3514 Grand Ave S

Triplex · 3 units: 4 bed / 2.5 bath and 3 bed / 2.5 bath ×2 unit split estimated · 4,900 sq ft

Minneapolis, MN · Lyndale · View the listing ↗

43 photos

Photos, via Realtor.com.

Asking price: $825,000
Monthly cash flow: −$57
Estimated rent: $8,050/mo
Break-even price: $814,300

Adjust the numbers See the full breakdown

From the listing

A rare turnkey 2005-built triplex, with an extra studio/storage space, in one of Minneapolis's most in-demand rental submarkets - this property offers investors a stabilized asset with strong, consistent rents across all four units. The property has had zero vacancies in five years, and strong tenant quality and rental history make it a proven income producer from day one, not a projection. Current gross rents total $7,650 per month, or $91,800 annually. There's also a clear value-add lever: water can be separately metered so tenants cover their own usage, immediately improving NOI. Built in 2005, the property is newer construction than most of the surrounding rental stock, meaning lower near-term capex risk on major systems, and all the units feature modern kitchens, updated baths, and in-unit laundry - amenities that support premium rents and tenant retention. Located within walking distance to Uptown's restaurants, retail, and transit, the property benefits from the kind of walkability that keeps this submarket in consistent demand and supports long-term appreciation. With stabilized cash flow and a clear expense-reduction opportunity, this property offers rare in-place income in one of Uptown's tightest rental markets.

Description from Realtor.com, MLS #7079275. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

The listing calls this a triplex with four units, but the county and the city rental license both say three. That mismatch is the first thing to settle. The description gives gross rents of $7,650 a month in total, with no unit-level breakdown. Our estimate for three units is roughly $8,050 a month, so the stated income is not out of line. At $825K, our underwriting still shows about -$57 a month with 20% down, and break-even is $814K, so it only barely misses at asking. After 133 days on market there is room to negotiate. Get the rent roll, leases and trailing-12 expenses, and confirm what the fourth space really is, before paying for a showing.

Things to consider

Unit count discrepancy A fourth unit that isn't licensed can't be counted on for income and may carry code risk. Underwriting uses three units.Listing says: “with an extra studio/storage space”
Price versus numbers At asking, cash flow is slightly negative and the break-even price is below the ask. Offer closer to break-even or lower.
Rent claim needs proof $7,650 is in line with our estimates, but with only a total stated, verify it before relying on it.Listing says: “Current gross rents total $7,650 per month, or $91,800 annually.”
High property tax Non-homestead tax is $14.7K a year, which eats much of the income and could change on reassessment.
Water billing upside Metering water could lower owner expenses, but the cost and the effect on existing leases are unknown.Listing says: “water can be separately metered so tenants cover their own usage”
Newer build lowers capex risk A 2005 building should need fewer big repairs than older stock, though the roof, HVAC, and water heaters are still unconfirmed.Listing says: “Built in 2005, the property is newer construction than most of the surrounding rental stock”

From the photos

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

Condition and repairs

doneNewer 2005 construction, described as lower near-term capex risk on major systemsListing says: meaning lower near-term capex risk on major systems
doneModern kitchens and updated baths in all unitsListing says: all the units feature modern kitchens, updated baths, and in-unit laundry

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: $825,000
Cash to close: $189,750
Price per unit: $275,000
GRM: 8.5

Each month

Cash flow: −$57/mo
Cash-on-cash: −0.4%
Cap rate: 6.3%
DSCR: 0.99×

Break-even

Price that breaks even: $814,300
Rent that breaks even: $8,124/mo

Long run

Year 30: property vs stocks: $3.48M vs $1.45M
Cash flow turns positive: year 2

Monthly

Monthly breakdown

Rent	$8,050
Vacancy (6%)	−$483
Collected	$7,567
Property tax Public record	−$1,222
Insurance Estimate	−$327
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$724
Capital reserve (8% of rent)	−$644
Net operating income	$4,334
Mortgage (principal + interest)	−$4,391
Cash flow	−$57
Principal paid down (equity, not cash)	$559

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$3,479,782

Your equity when you sell: $1,882,343
Rental profits, invested at 7%: $1,597,440

Same money in stocks$1,449,287

Cash to close, invested at 7%: $1,444,425
Monthly shortfalls, invested: $4,862

The building comes out $2,030,495 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 $3.48M, stocks $1.45M. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

4 bed estimate $2,675/mo · range $2,550–$2,750 · 6 rentals within 2.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3448 Girard Ave S, Minneapolis	$2,595	4 / 2	2,200	0.6 mi	2026-08-28	Apartment
2529 Pleasant Ave Unit 2, Minneapolis	$2,500	4 / 2	2,000	1.2 mi	2026-08-25	Apartment
2449 Lyndale Ave S, Minneapolis	$2,395	4 / 3	1,804	1.3 mi	2026-06-02	Apartment
2820 12th Ave S Apt 1, Minneapolis	$2,500	4 / 2	1,440	1.6 mi	2026-08-13	Duplex triplex
1924 Colfax Ave S, Minneapolis	$2,550	4 / 2	1,574	1.7 mi	2026-07-08	Apartment
3714 Kipling Ave S, Saint Louis Park	$2,300	4 / 2	1,642	2.5 mi	2025-10-15	Multi family

