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3408 Stevens Ave S 6 Unit Apartment Building $750,000 ($125,000/Unit) 7.45% Cap Rate Minneapolis, MN 55408
Executive Summary
3408 Stevens Avenue is a 6-unit multifamily investment opportunity located in the Lyndale neighborhood of South Minneapolis. The property is comprised of four two-bedroom units & two one-bedroom units.
A new high-efficiency boiler & 2 new water heaters were installed in 2024. The windows were replaced in 2019. The building is currently enrolled in the Minneapolis 4D program, providing a significant reduction in annual property tax expense. There is off-street parking in the back of the building; one space for each unit. All current tenants are on month-to-month leases.
The property is well located for easy access to I-35W as well as for easy access to numerous neighborhood amenities toward Lyndale Avenue & beyond.
Please contact listing agent directly for additional information about this property: David Dirkers | 651-998-9380 | David@mrgrealtypartners.com
A new high-efficiency boiler & 2 new water heaters were installed in 2024. The windows were replaced in 2019. The building is currently enrolled in the Minneapolis 4D program, providing a significant reduction in annual property tax expense. There is off-street parking in the back of the building; one space for each unit. All current tenants are on month-to-month leases.
The property is well located for easy access to I-35W as well as for easy access to numerous neighborhood amenities toward Lyndale Avenue & beyond.
Please contact listing agent directly for additional information about this property: David Dirkers | 651-998-9380 | David@mrgrealtypartners.com
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$92,218
|
$15.26
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$36,379
|
$6.02
|
| Net Operating Income |
$55,839
|
$9.24
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $92,218 |
| Annual Per SF | $15.26 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $36,379 |
| Annual Per SF | $6.02 |
| Net Operating Income | |
|---|---|
| Annual | $55,839 |
| Annual Per SF | $9.24 |
Property Facts
| Price | $750,000 | Building Class | C |
| Price Per Unit | $125,000 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 6,045 SF |
| Cap Rate | 7.45% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R2B | ||
| Price | $750,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 7.45% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,045 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1923 |
| Parking Ratio | 0.99/1,000 SF |
| Zoning | R2B |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 415 |
| 2+1 | 4 | - | 995 |
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Bike Score®
Very Bikeable (88)
Property Taxes
| Parcel Number | 03-028-24-42-0078 | Improvements Assessment | $594,300 (2024) |
| Land Assessment | $118,700 (2024) | Total Assessment | $713,000 (2024) |
Property Taxes
Parcel Number
03-028-24-42-0078
Land Assessment
$118,700 (2024)
Improvements Assessment
$594,300 (2024)
Total Assessment
$713,000 (2024)
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3408 Stevens Ave S
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