Four-Unit Multifamily
For Sale
$500,000
3400 Elliot Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size3,277 SF
Lot Size0.14 Acres
Price / SF$152.58
Days on Market87
Property Features for 3400 Elliot Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 4, Basement, Bedroom 3, Bathroom 2, Bedroom 4
Parking features
Garage - Detached
Exterior features
Stucco
Fencing
Chain Link
Subdivision
Auditors Sub 049
Lot features
Corner Lot
High school district
Minneapolis
Directions
From Park Ave, head east on E 34th St to Elliot Ave S. Property is located on the corner of E 34th St & Elliot Ave S.
Standard status
Active
APN
0202824310001
Size
3,277 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8701
Utilities
Heating system
Forced Air
Amenities
shared laundry
basement storage lockers
rear deck access
Building Details
Year built
1914
Roof type
Rubber, Flat
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Hannah Dahlstrom
(612) 821-7400
Added: May 29
Changed: Aug 22
Last Checked: Aug 23 at 1:06PM
MLS# 7082395
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1914, this 3,277-square-foot quadplex contains four 1-bedroom, 1-bath residences. The units have individual furnaces, separate gas and electric service, enclosed porches, and period details including hardwood flooring, built-in buffets, and natural woodwork. Shared laundry, basement storage lockers, rear deck access, and four off-street parking spaces supplement the residential layout. A detached two-stall garage provides additional parking and storage.
The property occupies a 0.14-acre corner lot at 3400 Elliot Avenue in Minneapolis. Recent work includes exterior painting, new gutters, LED lighting, electronic locks, landscaping updates, a new washer and dryer, and a new water heater. Located near Powderhorn Park, transit, bike trails, downtown Minneapolis, and neighborhood dining and retail, the asset combines separate utility metering with existing rental income and established residential improvements.
The property occupies a 0.14-acre corner lot at 3400 Elliot Avenue in Minneapolis. Recent work includes exterior painting, new gutters, LED lighting, electronic locks, landscaping updates, a new washer and dryer, and a new water heater. Located near Powderhorn Park, transit, bike trails, downtown Minneapolis, and neighborhood dining and retail, the asset combines separate utility metering with existing rental income and established residential improvements.
Key Highlights
- Four 1‑bedroom, 1‑bath units within a 3,277‑square‑foot quadplex
- 0.14‑acre corner lot at 3400 Elliot Avenue, Minneapolis, MN 55407
- Separate gas and electric service with individual furnaces and water heaters
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
Yes
Utilities to site
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 - Corner-lot asset with separate utilities, shared laundry, off-street parking, and a detached garage.
Where is this quadplex located?
The property is located at 3400 Elliot Avenue 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 within a 3,277‑square‑foot quadplex; 0.14‑acre corner lot at 3400 Elliot Avenue, Minneapolis, MN 55407; Separate gas and electric service with individual furnaces and water heaters
