3412 Humboldt Ave S

Triplex · 3 units: 3 bed / 2 bath ×3 unit split estimated · 5,195 sq ft

Minneapolis, MN · East Bde Maka Ska · View the listing ↗

74 photos

Photos, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 1 unit(s); this analysis counts 3.

Asking price: $849,900
Monthly cash flow: −$327
Estimated rent: $8,025/mo
Break-even price: $788,478

Adjust the numbers See the full breakdown

From the listing

Rare turnkey multi-family opportunity in the highly coveted East Bde Maka Ska (ECCO) neighborhood of Uptown! This classic property operates as a Triplex with a non-conforming 4th unit, offering an incredible footprint of over 5,100 finished square feet. Whether you are a seasoned investor looking to add a high-demand asset to your portfolio, or an owner-occupant looking to build massive equity while letting rental income cover your mortgage, this property delivers. The building features spacious layouts, classic Minneapolis charm, hardwood floors, abundant natural light, and an attached 2-car garage. The unit mix provides excellent rental versatility and strong historical occupancy. The location is an absolute renter's paradise with unbeatable local amenities. Tenants and owners alike will love being just a short walk to the shores of Lake Bde Maka Ska, and steps away from the vibrant dining, shopping, and entertainment districts of Lyn-Lake and Uptown. Commuting is effortless with excellent public transit options nearby, very bikeable streets, and quick access to I-35W and downtown Minneapolis. Don't miss out on a powerful wealth-building asset in one of the city's most resilient rental markets. Buyer/buyer's agent to verify all local zoning, square footage, and unit compliance details with the city. Schedule your private tour today!

Description from Realtor.com, MLS #7106694. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This doesn't work at $849,900, though it's closer than it first looks. Our model shows about -$327 a month and a 5.9% cap rate, and break-even is near $788K. Rents of roughly $2,675 per unit still can't fully carry a price this high, and the $16,013 tax bill hurts. The description gives no rents, no leases and no expenses, so ask for the rent roll and trailing-12 first. The city license covers only 1 unit, and the 'non-conforming 4th unit' is a legal and insurance risk. It's been listed 84 days with no cut mentioned, so there's room to negotiate, but I'd only tour if the seller's numbers are better than our estimates.

Things to consider

Price is above what rents support Break-even is about $788K against an $849.9K ask. Cash flow of about -$330 a month means ongoing losses.
Unit count and legality are unclear The city license shows 1 unit, and the 4th unit is non-conforming. Lenders, insurers and the city may not recognize all the income.
Tax bill is heavy About $16K a year in non-homestead tax is a big fixed cost on three units renting near $2,675.
No rent or expense information Without a rent roll, you can't tell whether actual rents beat our estimates or whether the building is 'strong historical occupancy' in name only.Listing says: “The unit mix provides excellent rental versatility and strong historical occupancy.”
Seller has room to cut Bought in 1992 for $250K and listed 84 days, so a lower offer still gives them a large gain.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $849,900
Cash to close: $195,477
Price per unit: $283,300
GRM: 8.8

Each month

Cash flow: −$327/mo
Cash-on-cash: −2.0%
Cap rate: 5.9%
DSCR: 0.93×

Break-even

Price that breaks even: $788,478
Rent that breaks even: $8,450/mo

Long run

Year 30: property vs stocks: $3.21M vs $1.54M
Cash flow turns positive: year 4

Monthly

Monthly breakdown

Rent	$8,025
Vacancy (6%)	−$482
Collected	$7,544
Property tax Public record	−$1,334
Insurance Estimate	−$333
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$722
Capital reserve (8% of rent)	−$642
Net operating income	$4,197
Mortgage (principal + interest)	−$4,524
Cash flow	−$327
Principal paid down (equity, not cash)	$576

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$3,208,432

Your equity when you sell: $1,939,154
Rental profits, invested at 7%: $1,269,278

Same money in stocks$1,539,605

Cash to close, invested at 7%: $1,488,021
Monthly shortfalls, invested: $51,584

The building comes out $1,668,827 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $3.21M, stocks $1.54M. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 2 bath estimate $2,675/mo · range $2,425–$2,675

