Multifamily Building Across from
For Sale
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3400 10th Ave S, Minneapolis, MN 55407
12-unit multifamily building built in 1966 with direct access to Powderhorn Park tennis courts and green space.
Property Size7,208 SF
Price / SF$176.89
Days on Market64
Property Features for 3400 10th Ave S
General Information
Standard status
Active
Size
7,208 SF
Class
C
Property subtype
Multifamily
Occupancy
92%
Investment Type
Value Add
Net Operating Income
$100,318
Additional Details
Multifamily Units
12
Building Details
Year Built
1966
Year Renovated
2025
Buildings
1
Units
12
Tenancy
Multi
Listing Agency:
Commercial Investors Group
(612) 598-0780
Listed By:
Mike Sowers · License #40571176
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 11 at 5:51PM
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 Commercial Investors Group
Investment Insights
Based on property information with market context.
3400 10th Ave S is a 12-unit multifamily asset built in 1966, offered for sale as a straightforward income property. The building’s configuration supports a classic apartment investment approach, with multiple on-site rental units under one ownership structure.
The property is located in Minneapolis’ Powderhorn Park neighborhood on the South Side and sits directly across from Powderhorn Park’s tennis courts and green space. Several shopping centers are within 1.2 miles, and bike trails and neighborhood dining are described as immediately accessible. Downtown Minneapolis is approximately three miles to the north, and multiple schools and a major medical employer—North Central University, Augsburg College, and Abbott Northwestern Hospital—are identified as within minutes.
For tenants, the setting offers immediate park access and nearby everyday destinations, with proximity to education and healthcare employment that may support a range of renter profiles. For buyers, the asset provides a 12-unit platform in an established, primarily residential submarket, with an operating base created by the existing in-place apartment units.
The property is located in Minneapolis’ Powderhorn Park neighborhood on the South Side and sits directly across from Powderhorn Park’s tennis courts and green space. Several shopping centers are within 1.2 miles, and bike trails and neighborhood dining are described as immediately accessible. Downtown Minneapolis is approximately three miles to the north, and multiple schools and a major medical employer—North Central University, Augsburg College, and Abbott Northwestern Hospital—are identified as within minutes.
For tenants, the setting offers immediate park access and nearby everyday destinations, with proximity to education and healthcare employment that may support a range of renter profiles. For buyers, the asset provides a 12-unit platform in an established, primarily residential submarket, with an operating base created by the existing in-place apartment units.
Key Highlights
- 12‑unit multifamily building built in 1966
- Directly across from Powderhorn Park tennis courts and green space
- Downtown Minneapolis is about 3 miles north
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
$96,729
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
7.59%
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%
$1,934,580
$1.9M
Cap Rate 7%
$1,381,843
$1.4M
Cap Rate 9%
$1,074,767
$1.1M
Market Conditions
NOI Build-Up for 7,208 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
$187.7K $26.04/SF
− Vacancy
−$11.8K −$1.64/SF
EGI
$175.9K $24.40/SF
− OpEx
−$79.1K −$10.98/SF
NOI
$96.7K $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%
$1,934,580
Cap Rate 7%
$1,381,843
Cap Rate 9%
$1,074,767
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,729 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.01M
NOI $120,378 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,886
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
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 - 12-unit multifamily building built in 1966 with direct access to Powderhorn Park tennis courts and green space.
Where is this apartment building located?
The property is located at 3400 10th Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 12‑unit multifamily building built in 1966; Directly across from Powderhorn Park tennis courts and green space; Downtown Minneapolis is about 3 miles north
