22-Unit Apartment
For Sale
$2,000,000
4927-4935 University Avenue Northeast, Columbia Heights, MN 55421
Two-building multifamily property with refreshed interiors, on-site parking, wall AC, and coin-operated laundry.
Property Size7,242 SF
Price / SF$276.17
Days on Market269
Property Features for 4927-4935 University Avenue Northeast
General Information
Standard status
Active
Size
7,242 SF
Property subtype
Commercial Sale / Apartment
Units
Multifamily Units
22
Parking per Unit
1
Additional Details
Cap Rate
8%
Taxes and HOA fees
Annual Taxes
$31,002
Amenities
wall air conditioning units
on-site parking lot
modern security system
refrigerators
ranges
dishwasher
Two
Wall Unit(s)
Hot Water
Yes
Natural Gas
2414.0
Coin-op Laundry Owned
Building Details
Year Built
1961
Buildings
2
Listing Agency:
Compass
(952) 221-5977
Listed By:
Jaclyn Gavzy · License #40737476
(952) 221-5977
Source:
Compass
Added: Dec 4, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:08AM
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 Compass
Investment Insights
Based on property information with market context.
This 22-unit apartment complex consists of two buildings, each containing 11 units, with a combined property size of 7,242 SF. The buildings date to 1961 and include wall-mounted air conditioning, hot water, refrigerators, ranges, and dishwashers. Many apartments have updated flooring, appliances, and paint. A replacement boiler serves the 4935 building, while natural gas supports the property’s systems.
An on-site parking lot provides one space for each unit. Additional amenities include owned coin-operated laundry equipment and a security system. The property is located in Columbia Heights, Minnesota, and the source information indicates an approximately 8% cap rate.
An on-site parking lot provides one space for each unit. Additional amenities include owned coin-operated laundry equipment and a security system. The property is located in Columbia Heights, Minnesota, and the source information indicates an approximately 8% cap rate.
Key Highlights
- Two buildings with 11 units in each building, for 22 total units
- 7,242 SF multifamily property built in 1961
- Many units refreshed with new flooring, appliances, and paint
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
$82,653
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
4.13%
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%
$1,653,060
$1.7M
Cap Rate 7%
$1,180,757
$1.2M
Cap Rate 9%
$918,367
$918.4K
Market Conditions
NOI Build-Up for 7,242 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
$161.6K $22.32/SF
− Vacancy
−$11.4K −$1.57/SF
EGI
$150.3K $20.75/SF
− OpEx
−$67.6K −$9.34/SF
NOI
$82.7K $11.41/SF
Area
Anoka County, MN
Vacancy
7.03%
Lease Rate
$22.32 /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%
$1,653,060
Cap Rate 7%
$1,180,757
Cap Rate 9%
$918,367
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,653 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,812 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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?
Apartment building - Two-building multifamily property with refreshed interiors, on-site parking, wall AC, and coin-operated laundry.
Where is this apartment building located?
The property is located at 4927-4935 University Avenue Northeast Columbia Heights, MN.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two buildings with 11 units in each building, for 22 total units; 7,242 SF multifamily property built in 1961; Many units refreshed with new flooring, appliances, and paint
