Updated Multifamily
For Sale
$595,000
3811 Restwood Road, Circle Pines, MN 55014
Residential Income, Circle Pines, MN
Property Size3,328 SF
Lot Size0.35 Acres
Price / SF$178.79
Days on Market108
Property Features for 3811 Restwood Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Parking features
Parking Lot, Driveway
Exterior features
Aluminum Siding
Subdivision
Ottes Add To Lexington
Lot features
Tree Coverage - Light
High school district
Centennial
Directions
Hwy 35 W north to Lake Drive. Exit going East about 1 mile to Restwood. This is the corner Cowboy Jack's is on. Go east one block to 3811. First 4 plex on the left.
Standard status
Active
APN
353123120015
Size
3,328 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8630
Utilities
Heating system
Oil
Building Details
Year built
1984
Building materials
Frame
Listing Agency:
Counselor Realty
(952) 921-0911
Listed By:
Thomas L. Simonsen
(763) 390-3017
Added: May 21
Changed: Sep 3
Last Checked: Sep 5 at 7:06PM
MLS# 7077994
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 3,328-square-foot multifamily building in Circle Pines was constructed in 1984 with frame construction and aluminum siding. The residences include two bedrooms and one bathroom each, along with updated flooring, kitchens, and paint. Separate hot water heaters serve the individual units, while a common oil-fired boiler provides building-wide heat.
The property occupies 0.35 acres and includes an asphalt parking lot and driveway. Its location is approximately one mile east of I-35W near Lake Drive, with shopping within walking distance and Lexington City Park a few blocks away.
The property occupies 0.35 acres and includes an asphalt parking lot and driveway. Its location is approximately one mile east of I-35W near Lake Drive, with shopping within walking distance and Lexington City Park a few blocks away.
Key Highlights
- 3,328‑square‑foot multifamily building constructed in 1984
- Each residence includes 2 bedrooms and 1 bathroom
- Updated flooring, kitchens, paint, siding, and windows
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
$37,982
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
6.38%
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%
$759,640
$759.6K
Cap Rate 7%
$542,600
$542.6K
Cap Rate 9%
$422,022
$422.0K
Market Conditions
NOI Build-Up for 3,328 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
$74.3K $22.32/SF
− Vacancy
−$5.2K −$1.57/SF
EGI
$69.1K $20.75/SF
− OpEx
−$31.1K −$9.34/SF
NOI
$38.0K $11.41/SF
Area
Anoka County, MN
Vacancy
7.03%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
45.00%
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%
$759,640
Cap Rate 7%
$542,600
Cap Rate 9%
$422,022
Alternative Uses
Best Use
Apartment 5plus
$542.6K
$474.8K – $633.0K
NOI $37,982 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$924.4K
$808.9K – $1.08M
NOI $64,709 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Explore this area
Business Placement
Demographics for 55014, MN
28,603
Population
11,163
Households
2.6
Avg Household Size
40
Median Age
36%
College-Educated
95%
High-School Grad
20.3 sq mi
ZIP Area
1,409
Density / Sq Mi
$98,952
Median Household Income
$50,744
Median Earnings
$1,553
Median Rent
$324,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multiple two-bedroom residences feature refreshed finishes, individual water heaters, and shared boiler heat.
Where is this multifamily property located?
The property is located at 3811 Restwood Road Circle Pines, MN.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,328‑square‑foot multifamily building constructed in 1984; Each residence includes 2 bedrooms and 1 bathroom; Updated flooring, kitchens, paint, siding, and windows
