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 Market98
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
Listed By:
Hannah Dahlstrom
(612) 821-7400
Source:
Chrisfritchteam
Added: Jul 15
Changed: Oct 2
Last Checked: Oct 7 at 1:59PM
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
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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 / Yr
$43,976
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,910
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
