Updated Brick
For Sale
$585,000
349 15th Ave NE, Minneapolis, MN 55413
Three-unit property with a spacious main-floor residence and two upper-level apartments.
Property Size2,748 SF
Price / SF$212.88
Days on Market73
Property Features for 349 15th Ave NE
General Information
Standard status
Active
Size
2,748 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Amenities
stainless steel appliances
stone countertops
dishwasher
coin laundry
Building Details
Year Built
1958
Buildings
1
Construction
all-brick
Listing Agency:
Keller Williams Classic Rlty NW
Listed By:
Michael Moe
(218) 310-5947
Source:
Chrisfritchteam
Added: Aug 5
Changed: Sep 15
Last Checked: Oct 15 at 12:58AM
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 Keller Williams Classic Rlty NW
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,748-square-foot triplex was built in 1958 and contains three distinct apartments. The main level is occupied by a three-bedroom, two-bath unit, while the upper floor offers two one-bedroom, one-bath residences. Each apartment has been updated with stainless steel appliances, stone countertops, and a dishwasher. Shared coin-operated laundry serves all three units.
The all-brick building is located at 349 15th Ave NE in Minneapolis, within Northeast Minneapolis. Roof, mechanical systems, and windows are described as being in good condition and relatively recent, supporting the property’s updated operating profile. The combination of varied unit sizes and shared laundry provides a practical multifamily configuration.
The all-brick building is located at 349 15th Ave NE in Minneapolis, within Northeast Minneapolis. Roof, mechanical systems, and windows are described as being in good condition and relatively recent, supporting the property’s updated operating profile. The combination of varied unit sizes and shared laundry provides a practical multifamily configuration.
Key Highlights
- 2,748‑square‑foot triplex built in 1958
- Unit mix includes one 3‑bedroom, 2‑bath apartment and two 1‑bedroom, 1‑bath apartments
- All units feature stainless steel appliances, stone countertops, and dishwashers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,150
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$803,000
$803.0K
Cap Rate 7%
$573,571
$573.6K
Cap Rate 9%
$446,111
$446.1K
Market Conditions
NOI Build-Up for 2,748 SF
Gross rent
$61.0K $22.20/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$57.4K $20.87/SF
− OpEx
−$17.2K −$6.26/SF
NOI
$40.2K $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%
$803,000
Cap Rate 7%
$573,571
Cap Rate 9%
$446,111
Alternative Uses
Best Use
Multifamily LT 5
$573.6K
$501.9K – $669.2K
NOI $40,150 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$526.8K
$461.0K – $614.6K
NOI $36,877 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$655.6K
$573.7K – $764.9K
NOI $45,893 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 55413, MN
13,914
Population
8,080
Households
1.7
Avg Household Size
34
Median Age
58%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
4,488
Density / Sq Mi
$84,252
Median Household Income
$57,091
Median Earnings
$1,497
Median Rent
$354,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with a spacious main-floor residence and two upper-level apartments.
Where is this triplex located?
The property is located at 349 15th Ave NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 2,748‑square‑foot triplex built in 1958; Unit mix includes one 3‑bedroom, 2‑bath apartment and two 1‑bedroom, 1‑bath apartments; All units feature stainless steel appliances, stone countertops, and dishwashers
