Skyway-Connected Minneapolis
For Sale
$74,900
431 S 7th Street #2635, Minneapolis, MN 55415
Apartment with skyway access, rooftop deck, and exercise room.
Property Size441 SF
Days on Market353
Property Features for 431 S 7th Street #2635
General Information
Standard status
Active
Size
441 SF
Property subtype
Single Family Detached
Amenities
Baseboard
Hot Water
Central Air
Range
Microwave
Refrigerator
Disposal
Dishwasher
Building Details
Building Size
441 SF
Year Built
1982
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
COLDWELL BANKER REALTY
Source:
Kw
Added: Aug 26, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This apartment offers direct access to the Minneapolis skyway system, making it ideal for downtown workers. Building amenities include a rooftop deck, free laundry facilities on each floor, and an exercise room. The unit features a murphy bed that can be lifted up and out of the way. Parking options include an underground ramp for $163.54 or an aboveground ramp for $147.19, plus a $5 monthly administrative fee and a one-time $30 startup fee. There is a special assessment of $209.02 per month that ends in June 2034. Rentals are allowed with a lease term of six months or longer.
Key Highlights
- Direct access to the Minneapolis skyway system.
- Building amenities include a rooftop deck, free laundry on each floor, and an exercise room.
- Murphy bed included.
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
$5,918
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
7.90%
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%
$118,360
$118.4K
Cap Rate 7%
$84,543
$84.5K
Cap Rate 9%
$65,756
$65.8K
Market Conditions
NOI Build-Up for 441 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
$11.5K $26.04/SF
− Vacancy
−$723 −$1.64/SF
EGI
$10.8K $24.40/SF
− OpEx
−$4.8K −$10.98/SF
NOI
$5.9K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$118,360
Cap Rate 7%
$84,543
Cap Rate 9%
$65,756
Alternative Uses
Best Use
Apartment 5plus
$84.5K
$74.0K – $98.6K
NOI $5,918 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$105.2K
$92.1K – $122.8K
NOI $7,365 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 55415, MN
5,435
Population
3,124
Households
1.7
Avg Household Size
37
Median Age
70%
College-Educated
96%
High-School Grad
0.4 sq mi
ZIP Area
13,588
Density / Sq Mi
$126,480
Median Household Income
$75,568
Median Earnings
$1,836
Median Rent
$581,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment with skyway access, rooftop deck, and exercise room.
Where is this apartment building located?
The property is located at 431 S 7th Street #2635 Minneapolis, MN.
What is the asking price?
The asking price for this property is $74,900.
What are key features of this property?
This property features: Direct access to the Minneapolis skyway system.; Building amenities include a rooftop deck, free laundry on each floor, and an exercise room.; Murphy bed included.