3 bed estimate $2,700/mo · range $2,150–$2,700 · 18 rentals within 3 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
3329 Nicollet Ave Unit A, Minneapolis	$2,499	3 / 2.5	1,400	0.4 mi	2026-06-05	Apartment
3552 Irving Ave S, Minneapolis	$2,795	3 / 2	1,660	0.9 mi	2026-09-25	Apartment
2550 Pillsbury Ave S, Minneapolis	$1,950	3 / 2	2,000	1.2 mi	2026-07-10	Apartment
2835 11th Ave S, Minneapolis	$1,700	3 / 2	1,166	1.5 mi	2026-05-21	Apartment
2900 Thomas Ave S, Minneapolis	$4,720	3 / 2	1,399	1.7 mi	2025-06-30	Apartment
400 W Franklin Ave Apt 2, Minneapolis	$1,495	3 / 2	1,450	1.7 mi	2026-09-22	Apartment
3118 W Lake St, Minneapolis	$3,125	3 / 2	1,460	1.8 mi	2026-02-25	Apartment
415 Oak Grove St, Minneapolis	$3,360	3 / 2	1,192	2.0 mi	2024-04-12	Apartment
4412 Washburn Ave S # 2, Minneapolis	$2,950	3 / 2	1,500	2.0 mi	—	Apartment
3430 List Pl, Minneapolis	$3,125	3 / 2.5	1,616	2.0 mi	2026-08-17	Apartment

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

Red flags and opportunities

Watch for

highListing says four units, but county records and the rental license show three. The extra studio may not be a legal, licensed unit, and its rent may not count. Listing says: with an extra studio/storage space · AI review
mediumTotal rent is stated with no unit breakdown or lease terms. Verify against leases and bank deposits. Listing says: Current gross rents total $7,650 per month, or $91,800 annually. · AI review
mediumTaxes are $14.7K a year at the non-homestead rate. That is a heavy expense load against the income. Based on: data: county.tax · AI review
mediumPricing sits above the county value and well above the 2020 sale price. Break-even price is below the ask. Based on: data: underwriting.break_even_price · AI review
low$423 in special assessments on the current tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Hennepin County parcel 0302824320126: special assessments (current) = $422.92

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 133 days on market, 3 price cuts
Separately meter water so tenants pay their own usage. Verify cost and feasibility first. Listing says: water can be separately metered so tenants cover their own usage · AI review
Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
133 days on market suggests room to negotiate toward the break-even price. Based on: data: listing.days_on_market · AI review

Questions for the agent

Is the fourth space a studio or just storage, and is it on the rental license? Who is paying rent for it?
Can I see the rent roll, leases, and 12 months of expenses?
Is water on one meter? What does the owner pay per year, and what would it cost to separate?
What are the $423 special assessments for, and does the seller pay them off at closing?
Why has it sat 133 days, and have there been price cuts or offers?
What is the age of the roof, furnaces, and water heaters?

Bottom line

Newer building with real rent, but a four-unit claim that records don't support, and at $825K it barely misses break-even. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$14,668
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,925
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. 10 bedrooms: +1 pt repairs for wear	9% / 8%

Price history Realtor.com

On the market since 2026-03-23 (196 days); down $100,000 (10.8%) from the first ask of $925,000; last sold for $685,000 on 2020-01-02; listed for rent at $2,100/mo on 2015-03-05.

Date	Event	Price
2026-08-28	Price changed	$825,000
2026-07-04	Removed	$950,000
2026-07-04	Removed	$925,000
2026-06-29	Removed	$964,900
2026-06-25	Relisted	$849,900
2026-06-24	Removed	—
2026-05-25	Listed	$849,900
2026-05-21	Removed	—
2026-03-23	Listed	$925,000
2020-01-02	Sold	$685,000
2019-10-02	Relisted	$649,900
2019-09-30	Removed	$649,900
2019-09-26	Listed	$649,900
2015-04-03	Rental removed	$2,100/mo
2015-03-05	Listed for rent	$2,100/mo
2014-07-03	Sold public record	$458,000
2014-04-05	Rental removed	$2,100/mo
2013-12-27	Listed for rent	$2,100/mo
2013-05-07	Sold public record	$445,000
2009-02-25	Sold public record	$267,886
2007-08-28	Sold public record	$870,000
2005-06-23	Sold public record	$210,000
2001-11-05	Sold public record	$142,000
1991-09-19	Sold public record	$49,500

County record Public record

Recorded as	triplex
Living units	3
Year built	2005
Market value (2026)	$772,400
Property tax	$14,668
Special assessments	$423
Homestead	no
Last sale	2020-01-01 · $685,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 3 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 780 m away.

Crime in Lyndale

473 incidents in the last 12 months (66 per 1,000 residents), −2% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).