Modern Three-Unit Multifamily
5424 32nd Ave S, Minneapolis, MN 55417
For Sale
$900,000
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 Market98
Property Features for 5424 32nd Ave S
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Gross Income
Average Monthly Rent
Site & Location
Neighborhood
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Listing Agency:
Real Estate Corners, Inc
Listed By:
Khalid Mansour
(612) 483-1230
Source:
Thehomeadvantagegroup
Added: Aug 7
Changed: Oct 25
Last Checked: Oct 7 at 3:18PM
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
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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 / Yr
$78,898
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
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
$368,400
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Minneapolis, MN
Properties on Market for Triplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
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
