Fourplex with Three-Stall
New
For Sale
$614,990
3809 28th Avenue S, Minneapolis, MN 55406
Four one-bedroom apartments include private basement storage, coin laundry, and a fenced rear yard.
Property Size4,500 SF
Price / SF$204
Days on Market2
Property Features for 3809 28th Avenue S
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Occupancy
75%
Net Operating Income
$29,108
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,490
Amenities
coin laundry
fenced back yard
private basement storage room
Laundry, Coin Laundry
Natural Gas, Hot Water
Full, Storage Space, Unfinished
Assigned, Asphalt
Building Details
Building Size
4,500 SF
Year Built
1925
Buildings
1
Stories
2
Construction
stucco
Listing Agency:
RE/MAX Results
Listed By:
Taylor Doolittle
(952) 567-9939
Source:
Evrealestate
Added: Oct 4
Last Checked: Oct 4 at 7:17AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1925, this Minneapolis fourplex contains four one-bedroom, one-bath apartments across 3,000 square feet. Interior details include oak floors, arched plaster openings, cast-iron radiators, and vintage windows. A vacant apartment has refinished floors, ceiling fans, and a steel kitchen with a built-in drainboard sink. Each residence has a private basement storage room, and the building includes coin-operated laundry.
The property has a fenced backyard, a three-stall garage, and one additional assigned parking space. Garage and parking spaces are leased separately and currently occupied. Units 2 through 4 have leases extending into 2027; tenants pay gas and electric, while the owner covers water, sewer, and trash. The address is within walking distance of the 38th Street LRT station, with Lake Hiawatha and its walking paths and golf course nearby.
The property has a fenced backyard, a three-stall garage, and one additional assigned parking space. Garage and parking spaces are leased separately and currently occupied. Units 2 through 4 have leases extending into 2027; tenants pay gas and electric, while the owner covers water, sewer, and trash. The address is within walking distance of the 38th Street LRT station, with Lake Hiawatha and its walking paths and golf course nearby.
Key Highlights
- Four 1‑bedroom, 1‑bath apartments in 3,000 square feet
- Built in 1925 with oak floors, arched plaster openings, cast‑iron radiators, and vintage windows
- One unit is vacant; Units 2 to 4 are leased into 2027
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
$38,877
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
6.32%
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%
$777,540
$777.5K
Cap Rate 7%
$555,386
$555.4K
Cap Rate 9%
$431,967
$432.0K
Market Conditions
NOI Build-Up for 3,000 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
$59.4K $19.80/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$55.5K $18.51/SF
− OpEx
−$16.7K −$5.55/SF
NOI
$38.9K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /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%
$777,540
Cap Rate 7%
$555,386
Cap Rate 9%
$431,967
Alternative Uses
Best Use
Multifamily LT 5
$555.4K
$486.0K – $648.0K
NOI $38,877 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$516.9K
$452.3K – $603.1K
NOI $36,184 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$876.6K
$767.0K – $1.02M
NOI $61,363 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
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?
Quadplex - Four one-bedroom apartments include private basement storage, coin laundry, and a fenced rear yard.
Where is this quadplex located?
The property is located at 3809 28th Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $614,990.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath apartments in 3,000 square feet; Built in 1925 with oak floors, arched plaster openings, cast‑iron radiators, and vintage windows; One unit is vacant; Units 2 to 4 are leased into 2027
