Updated Duplex with Separate
For Sale
$374,900
3429 Aldrich Avenue S, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size1,623 SF
Lot Size0.11 Acres
Price / SF$230.99
Days on Market72
Property Features for 3429 Aldrich Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Exterior features
Stucco
Fencing
Chain Link
Subdivision
Remingtons 2nd Add
Lot features
Public Transit (w/in 6 blks), Infill Lot, Tree Coverage - Light
High school district
Minneapolis
Directions
35W to W 25th, West to Aldrich Ave S, North to the home on the right
Standard status
Active
APN
0402824410088
Size
1,623 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9548
Utilities
Heating system
Baseboard
Amenities
in-unit washer/dryer
Building Details
Year built
1900
Building materials
Frame, Stone
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 735-1350
Listed By:
Kyle Babcock · License #20453078
(952) 829-2900
Added: Jun 10
Changed: Aug 19
Last Checked: Aug 20 at 3:06PM
MLS# 7064636
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 fully updated duplex in South Uptown offers refreshed interiors with new flooring, fresh paint, and updated lighting throughout. Both units feature open floor plans and renovated kitchens with brand-new cabinets and appliances. The main-level unit has two bedrooms and one bath, while the bright upper unit has one bedroom and one bath. Practical upgrades include new windows, freshly painted front and back porches, and separate washer/dryer sets in each unit.
The duplex has split electrical utilities with individual 100-amp panels. Updates also include a roof replacement in 2025. The property is built with frame and stone materials and features stucco exterior elements. Heating is baseboard. The roof is shingle, and fencing includes chain link.
Set on a 0.11-acre lot with a 1,623-square-foot property size, this duplex was built in 1900 and includes a basement as part of the layout.
The duplex has split electrical utilities with individual 100-amp panels. Updates also include a roof replacement in 2025. The property is built with frame and stone materials and features stucco exterior elements. Heating is baseboard. The roof is shingle, and fencing includes chain link.
Set on a 0.11-acre lot with a 1,623-square-foot property size, this duplex was built in 1900 and includes a basement as part of the layout.
Key Highlights
- 0.11‑acre lot with 1,623 SF duplex
- Renovated kitchens with brand‑new cabinets and appliances
- Separate washer/dryer sets in each unit
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
$23,713
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
6.33%
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%
$474,260
$474.3K
Cap Rate 7%
$338,757
$338.8K
Cap Rate 9%
$263,478
$263.5K
Market Conditions
NOI Build-Up for 1,623 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
$36.0K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$33.9K $20.87/SF
− OpEx
−$10.2K −$6.26/SF
NOI
$23.7K $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%
$474,260
Cap Rate 7%
$338,757
Cap Rate 9%
$263,478
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.4K – $395.2K
NOI $23,713 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$311.1K
$272.3K – $363.0K
NOI $21,780 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$387.2K
$338.8K – $451.8K
NOI $27,105 @ 7.0% cap · market cap 7.23%
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 - Updated South Uptown duplex with renovated kitchens, open layouts, and separate washer/dryer sets in each unit.
Where is this duplex located?
The property is located at 3429 Aldrich Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 0.11‑acre lot with 1,623 SF duplex; Renovated kitchens with brand‑new cabinets and appliances; Separate washer/dryer sets in each unit
