4-Unit Multifamily
New
For Sale
$549,999
7632 Pleasant Avenue, Richfield, MN 55423
Residential Income, Richfield, MN
Property Size4,008 SF
Lot Size0.26 Acres
Price / SF$137.23
Days on Market7
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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
Basement, Bedroom 2, Bedroom 6, Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 5, Bedroom 7, Bathroom 1, Bedroom 4, Bathroom 2, Bathroom 4, Laundry Room
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: Oct 9
Last Checked: Oct 15 at 1:06PM
MLS# 7158188
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 multifamily property contains four apartments: three two-bedroom units and one one-bedroom unit. Built in 1966, the building sits on a 0.26-acre lot and has a parking lot. Heating is oil-fired.
A boiler was installed in 2025, and the windows are newer. Unit 2 received a remodel in 2024, including kitchen updates, new appliances, fresh paint, new carpet and blinds, replacement living room windows, and a renovated bathroom with a tile tub and shower. The apartments have month-to-month leases, and the property has long-term tenants.
Located in Richfield, the property offers access to major highways, shopping, restaurants, and parks. The Mall of America and MSP Airport are minutes away.
A boiler was installed in 2025, and the windows are newer. Unit 2 received a remodel in 2024, including kitchen updates, new appliances, fresh paint, new carpet and blinds, replacement living room windows, and a renovated bathroom with a tile tub and shower. The apartments have month-to-month leases, and the property has long-term tenants.
Located in Richfield, the property offers access to major highways, shopping, restaurants, and parks. The Mall of America and MSP Airport are minutes away.
Key Highlights
- Four apartments: three 2‑bedroom units and one 1‑bedroom unit
- 4,008 square feet on a 0.26‑acre lot
- Unit 2 remodeled in 2024, including kitchen and bathroom updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,891
Cap Rate
8.34%
Suggested Prices Based on Cap Rates
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
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 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 9.65%
Second Best
Apartment 5plus
$655.6K
$573.6K – $764.9K
NOI $45,891 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,288 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - A flexible unit mix and month-to-month leases complement recent building and apartment improvements.
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 $549,999.
What are key features of this property?
This property features: Four apartments: three 2‑bedroom units and one 1‑bedroom unit; 4,008 square feet on a 0.26‑acre lot; Unit 2 remodeled in 2024, including kitchen and bathroom updates
