Updated Duplex with Bonus
New
For Sale
$489,900
3622 Longfellow Avenue, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,800 SF
Lot Size0.11 Acres
Price / SF$174.96
Days on Market1
Property Features for 3622 Longfellow Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3
Exterior features
Stucco
Fencing
Chain Link
Subdivision
C A Bartletts Add
Lot features
Tree Coverage - Medium
High school district
Minneapolis
Directions
Cedar Ave to 36th St, East to Longfellow, South to Duplex.
Standard status
Active
APN
0102824330064
Size
2,800 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7431
Utilities
Heating system
Forced Air
Building Details
Year built
1913
Building materials
Block, Frame
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Paah Wlakerwon Zeah
(612) 821-7400
Added: Aug 19
Last Checked: Aug 19 at 10:06PM
MLS# 7085179
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 2,800-square-foot duplex offers an up-and-down configuration with five bedrooms, two bathrooms, and a basement. The property was remodeled throughout within the last 10 years, retaining its original 1913 construction while adding updated functionality. A bonus loft above Unit 2 provides additional interior space for uses such as an office, storage, or recreation area.
The 0.11-acre parcel includes stucco exterior finishes, block and frame construction, forced-air heating, and chain-link fencing. Located at 3622 Longfellow Avenue in Minneapolis, the property is in ZIP Code 55407 and provides a two-unit residential layout with flexible auxiliary space.
The 0.11-acre parcel includes stucco exterior finishes, block and frame construction, forced-air heating, and chain-link fencing. Located at 3622 Longfellow Avenue in Minneapolis, the property is in ZIP Code 55407 and provides a two-unit residential layout with flexible auxiliary space.
Key Highlights
- 2,800 square feet of duplex building area
- Up‑and‑down duplex layout with five bedrooms and two bathrooms
- Bonus loft space positioned above Unit 2
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
$40,910
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
8.35%
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%
$818,200
$818.2K
Cap Rate 7%
$584,429
$584.4K
Cap Rate 9%
$454,556
$454.6K
Market Conditions
NOI Build-Up for 2,800 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
$62.2K $22.20/SF
− Vacancy
−$3.7K −$1.33/SF
EGI
$58.4K $20.87/SF
− OpEx
−$17.5K −$6.26/SF
NOI
$40.9K $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%
$818,200
Cap Rate 7%
$584,429
Cap Rate 9%
$454,556
Alternative Uses
Best Use
Multifamily LT 5
$584.4K
$511.4K – $681.8K
NOI $40,910 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$536.8K
$469.7K – $626.3K
NOI $37,575 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$668.0K
$584.5K – $779.4K
NOI $46,762 @ 7.0% cap · market cap 9.55%
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
705
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 - Up-and-down configuration includes two bathrooms, a basement, and adaptable upper-level space.
Where is this duplex located?
The property is located at 3622 Longfellow Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 2,800 square feet of duplex building area; Up‑and‑down duplex layout with five bedrooms and two bathrooms; Bonus loft space positioned above Unit 2
