Tudor-Style
New
For Sale
$625,000
3428 Hennepin Ave S, Minneapolis, MN 55408
A deck, screened porch, and brick-paver parking area complement the landscaped grounds.
Property Size2,700 SF
Price / SF$231.48
Days on Market4
Property Features for 3428 Hennepin Ave S
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Multi-Family
Additional Details
Sprinkler System
Yes
Multifamily Units
2
Amenities
deck
screened in porch
Building Details
Year Built
1928
Buildings
1
Construction
Tudor Style
Listing Agency:
RE/MAX Results
Listed By:
Kurt J Faber
(952) 829-2900
Source:
Bethanynelsongroup
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 12:09PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 2,700-square-foot Tudor-style duplex was built in 1928 and features hardwood flooring, with LVT in the kitchens. Interior updates include an upper-unit bathroom and a main-floor half-bath. An egress window is present in the lower level, which the property information identifies as having potential for an additional unit or expanded space for the main-floor unit. A roof replacement was completed in 2023.
Outdoor features include a deck, screened porch, sprinkler system, brick-paver parking area, and paver sidewalk. The property is four blocks from Lake Bde Maka Ska and near Lake Harriet, restaurants, coffee shops, and walking and biking paths.
Outdoor features include a deck, screened porch, sprinkler system, brick-paver parking area, and paver sidewalk. The property is four blocks from Lake Bde Maka Ska and near Lake Harriet, restaurants, coffee shops, and walking and biking paths.
Key Highlights
- 2,700‑square‑foot duplex built in 1928
- Roof replaced in 2023
- Lower‑level egress window; potential for an additional unit or expanded main‑floor unit space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,449
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$788,980
$789.0K
Cap Rate 7%
$563,557
$563.6K
Cap Rate 9%
$438,322
$438.3K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$59.9K $22.20/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$56.4K $20.87/SF
− OpEx
−$16.9K −$6.26/SF
NOI
$39.4K $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%
$788,980
Cap Rate 7%
$563,557
Cap Rate 9%
$438,322
Alternative Uses
Best Use
Multifamily LT 5
$563.6K
$493.1K – $657.5K
NOI $39,449 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.9K
NOI $36,233 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$644.2K
$563.6K – $751.5K
NOI $45,091 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,031
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - A deck, screened porch, and brick-paver parking area complement the landscaped grounds.
Where is this duplex located?
The property is located at 3428 Hennepin Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,700‑square‑foot duplex built in 1928; Roof replaced in 2023; Lower‑level egress window; potential for an additional unit or expanded main‑floor unit space
