5428 5th St NE · Fridley, MN 55421

$575,000

7 bd · 16.0 ba · 2,873 sqft · MultiFamily public records · 20 Days on market

Built 1961 10,410 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4 Plex investment or owner occupant opportunity in Fridley with a vacant unit ready for an owner occupant or a renter of your choice! Unit 1 remodeled in 2021: new paint throughout, new kitchen countertops, new SS appliances, full bathroom remodel. All common areas remodeled in 2021 (new paint, carpet, flooring). 3 units are 2 bedrooms, and 1 unit is a 1 bedroom. The roof is less than 8 years old! Brand new water heater too! A financial report can be furnished for more accurate expenses and rents. Measurements are approximate.

Key facts

• Off-street parking
• Dedicated mail area
• 0.24 acre lot

Tags

• SPRINGBROOK NATURE CENTER
• WALKABILITY TO JUBILEE PARK
• WALKABILITY TO OAK HILL PARK
• DEDICATED MAIL AREA
• BACK DEDICATED PARKING LOT
• OFF-STREET PARKING

Property features AI

Finance

• Other: Owner-occupied: No; Above-grade finished area and living area details provided (total living area 2,873)
• Financial info: Rental license: Standard (rental license active)
• HOA & community: Association provides laundry amenity

Exterior

• Parking: Parking lot available
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential income property; 4-unit building
• Construction: Block foundation; Foundation area approximately 1,530 (area value provided)
• Exterior features: Stone and stucco exterior; No fencing; Located within about six blocks of public transit; City street frontage on a public-maintained road; Irregular lot shape

Interior

• Kitchen: Each unit equipped with range, refrigerator, and exhaust fan/hood
• Bedrooms: Total of 7 bedrooms across units (units include main-floor primary bedrooms)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Baseboard heating; Central cooling in individual units
• Interior features: Split-entry (bi-level) layout; Common-area laundry with utility sink; Has basement (none finished listed)
• Laundry & utility: Shared laundry available; Laundry located in lower level (common area); Laundry includes a sink

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive. Per door: $22/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $526k (8.5% below list).
• Recommended offer: $526k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.2% in Fridley — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#185 in MN, #3,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment B+; Watch: crime C-, amenities F, health & safety F.
• Fridley Public School District (suburban): math 27% / reading 35% proficiency, ranked #265 of 301 in MN (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stevenson Elementary (math 22% / reading 22%, grade F, #732 of 857 statewide, top 88%, 447 students, 76% FRL); Fridley Middle (math 22% / reading 42%, grade F, #188 of 258 statewide, top 73%, 745 students, 76% FRL); Fridley Senior High (math 27% / reading 47%, grade F, #282 of 471 statewide, top 63%, 854 students, 75% FRL) — zoned schools average 76% FRL vs 50% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 145 active listings in the ZIP; 1,083 units permitted in Anoka County in 2024 (134 in 5+ unit buildings).
• At $5,260/mo this rent would consume 89% of the median local household income ($71k/yr) (locally 1747% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Anoka County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($566k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $526,000 (8.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.66%
• DSCR: 1.03
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.51% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.51×
• Total profit: $-79,284
• Equity at exit: $85,734

10-year hold

• IRR: -2.3%
• Equity multiple: 0.83×
• Total profit: $-26,891
• Equity at exit: $49,715

Cash invested: $161,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55421

• Rents YoY: 4.5%
• Active inventory: 145
• Price-to-rent: 35.6×

Monthly cashflow live

• Estimated rent: $5,260 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$812 /mo · $9,742/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,105
• Net cashflow: $89

Break-even live

Break-even rent $5,148

Max offer price $575,000

Occupancy floor 93%

Sensitivity live

Price	-10% $414	-5% $251	+0% $89	+5% $-74	+10% $-237
Rent	-10% $-327	-5% $-119	+0% $89	+5% $296	+10% $504
Rate	-1.0pp $378	-0.5pp $235	base $89	+0.5pp $-60	+1.0pp $-212

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,035
1× unit	1	1	$1,224
Total (4 units)			$5,260

