Quadplex With Private
For Sale
$549,900
3485 Lester Ave, Hastings, MN 55033
Four two-bedroom units include on-site laundry, garage parking, and additional off-street spaces.
Property Size1,650 SF
Price / SF$333.27
Days on Market20
Property Features for 3485 Lester Ave
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$6,519
Amenities
on-site laundry
private balconies
Listing Agency:
Edina Realty, Inc.
(715) 602-0310
Listed By:
Luke Steele
(715) 602-0310
Source:
Exprealty
Added: Jul 28
Changed: Aug 15
Last Checked: Aug 16 at 12:18PM
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 Edina Realty, Inc.
Investment Insights
Based on property information with market context.
This quadplex at 3485 Lester Ave in Hastings, MN contains four two-bedroom, one-bath units with open interior layouts. The upper-level residences feature private balconies, while on-site laundry supports day-to-day tenant convenience. Each unit has one dedicated garage parking stall, supplemented by additional off-street parking.
The property is positioned near parks, shopping, restaurants, and major transportation routes. Long-term tenants and an established rental history provide documented operating context for a buyer evaluating a multifamily asset.
The property is positioned near parks, shopping, restaurants, and major transportation routes. Long-term tenants and an established rental history provide documented operating context for a buyer evaluating a multifamily asset.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- Upper‑level units include private balconies
- On‑site laundry available to tenants
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
$24,108
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
4.38%
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%
$482,160
$482.2K
Cap Rate 7%
$344,400
$344.4K
Cap Rate 9%
$267,867
$267.9K
Market Conditions
NOI Build-Up for 1,650 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
$36.6K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$34.4K $20.87/SF
− OpEx
−$10.3K −$6.26/SF
NOI
$24.1K $14.61/SF
Area
Dakota County, 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%
$482,160
Cap Rate 7%
$344,400
Cap Rate 9%
$267,867
Alternative Uses
Best Use
Multifamily LT 5
$344.4K
$301.4K – $401.8K
NOI $24,108 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$316.3K
$276.8K – $369.1K
NOI $22,143 @ 7.0% cap · market cap 4.03%
Theoretical Best
Healthcare Medical
$406.0K
$355.3K – $473.7K
NOI $28,423 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 55033, MN
29,701
Population
11,884
Households
2.5
Avg Household Size
42
Median Age
31%
College-Educated
96%
High-School Grad
144.3 sq mi
ZIP Area
206
Density / Sq Mi
$102,026
Median Household Income
$55,060
Median Earnings
$1,174
Median Rent
$335,800
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?
Quadplex - Four two-bedroom units include on-site laundry, garage parking, and additional off-street spaces.
Where is this quadplex located?
The property is located at 3485 Lester Ave Hastings, MN.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; Upper‑level units include private balconies; On‑site laundry available to tenants
