Fourplex Income
For Sale
$575,000
Pending
7632 Pleasant Avenue, Richfield, MN 55423
MULTI_FAMILY - Richfield, MN
Property Size4,008 SF
Lot Size0.26 Acres
Days on Market113
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
Bedroom 5, Bathroom 3, Bedroom 7, Basement, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 4
Parking features
Parking Lot
Exterior features
Brick/Stone, Stucco
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
Pending
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) 330-3359
Added: Apr 10
Changed: Jul 29
Last Checked: Jul 31 at 8:06AM
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 well-maintained fourplex includes three 2-bedroom units and one 1-bedroom unit. Recent capital improvements include a new boiler in 2025, newer windows, and a complete 2024 remodel of Unit 2 with new carpet, fresh paint, new blinds, new living room windows, updated kitchen cabinets and countertops, new appliances, and a remodeled bathroom with a tile tub/shower.
The property is located in Southwest Richfield with access to major highways and nearby shopping, restaurants, and parks. It is also minutes from the Mall of America and MSP Airport.
Leases are described as month-to-month, and the property has a history of long-term tenants and low turnover.
The property is located in Southwest Richfield with access to major highways and nearby shopping, restaurants, and parks. It is also minutes from the Mall of America and MSP Airport.
Leases are described as month-to-month, and the property has a history of long-term tenants and low turnover.
Key Highlights
- Rarely available fourplex in Richfield with three 2‑bedroom units and one 1‑bedroom unit
- Month‑to‑month leases with long‑term tenants and historically low turnover
- New boiler in 2025
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $88.0k | $21.96 |
| − Vacancy | −$4.6k | −$1.14 |
| EGI | $83.4k | $20.82 |
| − OpEx | −$37.5k | −$9.37 |
| NOI | $45.9k | $11.45 |
4,008 SF · lease $21.96/SF/yr · vacancy 5.20% · expense 45.00%
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
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
449
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained fourplex with three 2-bedroom units and one 1-bedroom unit, plus recent boiler, window, and unit updates.
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: Rarely available fourplex in Richfield with three 2‑bedroom units and one 1‑bedroom unit; Month‑to‑month leases with long‑term tenants and historically low turnover; New boiler in 2025
