Tudor
New
For Sale
$625,000
3428 Hennepin Avenue S, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size2,700 SF
Lot Size0.14 Acres
Price / SF$231.48
Days on Market6
Property Features for 3428 Hennepin Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bedroom 1, Laundry Room, Bathroom 1, Basement, Bedroom 3, Bathroom 2, Bedroom 4
Parking features
Garage - Detached
Patio and Porch features
Porch, Deck
Fireplace
1
Subdivision
Auditors Sub 116
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
Minneapolis
Directions
Hennepin Ave S to home.
Standard status
Active
APN
0402824310018
Size
2,700 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9898
Utilities
Heating system
Oil, Forced Air, Fireplace(s), Other (Heating)
Amenities
deck
screened in porch
sprinkler system
Building Details
Year built
1928
Building materials
Brick, Stone
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 848-2400
Listed By:
Kurt J Faber
(952) 829-2900
Added: Sep 30
Changed: Oct 3
Last Checked: Oct 5 at 12:06PM
MLS# 7105812
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 1928, this 2,700-square-foot duplex occupies a 0.14-acre lot and features brick and stone construction. Interior details include hardwood flooring, updated kitchen flooring, an upper-level bathroom update, a main-floor half-bath, and a fireplace. An egress window in the lower level offers additional space for consideration. The roof was replaced in 2023.
Outdoor features include a deck, screened porch, sprinkler system, brick-paver sidewalk, and brick-paver parking area. A detached garage provides additional parking. Lake Bde Maka Ska is four blocks away; Lake Harriet, restaurants, coffee shops, and walking and biking paths are also nearby.
Outdoor features include a deck, screened porch, sprinkler system, brick-paver sidewalk, and brick-paver parking area. A detached garage provides additional parking. Lake Bde Maka Ska is four blocks away; Lake Harriet, restaurants, coffee shops, and walking and biking paths are also nearby.
Key Highlights
- 2,700‑square‑foot duplex on a 0.14‑acre lot
- Roof replaced in 2023
- Built in 1928 with brick and stone construction
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
$39,449
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
6.31%
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%
$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
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
$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 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%
$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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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - A detached garage, landscaped grounds, and outdoor living areas complement this two-unit residential property.
Where is this duplex located?
The property is located at 3428 Hennepin Avenue 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 on a 0.14‑acre lot; Roof replaced in 2023; Built in 1928 with brick and stone construction
