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 Market26
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
(218) 310-5947
Listed By:
Michael Moe
Source:
Bethanynelsongroup
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 29 at 1:14PM
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
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 = 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
$40,150
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
6.86%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
