Four-Unit Apartment
New
For Sale
$614,990
3809 28th Avenue S, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size3,000 SF
Lot Size0.11 Acres
Price / SF$204
Days on Market4
Property Features for 3809 28th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Bedroom 1, Laundry Room, Bathroom 1, Bathroom 4, Basement, Bedroom 3, Bathroom 2, Bedroom 4
Parking features
Garage - Detached, Assigned, Driveway
Subdivision
Subd Altruria-Lots 1 To 5 & 12
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
HIAWATHA TO 38TH, WEST ON 38TH TO 28TH, SOUTH ON 28TH, BUILDING ON EAST SIDE
Standard status
Active
APN
1202824110101
Size
3,000 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9490
Utilities
Heating system
Hot Water(Heating)
Amenities
coin laundry
private basement storage
fenced back yard
Building Details
Year built
1925
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Taylor Doolittle
(952) 829-2900
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 5 at 11:06AM
MLS# 7151695
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 1925 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 served by gas boilers, and period-style windows. Each apartment has a private basement storage room, and the building includes coin laundry. One unit is vacant; the other three are leased into 2027. Tenants pay gas and electric, while the owner covers water, sewer, and trash.
The 0.11-acre property includes a fenced rear yard, a detached three-stall garage, and one assigned parking space. Garage and assigned parking spaces are currently leased. The 38th Street LRT station is within walking distance, with Lake Hiawatha and its walking paths and golf course nearby.
The 0.11-acre property includes a fenced rear yard, a detached three-stall garage, and one assigned parking space. Garage and assigned parking spaces are currently leased. The 38th Street LRT station is within walking distance, with Lake Hiawatha and its walking paths and golf course nearby.
Key Highlights
- Four apartments, each with one bedroom and one bathroom
- 3,000 square feet in a 1925 building
- 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
Multi-tenant
Tenancy
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - A vacant apartment, coin-operated laundry, private basement storage, and detached garage parking add practical features for residents.
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 apartments, each with one bedroom and one bathroom; 3,000 square feet in a 1925 building; One unit is vacant; Units 2 to 4 are leased into 2027
