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4214 Queen Ave S

Triplex · 3 units: 2 bed / 1.5 bath ×2 and 1 bed / 1.5 bath unit split estimated · 3,264 sq ft

Minneapolis, MN · Linden Hills · View the listing ↗

Far off
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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
$1,895,000
3 units · $632K per unit
Monthly cash flow
−$9,157
at 20% down, 7%
Estimated rent
$4,600/mo
medium confidence · 22 rentals within 1.5 mi
Break-even price
$174,631
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a trophy-priced triplex, not a rental play. At $1.895M, our numbers show about -$9,157 a month and a 0.6% cap rate, and break-even price is around $175K. Rent estimates top out around $1,650 per unit, so the lake views can't close that gap. The listing gives no rents, no unit mix and no expenses, so ask for the rent roll first. The city license covers only some units and includes a short-term license, so verify what's legal before anything else. Only worth a showing if you want to live there and accept a heavy carrying cost.

Things to consider

  1. Price far beyond what rents support Cash flow is deeply negative and the cap rate is near zero, so returns would rely entirely on appreciation.
  2. Rental licensing mismatch If not all units are licensed for long-term rental, income and financing could be at risk.
  3. Heavy property taxes At roughly $25.7K a year on a non-homestead basis, taxes alone take a large share of potential rent.
  4. Seller has large equity and has been listed a long time Bought at $830K in 2015 and 127 days on market, so a big discount is plausible.
  5. Rents are unknown and our estimates are modest Estimates of $1,300 to $1,650 per unit leave no way to cover the debt; ask for actual rents.

From the photos

Listing photo 1
1 of 7Plus

Exterior appears well kept: stucco and brick, pergola entry and a detached 2-car garage with a driveway

Listing photo 3
2 of 7Plus

Three mailboxes at the front entry support the three-unit count

Listing photo 6
3 of 7Plus

Interiors appear fully updated: new flooring, recessed lighting and a white shaker kitchen with stainless appliances

Listing photo 4
4 of 7Check

Wall-mounted mini-split units and baseboard hot-water heat appear in the living areas, so ask about the heating setup and who pays

Listing photo 5
5 of 7Check

Gas fireplace and a modern stair railing suggest owner-occupant-grade finishes that may not translate to rent

Listing photo 9
6 of 7Check

Photos show only one unit's interior; no bathrooms, basement, mechanicals or other units appear

Listing photo 2
7 of 7Check

Stucco on a flat-looking roofline: roof and moisture condition can't be judged from 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

  • doneEach unit remodeled with updated kitchens and refreshed bathroomsListing says: each residence has been meticulously remodeled to blend modern comfort with enduring charm

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
$1,895,000
Cash to close
$435,850
Price per unit
$631,667
GRM
34.3

Each month

Cash flow
−$9,157/mo
Cash-on-cash
−25.2%
Cap rate
0.6%
DSCR
0.09×

Break-even

Price that breaks even
$174,631
Rent that breaks even
$16,046/mo

Long run

Year 30: property vs stocks
$4.32M vs $13.56M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$4,600
Vacancy (6%)−$276
Collected$4,324
Property tax Public record−$2,143
Insurance Estimate−$293
Water, sewer, trash Estimate−$255
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (7% of rent)−$322
Capital reserve (7% of rent)−$322
Net operating income$929
Mortgage (principal + interest)−$10,086
Cash flow−$9,157
Principal paid down (equity, not cash)$1,283

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$4,323,683
Your equity when you sell
$4,323,682

Sells for $4,599,662 (value up 3% a year), minus 6% selling cost ($275,980). Rent paid down $1,516,000 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$13,558,082
Cash to close, invested at 7%
$3,317,801

$435,850 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$10,240,281

$3,233,906 you'd have paid in while the building lost money, invested instead.

Stocks come out $9,234,399 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 $4.32M, stocks $13.56M. Stocks win.

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.

2 bed estimate $1,650/mo · range $1,425–$2,150 · 22 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
4312 Linden Hills Blvd, Minneapolis $1,625 2 / 1 840 0.2 mi 2026-09-03 Apartment
4271 Sheridan Ave S, Minneapolis $1,495 2 / 1 700 0.2 mi 2024-10-19 Apartment
2618 W 44th St, Minneapolis $3,500 2 / 2 1,084 0.2 mi 2025-01-03 Apartment
3405 W 44th St, Minneapolis $3,895 2 / 2 1,159 0.7 mi 2026-07-31 Apartment
3917 France Aves # 3919, Minneapolis $1,999 2 / 1 1,000 1.0 mi — Duplex triplex
4610 Bryant Ave S, Minneapolis $1,365 2 / 1 1,000 1.1 mi 2025-04-24 Apartment
4005 W 44th St Apt C, Edina $1,950 2 / 1 1,392 1.1 mi 2026-06-06 Multi family
3509 Emerson Ave S, Minneapolis $1,399 2 / 1 950 1.2 mi 2026-09-03 Apartment
3452 Emerson Ave S, Minneapolis $1,349 2 / 1 950 1.2 mi 2026-09-03 Apartment
4436 Grand Ave S Unit 2, Minneapolis $1,430 2 / 1 1,000 1.3 mi — Apartment

