14-Unit Apartment
For Sale
$1,499,900
3322 Blaisdell Avenue, Minneapolis, MN 55408
Professionally managed 14-unit brownstone with updated studios and one-bedrooms and 15 off-street parking spaces.
Property Size10,200 SF
Days on Market44
Property Features for 3322 Blaisdell Avenue
General Information
Standard status
Active
Size
10,200 SF
Total Parking Spaces
15
Property subtype
Commercial
Zoning
Residential-Multi-Family
Additional Details
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$22,596
Building Details
Building Size
10,200 SF
Year Built
1939
Stories
2
Units
14
Construction
brownstone
Listing Agency:
Metro Group Real Estate
(612) 239-6390
Listed By:
Jerry Lindeen
(612) 239-6390
Source:
Ivyrealestategroup
Added: Jul 13
Changed: Aug 23
Last Checked: Aug 25 at 8:44AM
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 Metro Group Real Estate
Investment Insights
Based on property information with market context.
This very clean, professionally managed 14-unit apartment brownstone features 6 one-bedroom units and 8 studio apartments. Units are described as spacious and updated, with character throughout the building. Recent improvements include a newer roof, a newer boiler, common area updates, and updated apartment units.
The property is located in the Lyndale neighborhood with a walk score of 83, with shopping, dining, nightlife, and entertainment within blocks. The remarks also note it is near “Eat-Street.”
Off-street parking includes 15 spaces, with an extra PID behind the building per the provided information. The seller notes the buyer may be able to assume an existing Freddie Mac mortgage with a 3.46% interest rate, maturing in February 2031.
The property is located in the Lyndale neighborhood with a walk score of 83, with shopping, dining, nightlife, and entertainment within blocks. The remarks also note it is near “Eat-Street.”
Off-street parking includes 15 spaces, with an extra PID behind the building per the provided information. The seller notes the buyer may be able to assume an existing Freddie Mac mortgage with a 3.46% interest rate, maturing in February 2031.
Key Highlights
- Professionally managed 14‑unit brownstone with 6 1BR and 8 studios
- Updated unit interiors with spacious studios and one‑bedroom apartments
- Newer roof and boiler plus common area updates
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
$136,881
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
9.13%
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%
$2,737,620
$2.7M
Cap Rate 7%
$1,955,443
$2.0M
Cap Rate 9%
$1,520,900
$1.5M
Market Conditions
NOI Build-Up for 10,200 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
$265.6K $26.04/SF
− Vacancy
−$16.7K −$1.64/SF
EGI
$248.9K $24.40/SF
− OpEx
−$112.0K −$10.98/SF
NOI
$136.9K $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%
$2,737,620
Cap Rate 7%
$1,955,443
Cap Rate 9%
$1,520,900
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.71M – $2.28M
NOI $136,881 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,346 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
2,229
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Professionally managed 14-unit brownstone with updated studios and one-bedrooms and 15 off-street parking spaces.
Where is this apartment building located?
The property is located at 3322 Blaisdell Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Professionally managed 14‑unit brownstone with 6 1BR and 8 studios; Updated unit interiors with spacious studios and one‑bedroom apartments; Newer roof and boiler plus common area updates
