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3620 3rd Ave S

Triplex · 3 units: 3 bed / 1.5 bath ×3 unit split estimated · 4,863 sq ft

Minneapolis, MN · Central · View the listing ↗

Cash flows
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Photos, via Realtor.com.

Asking price
$499,000
3 units · $166K per unit
Monthly cash flow
$136
at 20% down, 7%
Estimated rent
$5,475/mo
medium confidence · 14 rentals within 1.5 mi
Break-even price
$524,478
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a Minneapolis triplex asking $499K, and the numbers are thin but positive as listed. Our underwriting shows about +$136/month at 20% down and a 6.7% cap rate, with a break-even price near $524.5K. The description lists plenty of updates but gives no rents, no lease terms, no utility details and no expenses, so the 'stable tenant base' is unproven. The city rental license shows 4 units against a 3-unit county record, and the lower level has its own kitchenette and bedroom, so check unit count and legality first. Ask for the rent roll and leases before a showing; at this price it only makes sense if rents hold up against our estimate.

Things to consider

  1. Price vs. the income Our numbers show slightly positive cash flow at ask and a break-even price about $25K higher. Any offer should still start from the rents, not the asking price.
  2. Unit count and legality of the lower level The license says 4 units but the county says 3. An unlicensed or illegal unit won't support income and can cause code problems.
  3. Rents and leases are missing Without a rent roll you can't verify income, and the description calls the tenants stable without any figures.Listing says: “a stable tenant base”
  4. Big jump over the 2024 purchase price The seller paid $423K in March 2024. The updates listed mostly predate that, so ask what justifies the $76K increase.
  5. Highway noise and taxes I-35W is about 109 m away, which can lower achievable rent, and non-homestead taxes are heavy.

From the photos

Listing photo 1
1 of 7Check

Stucco exterior over a stone foundation base; stucco looks decent from the street, but the stone foundation needs inspection.

Listing photo 3
2 of 7Plus

Hardwood floors and radiators in the first floor unit look in fair shape, with a fireplace that appears decorative.

Listing photo 5
3 of 7Check

Window air conditioner visible, suggesting no central air in at least this unit; hot-water radiator heat visible.

Listing photo 7
4 of 7Concern

Second floor bathroom has a tub with tile and a wood plank wall; the 2012 remodel appears dated and cosmetic.

Listing photo 9
5 of 7Check

Kitchen has wood cabinets, a tile backsplash and basic white appliances; it looks mid-range and a decade or so old.

Listing photo 10
6 of 7Plus

Lower level bathroom looks newer, with a tiled shower and vanity, consistent with the 2024 finish.

Listing photo 1
7 of 7Check

No photos of the boiler, electrical panel, basement or third floor, so the key systems are unseen.

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

Condition and repairs

  • doneNew exterior window frames on 1st floorListing says: New exterior window frames on the 1st floor (2026).
  • doneLower level finish with kitchenette, 3/4 bath, egress bedroom, officeListing says: Lower level finished with a kitchenette, 3/4 bath, bedroom with egress window, and an additional office room (2024).
  • done3rd floor dual-split HVAC, new carpet, skylightListing says: 3rd floor dual-split HVAC system and new carpeting installed (2023).
  • doneFull roof replacement, asphalt and rubberListing says: Full roof replacement, both asphalt and rubber (2017).
  • donePella windows on 1st and 2nd floorsListing says: Pella windows installed on the 1st and 2nd floors (2016).
  • done2nd floor bathroom remodelListing says: 2nd floor bathroom remodel (2012).
  • done1st floor full remodel and exterior doorsListing says: 1st floor full remodel and new exterior doors (2011).

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

Down payment %
Offer $
Management
Interest rate %
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
$499,000
Cash to close
$114,770
Price per unit
$166,333
GRM
7.6

Each month

Cash flow
$136/mo
Cash-on-cash
1.4%
Cap rate
6.7%
DSCR
1.05×

Break-even

Price that breaks even
$524,478
Rent that breaks even
$5,297/mo

Long run

Year 30: property vs stocks
$2.34M vs $874K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$5,475
Vacancy (6%)−$328
Collected$5,146
Property tax Public record−$696
Insurance Estimate−$359
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$493
Capital reserve (9% of rent)−$493
Net operating income$2,791
Mortgage (principal + interest)−$2,656
Cash flow$136
Principal paid down (equity, not cash)$338

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$2,344,047
Your equity when you sell
$1,138,532

Sells for $1,211,204 (value up 3% a year), minus 6% selling cost ($72,672). Rent paid down $399,200 of loan.

