Side-by-Side Duplex with Fenced
New
For Sale
$520,000
3822 3rd Street NE, Columbia Heights, MN 55421
Residential Income, Columbia Heights, MN
Property Size3,052 SF
Lot Size0.19 Acres
Price / SF$170.38
Days on Market3
Property Features for 3822 3rd Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 3, Bedroom 5, Bedroom 8, Bathroom 4, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 4, Bedroom 7
Exterior features
Brick/Stone
Fencing
Chain Link
Subdivision
Columbia Heights Annex
High school district
Columbia Heights
Directions
University Ave to 40th Ave W to 3rd St S to property on the Right.
Standard status
Active
APN
353024330062
Size
3,052 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7089
Utilities
Heating system
Forced Air
Amenities
basement laundry
fully fenced yard
detached garage
Building Details
Year built
1963
Building materials
Brick, Concrete
Listing Agency:
The Firm Realty LLC
(612) 590-1500
Listed By:
Brett Malinski - The Firm
(612) 590-1500
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 10:06PM
MLS# 7131061
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.
Built in 1963, this 3,052-square-foot duplex contains two side-by-side residences with matching four-bedroom floor plans and four full baths overall. Each unit includes basement laundry, a fully fenced yard, a detached garage, and two parking spaces. The property occupies 0.19 acres and features brick and concrete construction, forced-air heat, and chain-link fencing.
Recent work varies by residence. The unit at 3822 3rd Street NE has a new basement three-quarter bath, 2024 furnace, 2023 water heater, new sump pump, stainless steel refrigerator, updated kitchen and bathroom plumbing, tile flooring, and exterior improvements. The unit at 3824 has a new basement full bath, a December 2025 furnace, a January 2026 water heater, and a new washer and dryer. City rental inspection has been completed.
The property is in Columbia Heights near Northeast Minneapolis and Downtown, with shops, restaurants, and public transportation nearby.
Recent work varies by residence. The unit at 3822 3rd Street NE has a new basement three-quarter bath, 2024 furnace, 2023 water heater, new sump pump, stainless steel refrigerator, updated kitchen and bathroom plumbing, tile flooring, and exterior improvements. The unit at 3824 has a new basement full bath, a December 2025 furnace, a January 2026 water heater, and a new washer and dryer. City rental inspection has been completed.
The property is in Columbia Heights near Northeast Minneapolis and Downtown, with shops, restaurants, and public transportation nearby.
Key Highlights
- Two side‑by‑side units with matching four‑bedroom layouts
- 3,052 square feet on a 0.19‑acre lot
- Each unit includes basement laundry, a detached garage, and two parking spaces
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
$37,800
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
7.27%
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%
$756,000
$756.0K
Cap Rate 7%
$540,000
$540.0K
Cap Rate 9%
$420,000
$420.0K
Market Conditions
NOI Build-Up for 3,052 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
$57.9K $18.96/SF
− Vacancy
−$3.9K −$1.27/SF
EGI
$54.0K $17.69/SF
− OpEx
−$16.2K −$5.31/SF
NOI
$37.8K $12.39/SF
Area
Anoka County, MN
Vacancy
6.68%
Lease Rate
$18.96 /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%
$756,000
Cap Rate 7%
$540,000
Cap Rate 9%
$420,000
Alternative Uses
Best Use
Multifamily LT 5
$540.0K
$472.5K – $630.0K
NOI $37,800 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$497.6K
$435.4K – $580.5K
NOI $34,832 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$847.8K
$741.8K – $989.1K
NOI $59,343 @ 7.0% cap · market cap 11.41%
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
307
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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 - Two matching residences offer four-bedroom layouts, private basement laundry, and dedicated outdoor parking.
Where is this duplex located?
The property is located at 3822 3rd Street NE Columbia Heights, MN.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Two side‑by‑side units with matching four‑bedroom layouts; 3,052 square feet on a 0.19‑acre lot; Each unit includes basement laundry, a detached garage, and two parking spaces
