Duplex with Detached Single-Car
For Sale
$440,000
3427 Garfield Avenue, Minneapolis, MN 55408
MULTI_FAMILY - Minneapolis, MN
Property Size2,164 SF
Lot Size0.13 Acres
Price / SF$203.33
Days on Market12
Property Features for 3427 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bathroom 1, Bedroom 4, Basement
Parking features
Driveway, Parking Lot, Garage - Detached
Exterior features
Vinyl
Fencing
Chain Link
Subdivision
Bakers Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
35TH ST TO GARFIELD AVE, NORTH TO PROPERTY
Standard status
Active
APN
0302824320083
Size
2,164 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7343
Utilities
Heating system
Forced Air
Amenities
shared laundry
covered front porch
covered rear porch
Building Details
Year built
1900
Building materials
Block, Stone
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Michelle Fussy Peterson
(651) 494-4000
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 11 at 8:06PM
MLS# 7120152
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.
This duplex offers two separate residences with covered front and rear porches and shared laundry in the lower level. The main-level apartment features a 2-bedroom, 1-bath layout with a living room bay window and a decorative fireplace in the primary bedroom. Floors include a mix of hardwood and tile. The upper-level apartment spans a story and a half with 3 bedrooms and 2 bathrooms. The expansive primary ensuite is described as approximately 38 feet from front to back and includes an updated bathroom and walk-in closet, along with flexible space for a home office, studio, reading nook, or workout area. The kitchen opens to a large deck.
Construction materials include block and stone, with vinyl exterior and a shingle roof. Heating is forced air. A separate rear entrance leads to the shared laundry area.
The property includes off-street parking with a detached single-car garage, plus space for 3-4 additional vehicles. Built in 1900, the lot measures 0.13 acres, and the property size is 2,164 square feet. Chain link fencing is included.
Construction materials include block and stone, with vinyl exterior and a shingle roof. Heating is forced air. A separate rear entrance leads to the shared laundry area.
The property includes off-street parking with a detached single-car garage, plus space for 3-4 additional vehicles. Built in 1900, the lot measures 0.13 acres, and the property size is 2,164 square feet. Chain link fencing is included.
Key Highlights
- Upper‑level unit includes 3 bedrooms and 2 bathrooms; primary ensuite is ~38 feet from front to back
- Main‑level unit features 2 bedrooms and 1 bathroom with bay window and decorative fireplace
- Shared laundry in lower level with separate rear entrance
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
$31,618
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
7.19%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey duplex with covered porches, shared lower-level laundry, and an upper unit with 3 bedrooms and 2 bathrooms.
Where is this duplex located?
The property is located at 3427 Garfield Avenue 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: Upper‑level unit includes 3 bedrooms and 2 bathrooms; primary ensuite is ~38 feet from front to back; Main‑level unit features 2 bedrooms and 1 bathroom with bay window and decorative fireplace; Shared laundry in lower level with separate rear entrance