Rental profits, invested at 7%
$1,205,515

$571,044 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$873,659
Cash to close, invested at 7%
$873,659

$114,770 put into an index fund instead of the down payment and closing costs.

The building comes out $1,470,388 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 $2.34M, stocks $874K. 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.

3 bed estimate $1,825/mo · range $1,675–$2,475 · 14 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
3336 4th Ave S Apt 4, Minneapolis $1,595 3 / 1 1,100 0.4 mi — Apartment
3336 4th Ave S Apt 2, Minneapolis $1,795 3 / 1 1,100 0.4 mi — Apartment
3333 Nicollet Ave Unit B, Minneapolis $2,499 3 / 2 1,400 0.4 mi — Apartment
3208 Blaisdell Ave Apt 3, Minneapolis $1,750 3 / 1 1,220 0.6 mi 2024-07-22 Apartment
2821 1st Ave S, Minneapolis $1,600 3 / 1 1,743 1.0 mi 2026-06-17 Apartment
705 W 31st St, Minneapolis $1,775 3 / 1 725 1.0 mi 2025-03-22 Apartment
3520 Dupont Level Ave S Unit Lower, Minneapolis $2,595 3 / 1 1,600 1.0 mi 2026-05-31 Duplex triplex
4429 Nicollet Ave, Minneapolis $1,999 3 / 1 1,050 1.1 mi 2026-01-22 Apartment
200 E 27th St, Minneapolis $1,835 3 / 1 1,400 1.2 mi 2026-09-15 Apartment
2835 11th Ave S, Minneapolis $1,700 3 / 2 1,166 1.2 mi 2026-05-21 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

  • highUnderwriting shows negative cash flow at the asking price. Based on: data: underwriting.cash_flow_monthly · AI review
  • mediumBought for $423,000 in Mar 2024; asking is 18% more 31 months later. Ask what was done to justify the jump. Public record: Hennepin County parcel 0302824430166: last sale 2024-03-01, $423,000
  • mediumAbout 109 m from I 35W: traffic noise usually costs $50–100/month in rent. Based on: OpenStreetMap: nearest motorway (I 35W) at 109 m
  • mediumRental license lists 4 units but county and listing show 3. The finished lower level may be a fourth unit, which would need to be legal. Based on: data: city.rental_license · AI review
  • mediumProperty taxes are high at non-homestead rates, about $8,350 a year, which eats into income at this price. Based on: data: county.tax · AI review
  • lowInterior shows signs of wear and a lived-in state, with cosmetic updates in places. Based on: photo 7 · AI review

Opportunities

  • Finished lower level with kitchenette and egress bedroom could add rentable space if legal and licensed. Listing says: Lower level finished with a kitchenette, 3/4 bath, bedroom with egress window, and an additional office room (2024). · AI review
  • Minneapolis has no rent cap, so rents can follow the market after turnover. Based on: data: underwriting.rent_rule · AI review
  • Roof and many windows were replaced in the past decade, which lowers near-term capital spending. Listing says: Full roof replacement, both asphalt and rubber (2017). · AI review

Questions for the agent

  • Can I see the current rent roll, lease terms and end dates for every unit, including the lower level?
  • Is the lower level a separate licensed unit? The city license says 4 units.
  • Who pays heat and water? Is it one boiler or separate systems?
  • What did the seller spend since buying at $423K in March 2024 to justify $499K?
  • What were last year's taxes, insurance, utilities and repair costs?
  • Are the radiators and boiler original, and when was the electrical panel last updated?

Bottom line

Nicely updated on paper, and at $499K it cash flows slightly; it works up to about $524K if rents prove out. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$8,347
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$4,307
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. built 1915: +1 pt capital reserve; 9 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-08-20 (46 days); down $21,000 (4.0%) from the first ask of $520,000; last sold for $423,000 on 2024-03-08.

DateEventPrice
Price changed$499,000
Listed$520,000
Sold$423,000
Sold public record$222,000
Sold public record$222,000

County record Public record

Recorded astriplex
Living units3
Year built1915
Market value (2026)$439,500
Property tax$8,347
Special assessmentsnone
Homesteadno
Last sale2024-03-01 · $423,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 109 m away.

Crime in Central

411 incidents in the last 12 months (50 per 1,000 residents), −9% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).