Duplex with Separate
New
For Sale
$275,000
3339 Aldrich Avenue N, Minneapolis, MN 55412
Upper and lower residences have independent entrances and utility service.
Property Size1,700 SF
Price / SF$161.76
Days on Market3
Property Features for 3339 Aldrich Avenue N
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1898
Listing Agency:
Smart Choice Realty
Listed By:
The Antonov Group
(612) 445-4981
Source:
Theantonovgroup
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 1 at 11:52AM
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 Smart Choice Realty
Investment Insights
Based on property information with market context.
This 1,700-square-foot duplex, built in 1898, has two distinct residences on upper and lower levels. Each unit has its own entrance and separate utilities. The lower residence includes hardwood floors, a large kitchen, and two porch areas.
Recent work includes completion of a lead abatement program, window replacements, and paint projects. The roof was replaced in 2019, and garage doors were installed in 2023.
The property is in Minneapolis, with access to public transportation, parks, and downtown.
Recent work includes completion of a lead abatement program, window replacements, and paint projects. The roof was replaced in 2019, and garage doors were installed in 2023.
The property is in Minneapolis, with access to public transportation, parks, and downtown.
Key Highlights
- Two‑unit property totaling 1,700 square feet
- Separate entrances and utilities for each residence
- Lower unit features hardwood floors, a large kitchen, and two porch areas
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
$24,838
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
9.03%
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%
$496,760
$496.8K
Cap Rate 7%
$354,829
$354.8K
Cap Rate 9%
$275,978
$276.0K
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
$37.7K $22.20/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$35.5K $20.87/SF
− OpEx
−$10.6K −$6.26/SF
NOI
$24.8K $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%
$496,760
Cap Rate 7%
$354,829
Cap Rate 9%
$275,978
Alternative Uses
Best Use
Multifamily LT 5
$354.8K
$310.5K – $414.0K
NOI $24,838 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$325.9K
$285.2K – $380.2K
NOI $22,814 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$405.6K
$354.9K – $473.2K
NOI $28,391 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 55412, MN
23,800
Population
9,676
Households
2.5
Avg Household Size
33
Median Age
28%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,000
Density / Sq Mi
$71,905
Median Household Income
$42,494
Median Earnings
$1,340
Median Rent
$226,400
Median Home Value
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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 - Upper and lower residences have independent entrances and utility service.
Where is this duplex located?
The property is located at 3339 Aldrich Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit property totaling 1,700 square feet; Separate entrances and utilities for each residence; Lower unit features hardwood floors, a large kitchen, and two porch areas
