Building Details

Year Built 1927

Listing Agency: Keller Williams Classic Realty

Listed By: Julia Wang Show Phone

Source: Homesminn

Added: Aug 18 Changed: Oct 5 Last Checked: Oct 7 at 2:56PM

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Investment Insights

Based on property information with market context.

Built in 1927, this 2,646-square-foot duplex contains two residential units, each configured with two bedrooms and one bathroom. The basement adds three rooms and a three-quarter bath, expanding the property's usable interior space and providing additional flexibility for occupancy or household needs.

The property is located near parks, shopping, and highways in Minneapolis. Its two-unit layout offers separate residential spaces within one building, while the basement configuration adds another layer of functional space beyond the primary units.

Key Highlights

• Two 2 bed/1 bath residential units
• 2,646‑square‑foot duplex built in 1927
• Basement includes 3 additional rooms and a 3/4 bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,660

Cap Rate

8.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$773,200 $773.2K

Cap Rate 7%

$552,286 $552.3K

Cap Rate 9%

$429,556 $429.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,646 SF

Gross rent

$58.7K $22.20/SF

− Vacancy

−$3.5K −$1.33/SF

EGI

$55.2K $20.87/SF

− OpEx

−$16.6K −$6.26/SF

NOI

$38.7K $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%

$773,200

Cap Rate 7%

$552,286

Cap Rate 9%

$429,556

Alternative Uses

Best Use

Multifamily LT 5

$552.3K

$483.3K – $644.3K (±1% cap)

NOI $38,660 @ 7.0% cap · market cap 8.79%

Second Best

Apartment 5plus

$507.3K

$443.9K – $591.8K (±1% cap)

NOI $35,509 @ 7.0% cap · market cap 8.07%

Theoretical Best

Office A

$631.3K

$552.4K – $736.5K (±1% cap)

NOI $44,190 @ 7.0% cap · market cap 10.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency Nail Salon Parking Lot & Garage Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

654

Businesses Nearby

Explore this area Business Placement

Demographics for 55407, MN

38,506

Population

15,979

Households

2.4

Avg Household Size

34

Median Age

48%

College-Educated

85%

High-School Grad

4.0 sq mi

ZIP Area

9,627

Density / Sq Mi

$78,206

Median Household Income

$46,388

Median Earnings

$1,219

Median Rent

$317,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units are complemented by three basement rooms and an additional three-quarter bath.

Where is this duplex located?

The property is located at 3847 Cedar Ave S Minneapolis, MN.

What is the asking price?

The asking price for this property is $439,900.

What are key features of this property?

This property features: Two 2 bed/1 bath residential units; 2,646‑square‑foot duplex built in 1927; Basement includes 3 additional rooms and a 3/4 bath