Side-by-Side Duplex with
New
For Sale
$374,990
3829 28th Avenue S, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size1,283 SF
Lot Size0.11 Acres
Price / SF$292.28
Days on Market2
Property Features for 3829 28th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Basement, Bedroom 2, Bathroom 2
Parking features
Assigned, Driveway, Garage - Detached
Exterior features
Block, Brick/Stone
Fencing
Chain Link
Subdivision
Subd Altruria-Lots 1 To 5 & 12
High school district
Minneapolis
Directions
From Hiawatha Ave (Hwy 55), go east on E 38th St to 28th Ave S, then south to property.
Standard status
Active
APN
1202824110096
Size
1,283 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5187
Utilities
Heating system
Gravity
Amenities
shared coin-operated washer and dryer
fully fenced yard
private storage
Building Details
Year built
1929
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Taylor Doolittle
(952) 829-2900
Added: Sep 4
Last Checked: Sep 5 at 3:06AM
MLS# 7125780
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 1929, this side-by-side duplex contains 1,283 square feet and two separately accessed apartments. Each one-bedroom, one-bath unit includes a living room, formal dining room, kitchen with a gas range, hardwood flooring, original woodwork, built-in cabinetry, and a tiled bathroom. Both apartments are currently leased and produce income.
The property provides a dedicated garage stall for each unit, along with private storage areas in the divided basement. Four separate basement storage rooms, shared coin-operated laundry with hookups, a driveway, and a fully fenced yard add practical utility. Located at 3829 28th Avenue S in Minneapolis, the property is near restaurants, coffee shops, Riverview Theater, Lake Hiawatha Park, Lake Nokomis, and public transportation.
The property provides a dedicated garage stall for each unit, along with private storage areas in the divided basement. Four separate basement storage rooms, shared coin-operated laundry with hookups, a driveway, and a fully fenced yard add practical utility. Located at 3829 28th Avenue S in Minneapolis, the property is near restaurants, coffee shops, Riverview Theater, Lake Hiawatha Park, Lake Nokomis, and public transportation.
Key Highlights
- Two side‑by‑side one‑bedroom, one‑bath apartments, both currently leased
- 1,283 square feet on a 0.1101‑acre lot
- Built in 1929 with hardwood floors, original woodwork, and built‑in cabinetry
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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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 leased one-bedroom units offer private entrances, dedicated garage stalls, and divided basement storage.
Where is this duplex located?
The property is located at 3829 28th Avenue 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 currently leased; 1,283 square feet on a 0.1101‑acre lot; Built in 1929 with hardwood floors, original woodwork, and built‑in cabinetry
