$410,900
MLS# 7143580
3 beds | 3 baths | 7167 sqft
1 / 35
Property Description
Cash flow from day one with a strong positive-leverage spread. 3116 Emerson Ave N is a fully occupied, six-unit mixed-use investment property offering an attractive entry point for the small investor focused on real cash flow—not just future appreciation. Priced at $410,900, the property generates approximately $79,812 in annual scheduled income and $40,083 in-place NOI, producing a 9.75% cap rate. Using the 6.25% financing assumption in the offering memorandum, that represents roughly a 350-basis-point spread between the going-in cap rate and interest rate, creating meaningful positive leverage that is increasingly difficult to find in smaller investment properties. The asset includes four residential apartments and two commercial spaces, providing six separate income streams and diversification beyond a traditional small multifamily property. All six units are currently occupied, while existing rents still provide modest upside: projected market income increases to approximately $84,000 annually, supporting an estimated $45,711 NOI and 11.12% market cap rate. Located on the highly visible corner of Lowry Ave N and Emerson Ave N, the property also benefits from 10 off-street parking stalls serving both residential and commercial tenants. For an investor looking to graduate from duplexes and fourplexes into a larger cash-flowing asset without making the jump to a multi-million-dollar apartment building, this property offers an unusual combination of affordable basis, immediate income, positive leverage, diversified tenancy, and additional rent upside. Buyer Agents to verify all measurements Seller open to seller financing option with QUALIFIED BUYER ONLY!!! Minimum 48 Hr Notices For All Showings! Showings ONLY being approved with Proof of Funds and/or verified approval letter from bank!
Details
Contract Information
Owner is an Agent?: No
Auction?: No
Status: Active
Current Price: $410,900
Contingency: None
ListPrice: 410900
List Date: 2026-09-13
Office/Member Info
Association: SPAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 10
Waterfront YN: No
Year Built: 1907
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Multi-Family, Oth
Lot Dimensions: 157 x 52
Acres: 0.15
Foundation Size: 6534
Garage Stalls: 0
For Sale or Lease: For Sale
Assessment Pending: Unknown
Bedrooms: 3
Baths Total: 3
Location, Tax and Other Information
Legal Description: BLOCK 009 SILVER LAKE ADDN TO MPLS N 6 2/3 FT OF LOT 24 AND ALL OF 25
Listing City: Minneapolis
Map Page: 92
Municipality: Minneapolis
School District: Minneapolis
School District Phone: 612-668-0000
Zip Plus 4: 1025
Property ID Number: 0902924420025
Tax Year: 2026
Tax Amount: 7385
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: Cash flow from day one with a strong positive-leverage spread. 3116 Emerson Ave N is a fully occupied, six-unit mixed-use investment property offering an attractive entry point for the small investor focused on real cash flow—not just future appreciation. Priced at $410,900, the property generates approximately $79,812 in annual scheduled income and $40,083 in-place NOI, producing a 9.75% cap rate. Using the 6.25% financing assumption in the offering memorandum, that represents roughly a 350-basis-point spread between the going-in cap rate and interest rate, creating meaningful positive leverage that is increasingly difficult to find in smaller investment properties.
The asset includes four residential apartments and two commercial spaces, providing six separate income streams and diversification beyond a traditional small multifamily property. All six units are currently occupied, while existing rents still provide modest upside: projected market income increases to approximately $84,000 annually, supporting an estimated $45,711 NOI and 11.12% market cap rate. Located on the highly visible corner of Lowry Ave N and Emerson Ave N, the property also benefits from 10 off-street parking stalls serving both residential and commercial tenants. For an investor looking to graduate from duplexes and fourplexes into a larger cash-flowing asset without making the jump to a multi-million-dollar apartment building, this property offers an unusual combination of affordable basis, immediate income, positive leverage, diversified tenancy, and additional rent upside.
Buyer Agents to verify all measurements
Seller open to seller financing option with QUALIFIED BUYER ONLY!!!
Minimum 48 Hr Notices For All Showings!
Showings ONLY being approved with Proof of Funds and/or verified approval letter from bank!
Directions: Lowry to Emerson Ave N
Accessible
None: 1
Air Conditioning
Window Unit(s): 1
Assessments
Assessment Balance: 0
Tax With Assessments: 7385
Assumable Loan
Not Assumable: 1
Basement
Foundation Dimensions: 157 x 52
Building Information
Building Finished SqFt: 4962
Building SqFt: 7167
Construction Status
Previously Owned: 1
Exterior
Brick/Stone: 1
Foundation
Concrete Block: 1
Fuel
Natural Gas: 1
Heating
Boiler: 1
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Parking Lot: 1
Public Survey Info
Range#: 24
Section#: 09
Township#: 29
Rental License Type
Standard: 1
Sale Options
Sale Includes: Building, Leases, Rental License
Sewer
City Sewer/Connected: 1
Stories
Two: 1
Unit 1
Lease Expiration Date: 2029-08-31
Leased?: Yes
Level: Main Level
Unit Number: Commercia
Monthly Rent: 1873
No. of 1 Bedroom Units: 4
Unit Details
Total Units: 6
Water
City Water/Connected: 1
Income and Expenses
Annual Gross Expenses: 39729
Annual Gross Income: 79812
Annual Net Income: 40083
Unit 2
Lease Expiration Date: 2026-12-31
Leased?: Yes
Level: Main Level
Unit Number: Commercia
Monthly Rent: 900
Unit 3
Lease Expiration Date: 2027-04-30
Leased?: Yes
Level: 2nd Level
Unit Number: Apt 1 (St
Monthly Rent: 750
Unit 4
Lease Expiration Date: 2026-09-30
Leased?: Yes
Level: 2nd Level
Unit Number: Apt 2
Full Baths: 1
Monthly Rent: 795
Total Bathrooms: 1
Total Bedrooms: 1
Unit 5
Lease Expiration Date: 2026-11-30
Leased?: Yes
Level: 2nd Level
Unit Number: Apt 3
Full Baths: 1
Monthly Rent: 1050
Total Bathrooms: 1
Total Bedrooms: 1
Unit 6
Lease Expiration Date: 2026-12-31
Leased?: Yes
Unit Number: Apt 4
Full Baths: 1
Monthly Rent: 1100
Total Bathrooms: 1
Total Bedrooms: 1
On Site Utilities
Electric Separate: 1
CMU Style
Mixed Use: 1
Current Use
Beauty/Barber Shop: 1
Church: 1
Residential: 1
Loan Terms
Cash: 1
Contract for Deed: 1
Conventional: 1
Potential Use
Income: 1
Office: 1
Other: 1
Professional: 1
Retail: 1
Shop: 1
Unit Information
No. of Efficiency Units: 1
Location Tax and Other Information
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55411
Complex/Dev/Subdivision: Silver Lake Add
Property Features
Accessible: None
Air Conditioning: Window Unit(s)
Assumable Loan: Not Assumable
CMU Style: Mixed Use
Construction Status: Previously Owned
Current Use: Beauty/Barber Shop; Church; Residential
Exterior: Brick/Stone
Foundation: Concrete Block
Fuel: Natural Gas
Heating: Boiler
Loan Terms: Cash; Contract for Deed; Conventional
On Site Utilities: Electric Separate
Parking Characteristics: Parking Lot
Potential Use: Income; Office; Other; Professional; Retail; Shop
Rental License Type: Standard
Sewer: City Sewer/Connected
Stories: Two
Water: City Water/Connected
Listing Office: Keller Williams Premier Realty
Last Updated: September - 13 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
