Tri-Plex with Backyard
3535 Irving Avenue S Minneapolis, MN 55408
For Sale
$899,900
Pending
MULTI_FAMILY - Minneapolis, MN
Property Size4,165 SF
Lot Size0.15 Acres
Days on Market75
Property Features for 3535 Irving Avenue S
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Bathrooms
- 4
- Rooms
- Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 4, Basement, Bedroom 1, Bedroom 7, Bedroom 5, Bedroom 2, Bedroom 6, Bedroom 3
- Parking features
- Garage - Detached
- Exterior features
- Brick/Stone, Stucco
- Standard status
- Pending
- APN
- 0402824310137
- Size
- 4,165 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 16270
Utilities
- Heating system
- Oil
Building Details
- Year built
- 1936
- Building materials
- Frame
- Roof type
- Asphalt, Shingle
Listing Agency:
Norton Realty, Inc
(651) 760-8370
Listed By:
Andrew Mcmahon
(651) 269-2004
Added: May 14
Changed: Jun 30
Last Checked: Jul 27 at 1:06AM
MLS# 7073936
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 owner-occupied tri-plex offers three 2-bedroom units and a non-conforming lower-level 4th unit that functions as a 1-bedroom. Updates include modern improvements while retaining classic historic millwork and hardwood floors. The home also features a new roof (2024), along with updated electrical and plumbing. A backyard patio provides outdoor space.
The property is situated only steps from Bde Maka Ska, with views noted from the home.
Overall, the layout supports flexible living arrangements for an owner-occupant while also providing straightforward rental use for the additional units.
The property is situated only steps from Bde Maka Ska, with views noted from the home.
Overall, the layout supports flexible living arrangements for an owner-occupant while also providing straightforward rental use for the additional units.
Key Highlights
- Owner‑occupied tri‑plex with a non‑conforming lower‑level 4th unit
- Unit mix: three 2BR units and one 1BR
- New roof in 2024
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $92.5k | $22.20 |
| − Vacancy | −$5.5k | −$1.33 |
| EGI | $86.9k | $20.87 |
| − OpEx | −$26.1k | −$6.26 |
| NOI | $60.9k | $14.61 |
4,165 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$869.3K
$760.7K – $1.01M
NOI $60,854 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$798.5K
$698.7K – $931.6K
NOI $55,893 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$993.7K
$869.5K – $1.16M
NOI $69,558 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Owner-occupied tri-plex with three 2-bedroom units plus a non-conforming lower-level 1-bedroom unit and a backyard patio.
Where is this triplex located?
The property is located at 3535 Irving Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Owner‑occupied tri‑plex with a non‑conforming lower‑level 4th unit; Unit mix: three 2BR units and one 1BR; New roof in 2024
