Two-Bedroom Multifamily
For Sale
$595,000
3811 Restwood Road, Circle Pines, MN 55014
MULTI_FAMILY - Circle Pines, MN
Property Size3,328 SF
Lot Size0.35 Acres
Price / SF$178.79
Days on Market86
Property Features for 3811 Restwood Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Parking features
Driveway, Parking Lot
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: Aug 1
Last Checked: Aug 14 at 11:06PM
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 multifamily building offers two-bedroom, one-bath units with interior updates including flooring, kitchens, and paint. The exterior features aluminum siding, and the property also has updated siding and windows. Heating is provided by oil, with separate hot water heaters for each unit and a common boiler serving the building for winter comfort.
Set on a 0.35-acre lot, the property totals 3,328 square feet and includes an asphalt parking lot out front with driveway access. Built in 1984, it is located about a mile east of I-35W off Lake Drive, with shopping within easy walking distance and Lexington City Park a few short blocks away.
The layout and infrastructure are well suited for either an owner-occupied setup or an investor looking for rental cash flow.
Set on a 0.35-acre lot, the property totals 3,328 square feet and includes an asphalt parking lot out front with driveway access. Built in 1984, it is located about a mile east of I-35W off Lake Drive, with shopping within easy walking distance and Lexington City Park a few short blocks away.
The layout and infrastructure are well suited for either an owner-occupied setup or an investor looking for rental cash flow.
Key Highlights
- 0.35‑acre lot with 3,328 SF multifamily building
- Units have two bedrooms and one bath each
- Updated siding and windows plus updated interior flooring, kitchens, and paint
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated multifamily building with oil heat, aluminum siding, and units featuring two bedrooms and a bath each.
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: 0.35‑acre lot with 3,328 SF multifamily building; Units have two bedrooms and one bath each; Updated siding and windows plus updated interior flooring, kitchens, and paint
