New Construction Triplex with
For Sale
$999,900
3336 3rd Ave S, Minneapolis, MN 55408
Three matching residences offer modern kitchens, full bathrooms, and in-unit laundry appliances.
Property Size3,772 SF
Price / SF$265.08
Days on Market21
Property Features for 3336 3rd Ave S
General Information
Standard status
Active
Size
3,772 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
2024
Buildings
1
Listing Agency:
RES Realty
(973) 356-7977
Listed By:
Shirzad Raimi
Source:
Putyourrootsdown
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 29 at 11:45AM
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 RES Realty
Investment Insights
Based on property information with market context.
Completed in 2024, this triplex contains three separately configured residences, each with three bedrooms and two full bathrooms. Interior features include refreshed kitchen cabinetry, granite work surfaces, stainless steel appliances, backsplash detailing, energy-saving LED lighting, and a washer and dryer in each unit. A detached three-car garage provides dedicated vehicle storage for the property.
Located at 3336 3rd Ave S in Minneapolis, the building combines newly constructed residential improvements with a consistent unit layout across all three residences. The property is identified as a triplex and multifamily asset, offering a straightforward configuration for residential income use.
Located at 3336 3rd Ave S in Minneapolis, the building combines newly constructed residential improvements with a consistent unit layout across all three residences. The property is identified as a triplex and multifamily asset, offering a straightforward configuration for residential income use.
Key Highlights
- 2024 construction with 3 residential units
- Each unit includes 3 bedrooms and 2 full bathrooms
- Detached 3‑car garage
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
$55,112
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
5.51%
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%
$1,102,240
$1.1M
Cap Rate 7%
$787,314
$787.3K
Cap Rate 9%
$612,356
$612.4K
Market Conditions
NOI Build-Up for 3,772 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
$83.7K $22.20/SF
− Vacancy
−$5.0K −$1.33/SF
EGI
$78.7K $20.87/SF
− OpEx
−$23.6K −$6.26/SF
NOI
$55.1K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$1,102,240
Cap Rate 7%
$787,314
Cap Rate 9%
$612,356
Alternative Uses
Best Use
Multifamily LT 5
$787.3K
$688.9K – $918.5K
NOI $55,112 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$723.1K
$632.7K – $843.7K
NOI $50,619 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$899.9K
$787.4K – $1.05M
NOI $62,994 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,954
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?
Triplex - Three matching residences offer modern kitchens, full bathrooms, and in-unit laundry appliances.
Where is this triplex located?
The property is located at 3336 3rd Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 2024 construction with 3 residential units; Each unit includes 3 bedrooms and 2 full bathrooms; Detached 3‑car garage
