Turnkey Seven-Unit Apartment
For Sale
$875,000
8311 Excelsior Boulevard, Hopkins, MN 55343
Turnkey, fully leased seven-unit apartment building with all one-bedroom units and updated key infrastructure.
Property Size5,880 SF
Price / SF$148.81
Days on Market130
Property Features for 8311 Excelsior Boulevard
General Information
Standard status
Active
Size
5,880 SF
Property subtype
Commercial
Zoning
Residential-Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$11,680
Building Details
Building Size
5,880 SF
Year Built
1958
Units
7
Listing Agency:
RE/MAX Results
(612) 751-0872
Listed By:
Philip Walter Cameron · License #40829142
(612) 751-0872
Source:
Juverealestate
Added: Apr 17
Changed: Aug 24
Last Checked: Aug 23 at 6:36AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Turnkey, fully leased seven-unit apartment building with all units configured as one-bedroom residences. The property is presented as a running operation rather than a renovation project, with a new boiler and a newer driveway noted as key capital items already completed.
Located on Excelsior Blvd in Hopkins, the area is described as an accessible, tenant-friendly corridor. The listing notes convenient walkability to restaurants, grocery, and retail, with Park Nicollet Methodist Hospital referenced as just over a mile away. The 494 corridor is also described as minutes away.
With seven occupied doors and a consistent one-bedroom unit mix, the building offers a straightforward multifamily configuration for day-to-day operation.
Located on Excelsior Blvd in Hopkins, the area is described as an accessible, tenant-friendly corridor. The listing notes convenient walkability to restaurants, grocery, and retail, with Park Nicollet Methodist Hospital referenced as just over a mile away. The 494 corridor is also described as minutes away.
With seven occupied doors and a consistent one-bedroom unit mix, the building offers a straightforward multifamily configuration for day-to-day operation.
Key Highlights
- Seven‑unit apartment building on Excelsior Blvd in Hopkins, fully leased
- All 7 units are 1‑bedroom, creating a consistent unit mix
- Updated key infrastructure including a new boiler
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
$68,727
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
7.85%
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%
$1,374,540
$1.4M
Cap Rate 7%
$981,814
$981.8K
Cap Rate 9%
$763,633
$763.6K
Market Conditions
NOI Build-Up for 5,880 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
$132.7K $22.56/SF
− Vacancy
−$7.7K −$1.31/SF
EGI
$125.0K $21.25/SF
− OpEx
−$56.2K −$9.56/SF
NOI
$68.7K $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%
$1,374,540
Cap Rate 7%
$981,814
Cap Rate 9%
$763,633
Alternative Uses
Best Use
Apartment 5plus
$981.8K
$859.1K – $1.15M
NOI $68,727 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,199 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
Explore this area
Business Placement
Demographics for 55343, MN
26,307
Population
14,111
Households
1.9
Avg Household Size
38
Median Age
52%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,416
Density / Sq Mi
$82,415
Median Household Income
$54,823
Median Earnings
$1,427
Median Rent
$350,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey, fully leased seven-unit apartment building with all one-bedroom units and updated key infrastructure.
Where is this apartment building located?
The property is located at 8311 Excelsior Boulevard Hopkins, MN.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Seven‑unit apartment building on Excelsior Blvd in Hopkins, fully leased; All 7 units are 1‑bedroom, creating a consistent unit mix; Updated key infrastructure including a new boiler
