Two-Unit Duplex with Off-Street
For Sale
$299,000
3504 Cedar Avenue S, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size1,486 SF
Lot Size0.13 Acres
Price / SF$201.21
Days on Market91
Property Features for 3504 Cedar Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking features
Driveway
Exterior features
Stucco
Subdivision
Monroe Bros Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
South of 35th Street on Cedar Ave to the immediate South of Matt's Bar
Standard status
Active
APN
0202824410200
Size
1,486 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4478
Utilities
Heating system
Forced Air
Building Details
Year built
1914
Building materials
Block
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Michelle Fussy Peterson
(651) 494-4000
Added: May 22
Changed: Aug 20
Last Checked: Aug 20 at 4:06PM
MLS# 7076832
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,486-square-foot duplex, built in 1914, contains two apartments arranged across the main and upper levels. The main-floor unit has one bedroom, while the upper apartment includes two bedrooms. Each unit has its own laundry, and the property also includes a basement. Stucco exterior walls, block construction, forced-air heating, and a shingle roof complete the building improvements.
The property occupies 0.13 acres in Minneapolis and provides three off-street parking spaces through its driveway. Matt’s Bar is next door, with additional conveniences nearby. Its two-unit layout and separate apartment amenities support both owner-occupancy and rental use.
The property occupies 0.13 acres in Minneapolis and provides three off-street parking spaces through its driveway. Matt’s Bar is next door, with additional conveniences nearby. Its two-unit layout and separate apartment amenities support both owner-occupancy and rental use.
Key Highlights
- 1,486 SF duplex on a 0.13‑acre lot
- Main‑level 1‑bedroom apartment and upper‑level 2‑bedroom apartment
- Separate laundry provided 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, a basement, and driveway parking near Matt’s Bar in Minneapolis.
Where is this duplex located?
The property is located at 3504 Cedar Avenue 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: 1,486 SF duplex on a 0.13‑acre lot; Main‑level 1‑bedroom apartment and upper‑level 2‑bedroom apartment; Separate laundry provided for each unit
