Vintage Duplex with Two-Car
New
For Sale
$575,000
3520 Pillsbury Ave S, Minneapolis, MN 55408
Two spacious units retain hardwood floors, fireplaces, built-ins, and expanded sunroom bonus areas.
Property Size2,462 SF
Price / SF$233.55
Days on Market7
Property Features for 3520 Pillsbury Ave S
General Information
Standard status
Active
Size
2,462 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
fenced backyard
patio
screened gazebo
landscaped yard
individual basement storage lockers
dedicated laundry facilities
Building Details
Year Built
1925
Listing Agency:
Coldwell Banker Realty - Lakes
Listed By:
Christopher J Carrow
(612) 802-5592
Source:
Thehomeadvantagegroup
Added: Sep 19
Changed: Sep 24
Last Checked: Sep 24 at 11:33AM
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 - Lakes
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains two expansive units with a strong collection of period details and practical living space. Each unit includes generous living and dining rooms, built-in cabinetry, wood-burning fireplaces, hardwood flooring, and bright kitchens. Expanded main bedrooms incorporate the former sunrooms, creating flexible areas for office, sitting, or exercise use. The main-level residence also has a private office and an additional three-quarter bath.
Outdoor and shared features include a fenced backyard, patio, screened gazebo, landscaped grounds, individual basement storage lockers, dedicated laundry facilities, and a two-car garage. The property is located at 3520 Pillsbury Avenue S in Minneapolis, within the Lyndale neighborhood and near neighborhood dining, bike trails, and lakes.
Outdoor and shared features include a fenced backyard, patio, screened gazebo, landscaped grounds, individual basement storage lockers, dedicated laundry facilities, and a two-car garage. The property is located at 3520 Pillsbury Avenue S in Minneapolis, within the Lyndale neighborhood and near neighborhood dining, bike trails, and lakes.
Key Highlights
- Two‑unit duplex with 2462 SF of total property size
- Built in 1925 with hardwood floors, built‑ins, and wood‑burning fireplaces
- Expanded main bedrooms include flexible former sunroom areas
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
$35,972
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
6.26%
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%
$719,440
$719.4K
Cap Rate 7%
$513,886
$513.9K
Cap Rate 9%
$399,689
$399.7K
Market Conditions
NOI Build-Up for 2,462 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
$54.7K $22.20/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$51.4K $20.87/SF
− OpEx
−$15.4K −$6.26/SF
NOI
$36.0K $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%
$719,440
Cap Rate 7%
$513,886
Cap Rate 9%
$399,689
Alternative Uses
Best Use
Multifamily LT 5
$513.9K
$449.7K – $599.5K
NOI $35,972 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$472.0K
$413.0K – $550.7K
NOI $33,039 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$587.4K
$514.0K – $685.3K
NOI $41,117 @ 7.0% cap · market cap 7.15%
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
1,217
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 spacious units retain hardwood floors, fireplaces, built-ins, and expanded sunroom bonus areas.
Where is this duplex located?
The property is located at 3520 Pillsbury Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex with 2462 SF of total property size; Built in 1925 with hardwood floors, built‑ins, and wood‑burning fireplaces; Expanded main bedrooms include flexible former sunroom areas
