Updated Duplex with Detached
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 Market174
Property Features for 3917 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Basement, Bedroom 1
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
private entrance
full kitchen with stainless appliances
open floor plan
dedicated living and dining rooms
full updated bathroom with tile
fenced backyard
stone fire pit
rock and concrete patio
landscaping
climbing vines
three season porch
deck and stairs
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 21
Last Checked: Aug 23 at 10:06PM
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.
Built in 1905, this 2,270-square-foot duplex includes two updated units, each with a private entrance, full kitchen, stainless appliances, and open living and dining areas. The property has brick and stone exterior elements, block and frame construction, hot water heating, and a shingle roof. The main-level entry includes a three-season porch, while the upper unit has a newer deck and stairs.
A detached two-stall garage provides parking and storage. The 0.12-acre lot includes a fenced backyard with a stone fire pit, rock and concrete patio, landscaping, and climbing vines. The property is located at 3917 Garfield Avenue in Minneapolis, within the 55409 ZIP code and Hennepin County.
A detached two-stall garage provides parking and storage. The 0.12-acre lot includes a fenced backyard with a stone fire pit, rock and concrete patio, landscaping, and climbing vines. The property is located at 3917 Garfield Avenue in Minneapolis, within the 55409 ZIP code and Hennepin County.
Key Highlights
- Duplex with 2,270 square feet of property size
- Two updated units with private entrances and full kitchens
- Stainless appliances and separate living and dining areas
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 - Two updated units offer private entrances, full kitchens, and separate living and dining areas.
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: Duplex with 2,270 square feet of property size; Two updated units with private entrances and full kitchens; Stainless appliances and separate living and dining areas
