Modern Three-Unit Multifamily
For Sale
$900,000
5424 32nd Ave S, Minneapolis, MN 55417
Recently constructed rental property with updated interiors, individual parcel identification, and access to neighborhood amenities and transit.
Property Size5,400 SF
Price / SF$166.67
Days on Market35
Property Features for 5424 32nd Ave S
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Residential Income
Occupancy
100%
Financials
Gross Income
$90,000
Average Monthly Rent
$2,500
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,914
Building Details
Year Built
2022
Listing Agency:
Real Estate Corners, Inc
(612) 483-1230
Listed By:
Khalid Mansour
(612) 483-1230
Source:
Exprealty
Added: Jul 9
Changed: Aug 9
Last Checked: Aug 11 at 10:47AM
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 Real Estate Corners, Inc
Investment Insights
Based on property information with market context.
Constructed in 2022, this 5,400-square-foot triplex contains three residential units. Each residence provides three bedrooms, two full bathrooms, an open floor plan, and a kitchen finished with granite countertops and stainless steel appliances. Modern finishes and low-maintenance construction support the property’s current rental configuration.
The property is located in South Minneapolis near shopping, dining, parks, public transportation, and major highways. All three units are currently rented, and each unit has its own PID number, creating the possibility of separate unit sales. The combination of recent construction, functional layouts, and established occupancy provides a straightforward multifamily offering.
The property is located in South Minneapolis near shopping, dining, parks, public transportation, and major highways. All three units are currently rented, and each unit has its own PID number, creating the possibility of separate unit sales. The combination of recent construction, functional layouts, and established occupancy provides a straightforward multifamily offering.
Key Highlights
- Three‑unit triplex built in 2022
- 5,400 SF property with three 3‑bedroom, 2‑bathroom units
- Granite countertops and stainless steel appliances in each unit
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
$78,898
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
8.77%
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%
$1,577,960
$1.6M
Cap Rate 7%
$1,127,114
$1.1M
Cap Rate 9%
$876,644
$876.6K
Market Conditions
NOI Build-Up for 5,400 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
$119.9K $22.20/SF
− Vacancy
−$7.2K −$1.33/SF
EGI
$112.7K $20.87/SF
− OpEx
−$33.8K −$6.26/SF
NOI
$78.9K $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%
$1,577,960
Cap Rate 7%
$1,127,114
Cap Rate 9%
$876,644
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$986.2K – $1.31M
NOI $78,898 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$1.04M
$905.8K – $1.21M
NOI $72,466 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,183 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 55417, MN
26,259
Population
11,556
Households
2.3
Avg Household Size
40
Median Age
62%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
5,968
Density / Sq Mi
$122,639
Median Household Income
$71,250
Median Earnings
$1,377
Median Rent
$368,400
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?
Triplex - Recently constructed rental property with updated interiors, individual parcel identification, and access to neighborhood amenities and transit.
Where is this triplex located?
The property is located at 5424 32nd Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Three‑unit triplex built in 2022; 5,400 SF property with three 3‑bedroom, 2‑bathroom units; Granite countertops and stainless steel appliances in each unit
