22-Unit Apartment
For Sale
Contact for pricing
8050 QUEEN AVE S, Bloomington, MN 55431
R-4-zoned multifamily property with renovated units, underground parking, and a 1.5-acre setting.
Property Size10,559 SF
Lot Size1.50 Acres
Price / SF$322
Days on Market20
Property Features for 8050 QUEEN AVE S
General Information
Standard status
Active
Size
10,559 SF
Total Parking Spaces
22
Lot size
1.50 Acres
Property subtype
Multifamily
Zoning
R-4
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$212,030
Additional Details
Multifamily Units
22
Building Details
Year Built
1965
Stories
2
Units
22
Tenancy
Multi
Listing Agency:
WilliamRobert Apartment Advisors
Listed By:
Chris Johnson · License #871799
Source:
Crexi
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 29 at 6:08PM
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 WilliamRobert Apartment Advisors
Investment Insights
Based on property information with market context.
Built in 1965, this R-4-zoned apartment property contains 22 units, including 17 that have been renovated. The improvements are situated on a 1.5-acre site with underground parking and approximately 10,559 square feet of building area.
The property is located at 8050 Queen Ave S in Bloomington, Minnesota. Its site configuration provides a substantial residential setting, while the existing unit count and completed renovations offer a clear basis for evaluating the asset as an apartment investment. The property is offered for sale.
The property is located at 8050 Queen Ave S in Bloomington, Minnesota. Its site configuration provides a substantial residential setting, while the existing unit count and completed renovations offer a clear basis for evaluating the asset as an apartment investment. The property is offered for sale.
Key Highlights
- 22‑unit apartment property with 17 renovated units
- 1.5‑acre site in Bloomington, MN
- R‑4 zoning
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
$123,417
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
3.63%
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%
$2,468,340
$2.5M
Cap Rate 7%
$1,763,100
$1.8M
Cap Rate 9%
$1,371,300
$1.4M
Market Conditions
NOI Build-Up for 10,559 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
$238.2K $22.56/SF
− Vacancy
−$13.8K −$1.31/SF
EGI
$224.4K $21.25/SF
− OpEx
−$101.0K −$9.56/SF
NOI
$123.4K $11.69/SF
Area
Hennepin County, MN
Vacancy
5.80%
Lease Rate
$22.56 /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%
$2,468,340
Cap Rate 7%
$1,763,100
Cap Rate 9%
$1,371,300
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.06M
NOI $123,417 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.52M
$2.20M – $2.94M
NOI $176,341 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
1,348
Businesses Nearby
Explore this area
Business Placement
Demographics for 55431, MN
19,767
Population
8,483
Households
2.3
Avg Household Size
43
Median Age
48%
College-Educated
94%
High-School Grad
7.8 sq mi
ZIP Area
2,534
Density / Sq Mi
$103,125
Median Household Income
$55,545
Median Earnings
$1,704
Median Rent
$354,300
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?
Apartment building - R-4-zoned multifamily property with renovated units, underground parking, and a 1.5-acre setting.
Where is this apartment building located?
The property is located at 8050 QUEEN AVE S Bloomington, MN.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 22‑unit apartment property with 17 renovated units; 1.5‑acre site in Bloomington, MN; R‑4 zoning
