Two-Unit Duplex with Partial
3824 Thomas Avenue N, Minneapolis, MN 55412
For Sale
$339,900
Similar layouts on two levels provide rental income potential, with basement space reserved for the main-level residence.
Property Size2,000 SF
Price / SF$169.95
Days on Market53
Property Features for 3824 Thomas Avenue N
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Listing Agency:
Action Plus Realty, Inc
(763) 559-4874
Listed By:
Anthony Hardon
(612) 310-4259
Source:
Obviousrealestate
Added: Sep 18
Changed: Nov 8
Last Checked: Nov 8 at 6:22PM
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 Action Plus Realty, Inc
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Investment Insights
Based on property information with market context.
This 2,000-square-foot duplex contains a main-level residence and an upper-level residence with nearly matching layouts. A partial basement is designated for the private use of the main-level unit. The property was built in 1965.
Located at 3824 Thomas Avenue N in Minneapolis, the duplex offers two residential units within the Victory neighborhood.
Located at 3824 Thomas Avenue N in Minneapolis, the duplex offers two residential units within the Victory neighborhood.
Key Highlights
- Two residential units with nearly identical layouts
- Partial basement assigned to the main‑level unit
- 2,000 square feet; built in 1965
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,221
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$584,420
$584.4K
Cap Rate 7%
$417,443
$417.4K
Cap Rate 9%
$324,678
$324.7K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$44.4K $22.20/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$41.7K $20.87/SF
− OpEx
−$12.5K −$6.26/SF
NOI
$29.2K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$584,420
Cap Rate 7%
$417,443
Cap Rate 9%
$324,678
Alternative Uses
Best Use
Multifamily LT 5
$417.4K
$365.3K – $487.0K
NOI $29,221 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$383.4K
$335.5K – $447.3K
NOI $26,839 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$477.2K
$417.5K – $556.7K
NOI $33,401 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
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Business Placement
Demographics for 55412, MN
23,800
Population
9,676
Households
2.5
Avg Household Size
33
Median Age
28%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,000
Density / Sq Mi
$71,905
Median Household Income
$42,494
Median Earnings
$1,340
Median Rent
$226,400
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Minneapolis, MN
Properties on Market for Duplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Similar layouts on two levels provide rental income potential, with basement space reserved for the main-level residence.
Where is this duplex located?
The property is located at 3824 Thomas Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two residential units with nearly identical layouts; Partial basement assigned to the main‑level unit; 2,000 square feet; built in 1965
