Residential Income Property with Walk-Out
For Sale
$879,900
3412 Humboldt Avenue S, Minneapolis, MN 55408
Multi-family zoning and finished walk-out access support the property’s residential income use.
Property Size6,300 SF
Price / SF$169.37
Days on Market36
Property Features for 3412 Humboldt Avenue S
General Information
Standard status
Active
Size
6,300 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Taxes and HOA fees
Annual Taxes
$16,012
Amenities
Coin Laundry
Natural Gas
Walk-Out Access, Finished
Partial, Split Rail
Asphalt, Garage Door Opener, Attached
Building Details
Building Size
6,300 SF
Year Built
1948
Listing Agency:
MOVE Real Estate
(612) 327-8303
Listed By:
Thomas B Meckey
(612) 327-8303
Source:
Evrealestate
Added: Jul 10
Changed: Aug 3
Last Checked: Aug 14 at 3:32AM
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 MOVE Real Estate
Investment Insights
Based on property information with market context.
This residential income property in Minneapolis includes finished walk-out access and natural gas service. The property was built in 1948 and includes exterior features such as an asphalt surface, split-rail elements, an attached configuration, and a garage door opener.
The property is located at 3412 Humboldt Avenue S in Minneapolis, Hennepin County. Its Residential-Multi-Family zoning designation supports its classification as a residential income asset. Access is described from Hennepin Avenue via West 34th Street and Humboldt Avenue S.
The property is located at 3412 Humboldt Avenue S in Minneapolis, Hennepin County. Its Residential-Multi-Family zoning designation supports its classification as a residential income asset. Access is described from Hennepin Avenue via West 34th Street and Humboldt Avenue S.
Key Highlights
- Residential‑Multi‑Family zoning
- Finished walk‑out access
- Natural gas service
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
$69,715
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
7.92%
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%
$1,394,300
$1.4M
Cap Rate 7%
$995,929
$995.9K
Cap Rate 9%
$774,611
$774.6K
Market Conditions
NOI Build-Up for 5,195 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
$135.3K $26.04/SF
− Vacancy
−$8.5K −$1.64/SF
EGI
$126.8K $24.40/SF
− OpEx
−$57.0K −$10.98/SF
NOI
$69.7K $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%
$1,394,300
Cap Rate 7%
$995,929
Cap Rate 9%
$774,611
Alternative Uses
Best Use
Apartment 5plus
$995.9K
$871.4K – $1.16M
NOI $69,715 @ 7.0% cap · market cap 7.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,759 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Multi-family zoning and finished walk-out access support the property’s residential income use.
Where is this residential income property located?
The property is located at 3412 Humboldt Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $879,900.
What are key features of this property?
This property features: Residential‑Multi‑Family zoning; Finished walk‑out access; Natural gas service
