Triplex with Studio
For Sale
$825,000
3514 Grand Avenue S, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size4,900 SF
Lot Size0.13 Acres
Price / SF$168.37
Days on Market131
Property Features for 3514 Grand Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Residential-Multi-Family
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 5, Bedroom 7, Bedroom 8, Bedroom 6, Bathroom 4, Bathroom 8, Bathroom 3, Basement, Bathroom 6, Bedroom 2, Bathroom 7, Bedroom 1, Bathroom 2, Bedroom 10, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 9
Parking features
Garage - Detached
Exterior features
Brick/Stone, Vinyl
Subdivision
Bakers Add
High school district
Minneapolis
Directions
I-35 to 35th-36th Street, west on 35th Street to Grand Avenue, south to property.
Standard status
Active
APN
0302824320126
Size
4,900 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14668
Utilities
Heating system
Forced Air
Amenities
in-unit laundry
Building Details
Year built
2005
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Shelbie Cox
(612) 600-6000
Added: May 22
Changed: Sep 24
Last Checked: Sep 29 at 8:06AM
MLS# 7079275
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 4,900-square-foot triplex was built in 2005 and includes an additional studio/storage area, creating four units in total. Each unit features a modern kitchen, updated bathroom, and in-unit laundry. The property has brick/stone and vinyl exterior elements, forced-air heating, and a detached garage. It occupies 0.13 acres.
The property is within walking distance of Uptown restaurants, retail, and transit. Rental operations have recorded zero vacancies over the past five years, with current gross rents totaling $7,650 per month; the rent figure is not included in this summary. Water may be separately metered so residents cover their own usage, providing a defined operating adjustment opportunity.
The property is within walking distance of Uptown restaurants, retail, and transit. Rental operations have recorded zero vacancies over the past five years, with current gross rents totaling $7,650 per month; the rent figure is not included in this summary. Water may be separately metered so residents cover their own usage, providing a defined operating adjustment opportunity.
Key Highlights
- 4,900 square feet on a 0.13‑acre lot
- Triplex with an additional studio/storage area and four total units
- Built in 2005 with modern kitchens and updated bathrooms
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
$71,592
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
8.68%
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%
$1,431,840
$1.4M
Cap Rate 7%
$1,022,743
$1.0M
Cap Rate 9%
$795,467
$795.5K
Market Conditions
NOI Build-Up for 4,900 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
$108.8K $22.20/SF
− Vacancy
−$6.5K −$1.33/SF
EGI
$102.3K $20.87/SF
− OpEx
−$30.7K −$6.26/SF
NOI
$71.6K $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%
$1,431,840
Cap Rate 7%
$1,022,743
Cap Rate 9%
$795,467
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$894.9K – $1.19M
NOI $71,592 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$939.4K
$822.0K – $1.10M
NOI $65,757 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,833 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,131
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
Check the figures for this property
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?
Triplex - Four-unit income property with updated interiors, in-unit laundry, and a detached garage.
Where is this triplex located?
The property is located at 3514 Grand Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 4,900 square feet on a 0.13‑acre lot; Triplex with an additional studio/storage area and four total units; Built in 2005 with modern kitchens and updated bathrooms
