Updated Duplex with Detached
New
For Sale
$675,000
3504 Lyndale Avenue S, Minneapolis, MN 55408
Two separate homes are complemented by a finished detached workspace and multiple private outdoor areas.
Property Size2,430 SF
Price / SF$277.78
Days on Market2
Property Features for 3504 Lyndale Avenue S
General Information
Standard status
Active
Size
2,430 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
2
Amenities
private patio
private deck
recording studio/workspace
shared laundry
storage
off-street parking
outdoor spaces
Building Details
Year Built
1907
Buildings
1
Listing Agency:
Coldwell Banker Realty
Listed By:
Jenelle Nelson · License #NST506098506
(651) 227-9144
Source:
Winhometeam
Added: Sep 30
Last Checked: Oct 1 at 8:54AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 2,430-square-foot Minneapolis duplex contains two residences: a main-floor one-bedroom, one-bath unit and an upper home with three bedrooms and one-and-a-half baths. The upper residence spans multiple levels, including a top-floor family room with vaulted ceilings and skylights. Both kitchens have updated appliances and finishes. Recent work includes a new roof, siding, windows, electrical and plumbing systems, two furnaces, and two central air-conditioning systems.
A finished detached studio or workspace has soundproofing, skylights, and its own mini-split heating and air conditioning. The property also includes shared basement laundry, locking storage, off-street parking, a private patio, and an upper-level deck. Built in 1907, it sits one block from the Bryant bike route, with coffee shops, restaurants, and parks nearby. Lake Bde Maka Ska, trails, and beaches are a few blocks away.
A finished detached studio or workspace has soundproofing, skylights, and its own mini-split heating and air conditioning. The property also includes shared basement laundry, locking storage, off-street parking, a private patio, and an upper-level deck. Built in 1907, it sits one block from the Bryant bike route, with coffee shops, restaurants, and parks nearby. Lake Bde Maka Ska, trails, and beaches are a few blocks away.
Key Highlights
- Two residences: 1BR/1BA main‑floor home and 3BR/1.5BA upper residence
- 2,430 square feet; built in 1907
- Detached finished workspace with soundproofing, skylights, and mini‑split heating and A/C
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
$35,504
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
5.26%
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%
$710,080
$710.1K
Cap Rate 7%
$507,200
$507.2K
Cap Rate 9%
$394,489
$394.5K
Market Conditions
NOI Build-Up for 2,430 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
$53.9K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$50.7K $20.87/SF
− OpEx
−$15.2K −$6.26/SF
NOI
$35.5K $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%
$710,080
Cap Rate 7%
$507,200
Cap Rate 9%
$394,489
Alternative Uses
Best Use
Multifamily LT 5
$507.2K
$443.8K – $591.7K
NOI $35,504 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$465.9K
$407.6K – $543.5K
NOI $32,610 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$579.7K
$507.3K – $676.4K
NOI $40,582 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate homes are complemented by a finished detached workspace and multiple private outdoor areas.
Where is this duplex located?
The property is located at 3504 Lyndale Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two residences: 1BR/1BA main‑floor home and 3BR/1.5BA upper residence; 2,430 square feet; built in 1907; Detached finished workspace with soundproofing, skylights, and mini‑split heating and A/C
