Updated Four-Unit Multifamily
For Sale
$575,000
7632 Pleasant Avenue, Richfield, MN 55423
Residential Income, Richfield, MN
Property Size4,008 SF
Lot Size0.26 Acres
Price / SF$143.46
Days on Market172
Property Features for 7632 Pleasant Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 7, Bathroom 4, Bathroom 3, Laundry Room, Basement, Bedroom 1
Parking features
Parking Lot
Subdivision
Sunset Terrace
Lot features
Public Transit (w/in 6 blks)
High school district
Richfield
Directions
LYNDALE TO 6TH AVENUE EAST TO PLEASANT AVENUE SOUTH
Standard status
Active
APN
3402824330026
Size
4,008 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9141
Utilities
Heating system
Oil
Building Details
Year built
1966
Listing Agency:
Eos Realty, LLC
(651) 330-3359
Listed By:
Kristopher G. Jacobsen
(651) 270-5429
Added: Apr 10
Changed: Sep 26
Last Checked: Sep 28 at 3:06AM
MLS# 7043836
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 4,008-square-foot quadplex on a 0.26-acre parcel contains three 2-bedroom units and one 1-bedroom unit. Built in 1966, the property includes a parking lot, basement space, laundry room, four bathrooms, and oil heat. Unit 2 received a comprehensive remodel in 2024 with refreshed finishes, replacement living room windows, upgraded kitchen components and appliances, and a renovated tile tub and shower area. The boiler was replaced in 2025, and the building also has newer windows.
All four units are leased month to month, with long-term tenants and historically low turnover. The property is located at 7632 Pleasant Avenue in Richfield, near major highways, retail, restaurants, parks, the Mall of America, and MSP Airport. Its Southwest Richfield setting provides access to area transportation and everyday amenities.
All four units are leased month to month, with long-term tenants and historically low turnover. The property is located at 7632 Pleasant Avenue in Richfield, near major highways, retail, restaurants, parks, the Mall of America, and MSP Airport. Its Southwest Richfield setting provides access to area transportation and everyday amenities.
Key Highlights
- Four‑unit configuration with three 2‑bedroom units and one 1‑bedroom unit
- 4,008 square feet on a 0.26‑acre parcel
- Unit 2 remodeled in 2024 with updated kitchen, appliances, bathroom, finishes, and windows
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
$45,891
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
7.98%
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%
$917,820
$917.8K
Cap Rate 7%
$655,586
$655.6K
Cap Rate 9%
$509,900
$509.9K
Market Conditions
NOI Build-Up for 4,008 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
$88.0K $21.96/SF
− Vacancy
−$4.6K −$1.14/SF
EGI
$83.4K $20.82/SF
− OpEx
−$37.5K −$9.37/SF
NOI
$45.9K $11.45/SF
Area
ZIP 55423
Vacancy
5.20%
Lease Rate
$21.96 /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%
$917,820
Cap Rate 7%
$655,586
Cap Rate 9%
$509,900
Alternative Uses
Best Use
Multifamily LT 5
$757.9K
$663.1K – $884.2K
NOI $53,051 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$655.6K
$573.6K – $764.9K
NOI $45,891 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,288 @ 7.0% cap · market cap 14.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
521
Businesses Nearby
Explore this area
Business Placement
Demographics for 55423, MN
37,137
Population
16,792
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
5,231
Density / Sq Mi
$84,102
Median Household Income
$52,890
Median Earnings
$1,334
Median Rent
$320,300
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 - Three two-bedroom residences and one one-bedroom residence create a diversified unit mix in Southwest Richfield.
Where is this quadplex located?
The property is located at 7632 Pleasant Avenue Richfield, MN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four‑unit configuration with three 2‑bedroom units and one 1‑bedroom unit; 4,008 square feet on a 0.26‑acre parcel; Unit 2 remodeled in 2024 with updated kitchen, appliances, bathroom, finishes, and windows