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $575,000 Active 20 DOM
2. 2026-06-18
   days on market $575,000 Active 17 DOM
3. 2026-06-17
   days on market $575,000 Active 16 DOM
4. 2026-06-16
   days on market $575,000 Active 15 DOM
5. 2026-06-15
   days on market $575,000 Active 14 DOM
6. 2026-06-13
   pricedays on market $575,000 Active 12 DOM
7. 2026-06-09
   days on market $600,000 Active 8 DOM
8. 2026-06-08
   days on market $600,000 Active 7 DOM
9. 2026-06-07
   days on market $600,000 Active 6 DOM
10. 2026-06-04
    days on market $600,000 Active 3 DOM
11. 2026-06-03
    days on market $600,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $600,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $9,742 · $812/mo
• Projected year-2 tax: $9,742 · $812/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,120
• − Mortgage interest: −$32,209
• − Property taxes: −$9,742
• − Insurance: −$2,875
• − Repairs & maintenance: −$5,050
• − Management: −$5,050
• − Depreciation: −$16,727
• Taxable loss: −$8,533
• Est. tax savings @ 24.0%: +$2,048
• After-tax cash flow: $3,111/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fridley Public School District
• NCES district ID: 2712420
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 35% ▼ -9.00%
• Median HH income: $53,546
• Composite: 27.35/100
• National rank: #6983
• State rank: #265 of 301 in MN

Livability — Fridley

• Score: 75/100
• State rank: #185
• US rank: #3977

Category grades

Amenities F Commute A+ Cost of living B+ Crime C- Employment B+ Housing A+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fridley, MN
• County: Anoka County · 277,116 people
• City population: 33,672
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 30,843
• Household income: $70,772
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 1747.0

Population outlook (Anoka County) Hauer SSP2

• Today (2025): 375,223 people
• By 2030: 387,850 · +3.4%
• By 2040: 407,239 · +8.5%
• By 2050: 417,541 · +11.3%
• By 2075: 448,447 · +19.5%
• By 2100: 464,954 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 52% Black 24% Hispanic / Latino 14% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Romanian 5% Lithuanian 2%
• Foreign-born: 22% · Canada, Vietnam, China
• Languages at home: 72% English-only · Spanish 11% Arabic 1% Vietnamese 1%

Political lean MEDSL · Anoka

• 2024 margin: Toss-up / Even · D 46.6% · R 51.0% · Other 2.4%
• 2008→2024 swing: -2.0pp toward R · 2008: -2.4pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.9 2016: R+9.7 2012: R+2.6 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.08%
• Current HPI: 258.4424
• Rent YoY: ▲ 4.51%
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+233.5% since first listed

47 events — show timeline

• 2026-05-29 Listed $600,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-10-04 Sold (Public Records) $560,000 Public Records
• 2023-09-29 Sold (MLS) $560,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-15 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-12 Listed $549,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-18 Price Changed $1,080 RENT.
• 2021-11-15 Sold (Public Records) $490,000 Public Records
• 2021-11-12 Sold (MLS) $490,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-29 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-12 Price Changed $499,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-18 Listed $519,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-11 Sold (Public Records) $420,000 Public Records
• 2019-11-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-11-14 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-20 Listed $419,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-22 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-18 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-03 Listed $419,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-05 Price Changed $405,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-20 Price Changed $409,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-20 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-16 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-05-10 Listed $419,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-25 Sold (MLS) $255,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-04-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2016-03-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2016-03-21 Listed $259,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-11-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-11-02 Listed $239,900 NORTHSTARMLS as Distributed by MLS Grid
• 2007-02-16 Sold (Public Records) $320,000 Public Records
• 2006-08-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-05-22 Listed $354,900 NORTHSTARMLS as Distributed by MLS Grid
• 2002-12-12 Sold (Public Records) $285,000 Public Records
• 2002-04-05 Sold (Public Records) $245,000 Public Records
• 2001-04-16 Sold (Public Records) $188,500 Public Records
• 2001-01-08 Sold (MLS) $188,500 NORTHSTARMLS as Distributed by MLS Grid
• 2000-11-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2000-11-01 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2026): $9,742 · -4.9% YoY. Source: county tax records.