4-Unit Quadplex with Shared
For Sale
Under Contract
$500,000
5428 5th Street NE, Fridley, MN 55421
Residential Income, Fridley, MN
Property Size2,873 SF
Lot Size0.24 Acres
Price / SF$174.03
Days on Market120
Property Features for 5428 5th Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Laundry Room, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 4
Parking features
Parking Lot
Subdivision
Hamiltons Add To Mechanics
Lot features
Public Transit (w/in 6 blks)
High school district
Fridley
Directions
University Ave NE to 53rd Ave NE to 5th St NE
Standard status
Active Under Contract
APN
233024340014
Size
2,873 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8057
Utilities
Heating system
Baseboard
Amenities
shared laundry
dedicated mail area
Building Details
Year built
1961
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Janelle Mattson
(612) 751-9303
Added: Jun 1
Changed: Sep 26
Last Checked: Sep 28 at 3:06AM
MLS# 7082990
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.
This 2,873-square-foot quadplex contains four residential units across two levels. The configuration includes two upper-level 2-bedroom, 1-bathroom units with mirrored layouts, plus a lower-level 2-bedroom unit and a lower-level 1-bedroom unit. Each residence includes an open living and dining arrangement, kitchens with stainless steel appliances, and direct interior access to the shared laundry and utility area.
The common area includes a front vestibule with dedicated mail space, a GE washer and dryer, and a utility sink. Residents can reach the rear dedicated parking lot and off-street parking from inside the building. Baseboard heating serves the property, which was built in 1961 and occupies 0.239 acres in Fridley. Jubilee Park and Oak Hill Park are within walking distance, while Springbrook Nature Center and Twin Cities access are nearby.
The common area includes a front vestibule with dedicated mail space, a GE washer and dryer, and a utility sink. Residents can reach the rear dedicated parking lot and off-street parking from inside the building. Baseboard heating serves the property, which was built in 1961 and occupies 0.239 acres in Fridley. Jubilee Park and Oak Hill Park are within walking distance, while Springbrook Nature Center and Twin Cities access are nearby.
Key Highlights
- 4‑unit quadplex with two 2‑bedroom upper‑level residences, one 2‑bedroom lower‑level unit, and one 1‑bedroom lower‑level unit
- 2,873 square feet on 0.239 acres
- Shared laundry area includes a GE washer and dryer plus utility sink
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
$35,583
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
7.12%
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%
$711,660
$711.7K
Cap Rate 7%
$508,329
$508.3K
Cap Rate 9%
$395,367
$395.4K
Market Conditions
NOI Build-Up for 2,873 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
$54.5K $18.96/SF
− Vacancy
−$3.6K −$1.27/SF
EGI
$50.8K $17.69/SF
− OpEx
−$15.3K −$5.31/SF
NOI
$35.6K $12.39/SF
Area
Anoka County, MN
Vacancy
6.68%
Lease Rate
$18.96 /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%
$711,660
Cap Rate 7%
$508,329
Cap Rate 9%
$395,367
Alternative Uses
Best Use
Multifamily LT 5
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$468.4K
$409.9K – $546.5K
NOI $32,790 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$798.0K
$698.3K – $931.0K
NOI $55,862 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
354
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential units include mirrored upper-level plans and a dedicated parking lot.
Where is this quadplex located?
The property is located at 5428 5th Street NE Fridley, MN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 4‑unit quadplex with two 2‑bedroom upper‑level residences, one 2‑bedroom lower‑level unit, and one 1‑bedroom lower‑level unit; 2,873 square feet on 0.239 acres; Shared laundry area includes a GE washer and dryer plus utility sink
