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 Market66
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: Oct 14
Last Checked: Oct 14 at 11:52PM
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 / Yr
$123,417
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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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?
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
