Duplex with Detached
For Sale
$439,900
3847 Cedar Avenue S, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,646 SF
Lot Size0.11 Acres
Price / SF$166.25
Days on Market142
Property Features for 3847 Cedar Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Bedroom 2
Parking features
Garage - Detached
Exterior features
Stucco
Subdivision
Cedar Ave Heights 3rd Add
High school district
Minneapolis
Directions
From Hiawatha Ave, west to Cedar Ave, House is between E 39th St and Cedar Ave
Standard status
Active
APN
1202824220105
Size
2,646 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5035
Utilities
Heating system
Oil
Building Details
Year built
1927
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Julia Wang
(763) 746-4900
Added: Apr 2
Changed: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 7048325
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.
Well-kept duplex featuring two 2-bedroom, 1-bath units. The basement includes 3 additional rooms and a 3/4 bath, offering options for added flexibility or potential extra income. Stucco exterior and oil heating provide the core building systems for this Minneapolis duplex.
The property is located at 3847 Cedar Avenue S in Minneapolis (Hennepin County), near parks, shopping, and highways, supporting everyday convenience for residents.
Built in 1927, the duplex includes a detached garage for parking. This layout can appeal to owner-occupants looking to live in one unit while renting the other, as well as investors seeking a rental-focused setup.
The property is located at 3847 Cedar Avenue S in Minneapolis (Hennepin County), near parks, shopping, and highways, supporting everyday convenience for residents.
Built in 1927, the duplex includes a detached garage for parking. This layout can appeal to owner-occupants looking to live in one unit while renting the other, as well as investors seeking a rental-focused setup.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a duplex configuration
- Basement includes 3 additional rooms plus a 3/4 bath
- Oil heating
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
$38,660
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
8.79%
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%
$773,200
$773.2K
Cap Rate 7%
$552,286
$552.3K
Cap Rate 9%
$429,556
$429.6K
Market Conditions
NOI Build-Up for 2,646 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
$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 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%
$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
NOI $38,660 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$507.3K
$443.9K – $591.8K
NOI $35,509 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$631.3K
$552.4K – $736.5K
NOI $44,190 @ 7.0% cap · market cap 10.05%
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-kept duplex with two 2-bedroom units, oil heat, stucco exterior, and a detached garage for parking convenience.
Where is this duplex located?
The property is located at 3847 Cedar Avenue 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‑bedroom, 1‑bath units in a duplex configuration; Basement includes 3 additional rooms plus a 3/4 bath; Oil heating
