Updated
For Sale
$374,900
3429 Aldrich Ave S, Minneapolis, MN 55411
Two units offer renovated kitchens, open layouts, and dedicated washer/dryer sets.
Property Size1,623 SF
Price / SF$230.99
Days on Market71
Property Features for 3429 Aldrich Ave S
General Information
Standard status
Active
Size
1,623 SF
Property subtype
Residential Income
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Results
(651) 331-0319
Listed By:
Kyle Babcock · License #20453078
(651) 331-0319
Source:
Exprealty
Added: Jun 10
Changed: Jul 31
Last Checked: Aug 19 at 3:01PM
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 duplex at 3429 Aldrich Ave S in Minneapolis includes a main-level two-bedroom, one-bath unit and an upper one-bedroom, one-bath unit. Both units feature open floor plans, renovated kitchens with brand-new cabinets and appliances, new flooring, fresh paint, and updated lighting. Each unit also has its own washer and dryer set.
Practical improvements include new windows, freshly painted front and back porches, split electrical utilities, and individual 100-amp panels. The roof was replaced in 2025. The property is located in South Uptown, a highly walkable neighborhood just blocks from local parks, shops, restaurants, and Bde Maka Ska. The configuration is suited to the owner-occupant or investor use described for the property.
Practical improvements include new windows, freshly painted front and back porches, split electrical utilities, and individual 100-amp panels. The roof was replaced in 2025. The property is located in South Uptown, a highly walkable neighborhood just blocks from local parks, shops, restaurants, and Bde Maka Ska. The configuration is suited to the owner-occupant or investor use described for the property.
Key Highlights
- Main‑level 2‑bedroom, 1‑bath unit and upper 1‑bedroom, 1‑bath unit
- Renovated kitchens with brand‑new cabinets and appliances
- New flooring, fresh paint, updated lighting, and new windows throughout
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
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 - Two units offer renovated kitchens, open layouts, and dedicated washer/dryer sets.
Where is this duplex located?
The property is located at 3429 Aldrich Ave 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: Main‑level 2‑bedroom, 1‑bath unit and upper 1‑bedroom, 1‑bath unit; Renovated kitchens with brand‑new cabinets and appliances; New flooring, fresh paint, updated lighting, and new windows throughout
