Duplex with Detached 2-Stall
For Sale
$539,950
3917 Garfield Avenue, Minneapolis, MN 55409
Residential Income, Minneapolis, MN
Property Size2,270 SF
Lot Size0.12 Acres
Price / SF$237.86
Days on Market171
Property Features for 3917 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Basement, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4
Parking features
Garage - Detached
Exterior features
Brick/Stone
Subdivision
Van Nests Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
Minneapolis
Directions
35W, W onto W 38th St, S onto Garfield Ave
Standard status
Active
APN
1002824220199
Size
2,270 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9976
Utilities
Heating system
Hot Water(Heating)
Amenities
garage
fenced backyard
stone fire pit
patio
landscaping
3 season porch
deck
Building Details
Year built
1905
Building materials
Block, Frame
Roof type
Shingle
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(763) 755-1100
Listed By:
Cory Rudnitski · License #496501399
(952) 226-7700
Added: Mar 2
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 7029062
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.
This duplex at 3917 Garfield Avenue offers two separate living setups, each with its own private entrance leading to a roomy living area and a full kitchen with stainless appliances. The open floor plan includes dedicated living and dining rooms. Each unit features two spacious bedrooms and a full updated bathroom with tile. The main floor entrance includes a 3-season porch, while the upper level has a newer deck and stairs.
Outdoor space adds to the day-to-day usability, with a fenced backyard that includes a stone fire pit, rock and concrete patio, landscaping, and climbing vines. The property also features brick/stone exterior elements, hot water heating, a shingle roof, and a detached garage with ample storage.
Built in 1905, the home sits on a 0.12-acre lot totaling 2,270 SF, with block and frame construction and a detached 2-stall garage.
Outdoor space adds to the day-to-day usability, with a fenced backyard that includes a stone fire pit, rock and concrete patio, landscaping, and climbing vines. The property also features brick/stone exterior elements, hot water heating, a shingle roof, and a detached garage with ample storage.
Built in 1905, the home sits on a 0.12-acre lot totaling 2,270 SF, with block and frame construction and a detached 2-stall garage.
Key Highlights
- Two‑unit duplex with private entrances and full kitchens with stainless appliances
- 0.12‑acre lot totaling 2,270 SF
- Detached 2‑stall garage with ample storage space
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
$33,166
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
6.14%
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%
$663,320
$663.3K
Cap Rate 7%
$473,800
$473.8K
Cap Rate 9%
$368,511
$368.5K
Market Conditions
NOI Build-Up for 2,270 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
$50.4K $22.20/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$47.4K $20.87/SF
− OpEx
−$14.2K −$6.26/SF
NOI
$33.2K $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 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%
$663,320
Cap Rate 7%
$473,800
Cap Rate 9%
$368,511
Alternative Uses
Best Use
Multifamily LT 5
$473.8K
$414.6K – $552.8K
NOI $33,166 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$435.2K
$380.8K – $507.7K
NOI $30,463 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$541.6K
$473.9K – $631.8K
NOI $37,910 @ 7.0% cap · market cap 7.02%
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
970
Businesses Nearby
Explore this area
Business Placement
Demographics for 55409, MN
11,843
Population
5,488
Households
2.2
Avg Household Size
37
Median Age
63%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
9,110
Density / Sq Mi
$98,056
Median Household Income
$59,430
Median Earnings
$1,364
Median Rent
$365,500
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 - Duplex on 0.12-acre lot built in 1905 with a detached garage and updated units.
Where is this duplex located?
The property is located at 3917 Garfield Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $539,950.
What are key features of this property?
This property features: Two‑unit duplex with private entrances and full kitchens with stainless appliances; 0.12‑acre lot totaling 2,270 SF; Detached 2‑stall garage with ample storage space
