Two-Unit Duplex with Detached
For Sale
$440,000
3427 Garfield Ave, Minneapolis, MN 55408
Minneapolis duplex with distinct apartments, covered porches, shared laundry, and flexible off-street parking.
Property Size2,164 SF
Price / SF$203.33
Days on Market78
Property Features for 3427 Garfield Ave
General Information
Standard status
Active
Size
2,164 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
porch
deck
laundry
fireplace
Building Details
Year Built
1900
Buildings
1
Listing Agency:
National Realty Guild
Listed By:
Michelle Fussy Peterson · License #NST505003859
(612) 987-4771
Source:
Bradadamrealty
Added: Aug 3
Changed: Oct 13
Last Checked: Oct 7 at 5:48PM
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 National Realty Guild
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Investment Insights
Based on property information with market context.
Built in 1900, this Minneapolis duplex contains two separate apartments with distinct layouts and private exterior features. The main-floor residence offers two bedrooms and one bathroom, along with a living room bay window, decorative fireplace in the primary bedroom, hardwood and tile flooring, and access to covered front and rear porches. The upper apartment occupies a story and a half and includes three bedrooms and two bathrooms. Its primary ensuite extends approximately 38 feet, with an updated bathroom, walk-in closet, and additional space suited to office, studio, reading, or exercise use. The kitchen connects to a large deck, and the unit includes bright interior spaces.
Shared laundry is located on the lower level and has a separate rear entrance. Parking includes a detached single-car garage and room for 3–4 additional vehicles. The property is located at 3427 Garfield Avenue in Minneapolis, Minnesota, within the Lyndale neighborhood.
Shared laundry is located on the lower level and has a separate rear entrance. Parking includes a detached single-car garage and room for 3–4 additional vehicles. The property is located at 3427 Garfield Avenue in Minneapolis, Minnesota, within the Lyndale neighborhood.
Key Highlights
- Two apartments with 2‑bedroom and 3‑bedroom layouts
- Upper‑level primary ensuite extends approximately 38 feet
- Detached single‑car garage plus space for 3–4 additional vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,618
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$632,360
$632.4K
Cap Rate 7%
$451,686
$451.7K
Cap Rate 9%
$351,311
$351.3K
Market Conditions
NOI Build-Up for 2,164 SF
Gross rent
$48.0K $22.20/SF
− Vacancy
−$2.9K −$1.33/SF
EGI
$45.2K $20.87/SF
− OpEx
−$13.6K −$6.26/SF
NOI
$31.6K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$632,360
Cap Rate 7%
$451,686
Cap Rate 9%
$351,311
Alternative Uses
Best Use
Multifamily LT 5
$451.7K
$395.2K – $527.0K
NOI $31,618 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$414.9K
$363.0K – $484.0K
NOI $29,040 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$516.3K
$451.8K – $602.3K
NOI $36,140 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,478
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Minneapolis duplex with distinct apartments, covered porches, shared laundry, and flexible off-street parking.
Where is this duplex located?
The property is located at 3427 Garfield Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two apartments with 2‑bedroom and 3‑bedroom layouts; Upper‑level primary ensuite extends approximately 38 feet; Detached single‑car garage plus space for 3–4 additional vehicles