1 bed estimate $1,300/mo · range $1,150–$1,500 · 23 rentals within 1.5 mi

AddressRentBd / BaSq ftDistanceListedType
4271 Sheridan Ave S, Minneapolis $1,295 1 / 1 600 0.2 mi 2024-10-19 Apartment
2727 W 43rd St, Minneapolis $1,695 1 / 1 800 0.3 mi 2026-09-11 Apartment
3405 W 44th St, Minneapolis $1,795 1 / 1 520 0.7 mi 2026-07-31 Apartment
4418 Beard Ave S, Minneapolis $2,137 1 / 1 660 0.8 mi 2026-02-20 Apartment
3554 Emerson Ave S, Minneapolis $875 1 / 1 475 1.1 mi 2026-06-19 Apartment
3452 Emerson Ave S, Minneapolis $1,150 1 / 1 825 1.2 mi 2026-09-03 Apartment
3616 Bryant Ave S, Minneapolis $1,425 1 / 1 530 1.2 mi 2026-02-06 Apartment
3332 Hennepin Ave, Minneapolis $1,075 1 / 1 700 1.2 mi 2026-03-31 Apartment
3333 Hennepin Ave, Minneapolis $1,395 1 / 1 550 1.2 mi 2024-04-15 Apartment
3700 Lyndale Ave S, Minneapolis $1,150 1 / 1 850 1.2 mi 2026-09-03 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

  • highThe city's rental license covers 1 unit(s); this analysis counts 3. Public record: Minneapolis Active Rental Licenses: 4214 QUEEN AVE S, units=1
  • highRental license shows a short-term license on one unit and a change-of-ownership license on two; confirm all three units are legally licensed long-term rentals Based on: data: city.rental_license · AI review
  • highTax bill of about $25.7K is non-homestead and is a major drag on income Based on: data: county.tax · AI review
  • mediumAsking is $1,720,369 above the price where cash flow breaks even ($174,631) at the default scenario. Based on: Derived: price $1,895,000 vs. break-even $174,631
  • mediumNo rents, rent roll or expenses given; the listing sells lifestyle, not income Listing says: Whether you're an investor seeking a turnkey income-producing property or an owner-occupant · AI review
  • lowHot-water heat with likely a single system; the owner may be paying heat Based on: data: county.heat_type · AI review

Opportunities

  • The seller bought for $830,000 in May 2015, so they can take a lower offer and still come out well ahead. Public record: Hennepin County parcel 0802824140133: last sale 2015-05-01, $830,000
  • Long time on market: room to negotiate. Based on: Listing data: 130 days on market
  • Remodeled units mean little near-term capital work, which helps if you keep it long term Listing says: each residence has been meticulously remodeled · AI review
  • 127 days on market against a $830K 2015 purchase gives room to negotiate hard Based on: data: listing.days_on_market · AI review
  • Owner-occupying one unit could offset part of the cost Listing says: an owner-occupant looking to enjoy a premier lakefront lifestyle while generating supplemental income · AI review

Questions for the agent

  • Can I see the rent roll, leases and trailing-12 expenses?
  • Which units are long-term rentals and which is the short-term rental? What does it earn?
  • Are all three units licensed and legal with the city?
  • Who pays heat, and is there one boiler or separate systems?
  • What are the unit sizes and bed/bath counts?
  • Why has it sat 127 days, and has the price changed?

Bottom line

A beautiful lake-view triplex priced about $1.7M above what the rents can support, so it only works as a lifestyle purchase. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$25,710
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,516
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. "fully renovated" in the description: -1 pts each7% / 7%

Price history Realtor.com

On the market since 2026-05-28 (130 days); last sold for $830,000 on 2015-05-15.

DateEventPrice
Relisted$1,895,000
Removed—
Listed$1,895,000
Sold public record$830,000
Removed$1,495,411
Removed$869,411
Listed$1,495,411
Listed$869,411
Removed$1,495,411
Sold public record$695,000
Listed$1,495,411
Removed$330,000
Removed$339,900
Listed$339,900
Sold$320,000
Listed$325,000
Listed$330,000
Sold public record$235,000

County record Public record

Recorded astriplex
Living units3
Year built1951
Market value (2026)$1,359,100
Property tax$25,710
Special assessmentsnone
Homesteadno
Last sale2015-05-01 · $830,000

Source: Hennepin County parcel records.

City rental license

ShrtTrmLic: 1 unit(s), Tier 1, status active, renews 2027-03-01.CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 35W, about 2802 m away.

Crime in Linden Hills

114 incidents in the last 12 months (14 per 1,000 residents), −21% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).