Italianate Quadplex with
For Sale
$825,000
444-446 Madison Street NE, Minneapolis, MN 55413
Residential Income, Minneapolis, MN
Property Size3,560 SF
Lot Size0.15 Acres
Price / SF$231.74
Days on Market57
Property Features for 444-446 Madison Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 2, Bedroom 4, Basement, Bedroom 7, Bedroom 6
Parking features
Garage - Detached, Driveway
Exterior features
Stucco
Subdivision
Sibley Add To St Anth
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
Washington St NE to east on Spring ST NE to south on Madison to building on the west side of Madison.
Standard status
Active
APN
1402924430038
Size
3,560 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11187
Utilities
Heating system
Forced Air, Other (Heating)
Amenities
hardwood floors
exposed brick
stained glass
private laundry
large kitchens
front porch
shared rear porches
secured storage rooms
Building Details
Year built
1888
Building materials
Frame
Roof type
Flat, Rubber
Listing Agency:
Luke Real Estate
(763) 463-9490
Listed By:
Jennifer J Geisinger
(763) 441-0570
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 4 at 6:06PM
MLS# 7105425
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 1888, this 3,560-square-foot quadplex features an Italianate design with hardwood floors, exposed brick, stained glass, stucco exterior, and a frame structure. The property includes four residential units, large kitchens, front and shared rear porches, and a basement. Private laundry is available in three units, with an additional laundry area in the basement. Each unit has secured storage, while the site includes three detached garage spaces and driveway parking.
The property is located at 444-446 Madison Street NE in Minneapolis. A Tier 1 rental license is in place. Current leases are month-to-month, and three of the four tenants have occupied their units for more than two years. The property information reports less than 30 days of vacancy across all units during the past 16 years.
The property is located at 444-446 Madison Street NE in Minneapolis. A Tier 1 rental license is in place. Current leases are month-to-month, and three of the four tenants have occupied their units for more than two years. The property information reports less than 30 days of vacancy across all units during the past 16 years.
Key Highlights
- 3,560 square feet across 4 residential units
- Built in 1888 with Italianate architecture, hardwood floors, exposed brick, and stained glass
- 3 detached garage spaces plus driveway and off‑street parking
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
$52,014
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
6.30%
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%
$1,040,280
$1.0M
Cap Rate 7%
$743,057
$743.1K
Cap Rate 9%
$577,933
$577.9K
Market Conditions
NOI Build-Up for 3,560 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
$79.0K $22.20/SF
− Vacancy
−$4.7K −$1.33/SF
EGI
$74.3K $20.87/SF
− OpEx
−$22.3K −$6.26/SF
NOI
$52.0K $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%
$1,040,280
Cap Rate 7%
$743,057
Cap Rate 9%
$577,933
Alternative Uses
Best Use
Multifamily LT 5
$743.1K
$650.2K – $866.9K
NOI $52,014 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$682.5K
$597.2K – $796.2K
NOI $47,774 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$849.3K
$743.2K – $990.9K
NOI $59,454 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,794
Businesses Nearby
Explore this area
Business Placement
Demographics for 55413, MN
13,914
Population
8,080
Households
1.7
Avg Household Size
34
Median Age
58%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
4,488
Density / Sq Mi
$84,252
Median Household Income
$57,091
Median Earnings
$1,497
Median Rent
$354,200
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?
Quadplex - Historic multifamily property with detached garages, off-street parking, porches, and storage assigned to each unit.
Where is this quadplex located?
The property is located at 444-446 Madison Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,560 square feet across 4 residential units; Built in 1888 with Italianate architecture, hardwood floors, exposed brick, and stained glass; 3 detached garage spaces plus driveway and off‑street parking
