Side-by-Side Duplex with
For Sale
$374,990
3829 28th Ave S, Minneapolis, MN 55406
Two leased one-bedroom units feature original woodwork, private entrances, dedicated garage stalls, and shared laundry.
Property Size1,283 SF
Price / SF$292.28
Days on Market21
Property Features for 3829 28th Ave S
General Information
Standard status
Active
Size
1,283 SF
Property subtype
Multi-Family
Building Details
Year Built
1929
Listing Agency:
RE/MAX Results
Listed By:
Taylor Doolittle
(952) 567-9939
Source:
Thehomeadvantagegroup
Added: Sep 7
Changed: Sep 12
Last Checked: Sep 26 at 10:24AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1929, this duplex contains two one-bedroom, one-bath apartments arranged side by side. Each residence includes a living room, formal dining room, kitchen with a gas range, hardwood flooring, original woodwork, built-in cabinetry, and a tiled bathroom. Private entrances, dedicated garage stalls, and individual basement storage add separation and convenience. The divided basement provides four storage rooms, while shared coin-operated laundry facilities and a fully fenced yard serve the property. Both apartments are leased and producing income.
The property is located at 3829 28th Ave S in Minneapolis’ Standish neighborhood. Restaurants, coffee shops, Riverview Theater, public transportation, Lake Hiawatha Park, and Lake Nokomis are all identified nearby, with the lakes offering walking paths, beaches, and open water access.
The property is located at 3829 28th Ave S in Minneapolis’ Standish neighborhood. Restaurants, coffee shops, Riverview Theater, public transportation, Lake Hiawatha Park, and Lake Nokomis are all identified nearby, with the lakes offering walking paths, beaches, and open water access.
Key Highlights
- Two side‑by‑side one‑bedroom, one‑bath apartments
- Both apartments currently leased and producing income
- Each unit includes a private entrance and dedicated garage stall
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
$16,627
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
4.43%
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%
$332,540
$332.5K
Cap Rate 7%
$237,529
$237.5K
Cap Rate 9%
$184,744
$184.7K
Market Conditions
NOI Build-Up for 1,283 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
$25.4K $19.80/SF
− Vacancy
−$1.7K −$1.29/SF
EGI
$23.8K $18.51/SF
− OpEx
−$7.1K −$5.55/SF
NOI
$16.6K $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%
$332,540
Cap Rate 7%
$237,529
Cap Rate 9%
$184,744
Alternative Uses
Best Use
Multifamily LT 5
$237.5K
$207.8K – $277.1K
NOI $16,627 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$221.1K
$193.4K – $257.9K
NOI $15,475 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$374.9K
$328.0K – $437.4K
NOI $26,243 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
691
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased one-bedroom units feature original woodwork, private entrances, dedicated garage stalls, and shared laundry.
Where is this duplex located?
The property is located at 3829 28th Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $374,990.
What are key features of this property?
This property features: Two side‑by‑side one‑bedroom, one‑bath apartments; Both apartments currently leased and producing income; Each unit includes a private entrance and dedicated garage stall
