Four-Unit Quadplex with
For Sale
$500,000
3400 Elliot Ave, Minneapolis, MN 55407
Historic multifamily property with separately metered utilities, shared laundry, off-street parking, and a detached garage.
Property Size3,277 SF
Price / SF$152.58
Days on Market49
Property Features for 3400 Elliot Ave
General Information
Standard status
Active
Size
3,277 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Amenities
shared laundry
storage lockers
rear deck access
Building Details
Year Built
1914
Buildings
1
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Hannah Dahlstrom
Source:
Chrisfritchteam
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 31 at 7:19PM
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 Keller Williams Realty Integrity Lakes
Investment Insights
Based on property information with market context.
Built in 1914, this 3,277-square-foot quadplex contains four 1-bedroom, 1-bath apartments. The corner-lot property combines original interior detailing—including hardwood floors, built-in buffets, natural woodwork, and enclosed porches—with practical operating features such as separate gas and electric service, individual furnaces and water heaters, shared laundry, basement storage lockers, and rear deck access.
Recent work includes exterior painting, new gutters, LED lighting, electronic locks, updated landscaping, a new washer and dryer, and a new water heater. The property includes four off-street parking spaces plus a detached two-stall garage. It is located near Powderhorn Park, public transit, bike trails, downtown Minneapolis, and neighborhood dining and retail.
Recent work includes exterior painting, new gutters, LED lighting, electronic locks, updated landscaping, a new washer and dryer, and a new water heater. The property includes four off-street parking spaces plus a detached two-stall garage. It is located near Powderhorn Park, public transit, bike trails, downtown Minneapolis, and neighborhood dining and retail.
Key Highlights
- Four 1‑bedroom, 1‑bath units in a 3,277‑square‑foot quadplex
- Separate gas and electric service with individual furnaces and water heaters
- Detached two‑stall garage plus four off‑street parking spaces
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
$43,976
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
8.80%
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%
$879,520
$879.5K
Cap Rate 7%
$628,229
$628.2K
Cap Rate 9%
$488,622
$488.6K
Market Conditions
NOI Build-Up for 3,277 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
$85.3K $26.04/SF
− Vacancy
−$5.4K −$1.64/SF
EGI
$80.0K $24.40/SF
− OpEx
−$36.0K −$10.98/SF
NOI
$44.0K $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%
$879,520
Cap Rate 7%
$628,229
Cap Rate 9%
$488,622
Alternative Uses
Best Use
Multifamily LT 5
$684.0K
$598.5K – $798.0K
NOI $47,879 @ 7.0% cap · market cap 9.58%
Second Best
Apartment 5plus
$628.2K
$549.7K – $732.9K
NOI $43,976 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$781.8K
$684.1K – $912.1K
NOI $54,728 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,910
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?
Quadplex - Historic multifamily property with separately metered utilities, shared laundry, off-street parking, and a detached garage.
Where is this quadplex located?
The property is located at 3400 Elliot Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units in a 3,277‑square‑foot quadplex; Separate gas and electric service with individual furnaces and water heaters; Detached two‑stall garage plus four off‑street parking spaces
