.6K −$5.55/SF
NOI
$22.3K $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%
$446,060
Cap Rate 7%
$318,614
Cap Rate 9%
$247,811
Alternative Uses
Best Use
Multifamily LT 5
$318.6K
$278.8K – $371.7K
NOI $22,303 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$296.5K
$259.5K – $346.0K
NOI $20,758 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$502.9K
$440.0K – $586.7K
NOI $35,202 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,150
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer private access, individual utilities, laundry, and flexible occupancy options.
Where is this duplex located?
The property is located at 3307 29th Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,721 SF duplex with two separate residences; Kitchens renovated in 2019/2020 with granite, stainless steel appliances, tile backsplashes, and recessed lighting; New roof installed in 2022
