Updated Duplex with Expansive
New
For Sale
$385,000
3307 29th Avenue S, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size1,721 SF
Lot Size0.15 Acres
Price / SF$223.71
Days on Market7
Property Features for 3307 29th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Laundry Room, Bathroom 1, Bedroom 2, Basement, Bedroom 3
Parking features
Covered, Driveway
Patio and Porch features
Porch
Subdivision
Rollins 2nd Add
Lot features
Public Transit (w/in 6 blks), Irregular Lot, Tree Coverage - Light
High school district
Minneapolis
Directions
Take MN-55 E/Hiawatha Ave to E 32nd St. Follow E 32nd St and Minnehaha Ave to E 33rd St.
Standard status
Active
APN
0102824140176
Size
1,721 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5741
Utilities
Heating system
Baseboard, Hot Water(Heating), Oil, Radiant
Amenities
backyard
firepit
in-unit laundry
private entrances
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
Keller Williams Realty Integrity
(952) 938-6100
Listed By:
Nicoli Holm · License #40553866
(612) 998-8959
Added: Sep 21
Changed: Sep 25
Last Checked: Sep 27 at 1:06PM
MLS# 7059135
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.
This 1900-built duplex contains 1,721 square feet on a 0.15-acre lot, with two separate residences, private entrances, individual laundry areas, and separate utilities. Both units include hardwood flooring, generous bedrooms, and kitchens remodeled in 2019/2020 with granite counters, stainless steel appliances, tile backsplashes, recessed lighting, and updated cabinetry. A covered driveway, front porch, basement, and substantial rear yard add practical utility and outdoor space. Heating includes oil, hot water, radiant, and baseboard systems.
The property is located at 3307 29th Avenue S in Minneapolis, near a city-maintained green space. It is served by a bus line and sits two short blocks from light rail and approximately three blocks from Lake Street. A new roof was completed in 2022, with additional exterior work including updated siding, fascia, soffits, gutters, and the front porch.
The property is located at 3307 29th Avenue S in Minneapolis, near a city-maintained green space. It is served by a bus line and sits two short blocks from light rail and approximately three blocks from Lake Street. A new roof was completed in 2022, with additional exterior work including updated siding, fascia, soffits, gutters, and the front porch.
Key Highlights
- Two residences within a 1,721 square foot duplex
- 0.15‑acre lot with an expansive rear yard beside a city‑maintained green space
- Kitchens updated in 2019/2020 with granite, stainless appliances, tile backsplashes, and recessed lighting
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
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 residences feature separate utilities, private entries, individual laundry, and access to covered driveway parking.
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: Two residences within a 1,721 square foot duplex; 0.15‑acre lot with an expansive rear yard beside a city‑maintained green space; Kitchens updated in 2019/2020 with granite, stainless appliances, tile backsplashes, and recessed lighting
