Duplex with Finished Lower-Level
For Sale
$699,900
Pending
4328 Lyndale Avenue S, Minneapolis, MN 55409
Residential Income, Minneapolis, MN
Property Size4,584 SF
Lot Size0.12 Acres
Days on Market196
Property Features for 4328 Lyndale Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Laundry Room, Basement, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 2
Parking features
Driveway, Garage - Detached, Guest
Patio and Porch features
Porch
Subdivision
Remingtons 3rd Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
From I-35W, take the 46th St exit and head west. Turn right (north) on Lyndale Ave S and continue to 4328 Lyndale Ave S. The property will be on the right-hand side. Alternate: From Lake St, head south on Lyndale Ave S to 4328 Lyndale Ave S. Property will be on the left.
Standard status
Pending
APN
0902824410189
Size
4,584 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11144
Utilities
Heating system
Oil
Building Details
Year built
1919
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Matthew Charlsen
(612) 928-8699
Added: Mar 24
Changed: Oct 5
Last Checked: Oct 5 at 11:06AM
MLS# 7038859
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 1919, this 4,584-square-foot duplex sits on a 0.12-acre lot. The vacant main-level unit has hardwood floors, original millwork, and generous room sizes. The upper residence includes dedicated laundry and is leased through April 2027. Finished lower-level space has a separate entrance, kitchen, bathroom, and living area.
The property is a few blocks from Lake Harriet, with neighborhood restaurants, parks, and everyday amenities also noted nearby. Parking features include a driveway, detached garage, and guest parking; the home also has a porch and oil heat.
The property is a few blocks from Lake Harriet, with neighborhood restaurants, parks, and everyday amenities also noted nearby. Parking features include a driveway, detached garage, and guest parking; the home also has a porch and oil heat.
Key Highlights
- 4,584‑square‑foot duplex on a 0.12‑acre lot
- Vacant main‑level unit with hardwood floors and original millwork
- Upper residence has dedicated laundry and a lease through April 2027
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
$61,516
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%
$1,230,320
$1.2M
Cap Rate 7%
$878,800
$878.8K
Cap Rate 9%
$683,511
$683.5K
Market Conditions
NOI Build-Up for 4,584 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
$119.4K $26.04/SF
− Vacancy
−$7.5K −$1.64/SF
EGI
$111.8K $24.40/SF
− OpEx
−$50.3K −$10.98/SF
NOI
$61.5K $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%
$1,230,320
Cap Rate 7%
$878,800
Cap Rate 9%
$683,511
Alternative Uses
Best Use
Multifamily LT 5
$956.8K
$837.2K – $1.12M
NOI $66,975 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$878.8K
$769.0K – $1.03M
NOI $61,516 @ 7.0% cap · market cap 8.79%
Theoretical Best
Office A
$1.09M
$956.9K – $1.28M
NOI $76,555 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
702
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - The upper residence is leased through April 2027, while the main-level unit is vacant.
Where is this duplex located?
The property is located at 4328 Lyndale Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 4,584‑square‑foot duplex on a 0.12‑acre lot; Vacant main‑level unit with hardwood floors and original millwork; Upper residence has dedicated laundry and a lease through April 2027
