Two-Unit Duplex with
For Sale
$299,000
3504 Cedar Ave S, Minneapolis, MN 55407
Two-level duplex with separate laundry facilities and off-street parking.
Property Size1,486 SF
Price / SF$201.21
Days on Market93
Property Features for 3504 Cedar Ave S
General Information
Standard status
Active
Size
1,486 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,478
Amenities
in-unit laundry
Listing Agency:
National Realty Guild
(612) 987-4771
Listed By:
Michelle Fussy Peterson
(612) 987-4771
Source:
Exprealty
Added: May 23
Changed: Aug 21
Last Checked: Aug 23 at 4:27AM
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 National Realty Guild
Investment Insights
Based on property information with market context.
This Minneapolis duplex contains two separate residences arranged across two levels. The main floor offers a one-bedroom apartment, while the upper floor includes a two-bedroom apartment. Each unit has its own laundry area, supporting independent household use within the building. The property measures 1,486 square feet and includes three off-street parking spaces.
Located at 3504 Cedar Ave S, the duplex is next to Matt’s Bar and near a range of conveniences. Its two-unit layout, bedroom configuration, dedicated laundry, and on-site parking provide a straightforward setup for residential occupancy.
Located at 3504 Cedar Ave S, the duplex is next to Matt’s Bar and near a range of conveniences. Its two-unit layout, bedroom configuration, dedicated laundry, and on-site parking provide a straightforward setup for residential occupancy.
Key Highlights
- Two‑unit duplex with a 1‑BR main‑level apartment and 2‑BR upper‑level apartment
- 1,486 SF property in Minneapolis
- Separate laundry facilities for 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
$21,712
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
7.26%
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%
$434,240
$434.2K
Cap Rate 7%
$310,171
$310.2K
Cap Rate 9%
$241,244
$241.2K
Market Conditions
NOI Build-Up for 1,486 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
$33.0K $22.20/SF
− Vacancy
−$2.0K −$1.33/SF
EGI
$31.0K $20.87/SF
− OpEx
−$9.3K −$6.26/SF
NOI
$21.7K $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%
$434,240
Cap Rate 7%
$310,171
Cap Rate 9%
$241,244
Alternative Uses
Best Use
Multifamily LT 5
$310.2K
$271.4K – $361.9K
NOI $21,712 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$284.9K
$249.3K – $332.4K
NOI $19,942 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$354.5K
$310.2K – $413.6K
NOI $24,817 @ 7.0% cap · market cap 8.30%
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
753
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
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-level duplex with separate laundry facilities and off-street parking.
Where is this duplex located?
The property is located at 3504 Cedar Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with a 1‑BR main‑level apartment and 2‑BR upper‑level apartment; 1,486 SF property in Minneapolis; Separate laundry facilities for each unit