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
3552 Irving Ave S, Unit 2, Minneapolis 55408 off market	$2,900	3 / 2	—	0.2 mi	2026-04-23	94%
3525 Hennepin Ave S, Minneapolis 55408 off market	$1,495	3 / 1	—	0.2 mi	2026-06-15	89%
3207-09 Lyndale Ave S, Minneapolis 55408 off market	$1,650	3 / 1	—	0.7 mi	2026-01-14	88%
3536 Irving Ave S, Unit Downstairs, Minneapolis 55408 off market	$2,865	3 / 2	1,750	0.2 mi	2026-06-07	84%
3212 Lyndale Ave S, Minneapolis 55408 off market	$2,400	4 / 2	—	0.7 mi	2025-04-02	84%
3552 Irving Ave S, Unit 1, Minneapolis 55408	$2,795	3 / 2	1,660	0.2 mi	2026-10-04	83%
3552 Irving Ave S, Minneapolis 55408	$2,795	3 / 2	1,660	0.2 mi	2026-09-25	83%
3229 Hennepin Ave S, Minneapolis 55408	$2,395	3 / 1	1,970	0.3 mi	2022-08-11	80%
3136 Lyndale Ave S, Minneapolis 55408 off market	$1,995	3 / 1	2,112	0.7 mi	2025-09-08	80%
3021 Knox Ave S, Minneapolis 55408 off market	$2,250	3 / 2	900	0.5 mi	2026-06-02	80%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highThe city's rental license covers 1 unit(s); this analysis counts 3. Public record: Minneapolis Active Rental Licenses: 3412 HUMBOLDT AVE S, units=1
highNon-conforming 4th unit may be unpermitted, uninsurable or not rentable legally. Don't count its income. Listing says: operates as a Triplex with a non-conforming 4th unit · AI review
highListing pushes verification of zoning and unit compliance onto the buyer; rental license lists only 1 unit. Listing says: Buyer/buyer's agent to verify all local zoning, square footage, and unit compliance details with the city. · AI review
mediumProperty tax of about $16K is non-homestead and eats a large share of income. Based on: data: county.tax · AI review
medium'Turnkey' claim with no rents, leases, or updates stated; the photos show dated finishes. Listing says: Rare turnkey multi-family opportunity in the highly coveted East Bde Maka Ska (ECCO) neighborhood · AI review

Opportunities

The seller bought for $250,000 in Apr 1992, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0402824310064: last sale 1992-04-01, $250,000
No Minneapolis rent cap, so rents can rise to market after turnover or a refresh. Based on: data: underwriting.rent_rule · AI review
Owner-occupant angle: living in one unit could offset costs, though the numbers are still heavily negative. Listing says: an owner-occupant looking to build massive equity while letting rental income cover your mortgage · AI review
Long time on market and a 1992 purchase give room to negotiate hard. Based on: data: listing.days_on_market · AI review

Questions for the agent

What are current rents, lease end dates and deposits for each unit, including the 4th?
Can you provide the trailing-12 income and expenses, and who pays heat, water and electric?
What is the legal status of the 4th unit? Is it permitted, and is it covered by the rental license?
Why does the rental license list only 1 unit, and is the license exempt or current for all units?
How old are the boiler(s), roof, electrical panels and water heaters?
Has the price been reduced, and are there any offers or seller concessions?

Bottom line

At $849,900 the rents can't quite support this triplex; it only works near $788K, and the 4th unit shouldn't count. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$16,013
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,999
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. 9 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-07-10 (87 days); down $30,000 (3.4%) from the first ask of $879,900; last sold for $250,000 on 1992-04-01.

Date	Event	Price
2026-09-23	Price changed	$849,900
2026-07-10	Listed	$879,900
1992-04-01	Sold public record	$250,000

County record Public record

Recorded as	triplex
Living units	3
Year built	1948
Market value (2026)	$846,500
Property tax	$16,013
Special assessments	none
Homestead	no
Last sale	1992-04-01 · $250,000

Source: Hennepin County parcel records.

City rental license

CHOWNEXMPT: 1 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 2082 m away.

Crime in East Bde Maka Ska

142 incidents in the last 12 months (54 per 1,000 residents), −7% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).