Duplex with Lower-Level
New
For Sale
$675,000
100 W 40th Street, Minneapolis, MN 55409
Residential Income, Minneapolis, MN
Property Size3,512 SF
Lot Size0.11 Acres
Price / SF$192.20
Days on Market1
Property Features for 100 W 40th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Single Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 2, Laundry Room, Bathroom 2, Bedroom 5, Basement
Parking features
Driveway, Garage - Detached
Patio and Porch features
Deck, Patio
Subdivision
Van Nests Add
Lot features
Public Transit (w/in 6 blks), Corner Lot, Tree Coverage - Medium
High school district
Minneapolis
Directions
Nicollet Ave to W. 40th Street, west to property.
Standard status
Active
APN
1002824210158
Size
3,512 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10852
Utilities
Heating system
Oil
Amenities
perennial gardens
in-ground sprinkler system
paver patio
shared laundry
Building Details
Year built
1925
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(763) 591-6000
Listed By:
Joseph C Houghton
(952) 829-2900
Added: Sep 29
Last Checked: Sep 29 at 8:06AM
MLS# 7151860
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
At 100 W 40th Street, this 1925 duplex contains 3,512 square feet on a 0.11-acre lot. The main and upper apartments each have two bedrooms and one bathroom, updated kitchens, sunrooms, woodburning fireplaces, and original hardwood floors. The upper kitchen has granite counters, maple cabinets, and stainless steel appliances. A non-conforming one-bedroom, one-bathroom unit occupies the lower level, alongside shared laundry and a utility sink.
The property also includes a detached two-car garage, driveway parking, a deck, and a paver patio. Perennial gardens and an in-ground sprinkler system are part of the outdoor improvements. The roof was replaced in 2021, and the boilers were inspected in September 2026. Neighborhood restaurants, lakes, and bike paths are nearby, with Blaisdell Avenue providing a commute route.
The property also includes a detached two-car garage, driveway parking, a deck, and a paver patio. Perennial gardens and an in-ground sprinkler system are part of the outdoor improvements. The roof was replaced in 2021, and the boilers were inspected in September 2026. Neighborhood restaurants, lakes, and bike paths are nearby, with Blaisdell Avenue providing a commute route.
Key Highlights
- Two primary apartments, each with 2 bedrooms and 1 bathroom
- Non‑conforming lower‑level unit with 1 bedroom and 1 bathroom
- 3,512 square feet on a 0.11‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,313
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,026,260
$1.0M
Cap Rate 7%
$733,043
$733.0K
Cap Rate 9%
$570,144
$570.1K
Market Conditions
NOI Build-Up for 3,512 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$78.0K $22.20/SF
− Vacancy
−$4.7K −$1.33/SF
EGI
$73.3K $20.87/SF
− OpEx
−$22.0K −$6.26/SF
NOI
$51.3K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,026,260
Cap Rate 7%
$733,043
Cap Rate 9%
$570,144
Alternative Uses
Best Use
Multifamily LT 5
$733.0K
$641.4K – $855.2K
NOI $51,313 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$673.3K
$589.1K – $785.5K
NOI $47,130 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$837.9K
$733.2K – $977.5K
NOI $58,652 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Explore this area
Business Placement
Demographics for 55409, MN
11,843
Population
5,488
Households
2.2
Avg Household Size
37
Median Age
63%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
9,110
Density / Sq Mi
$98,056
Median Household Income
$59,430
Median Earnings
$1,364
Median Rent
$365,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - The two main apartments include updated kitchens, sunrooms, fireplaces, and original hardwood flooring.
Where is this duplex located?
The property is located at 100 W 40th Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two primary apartments, each with 2 bedrooms and 1 bathroom; Non‑conforming lower‑level unit with 1 bedroom and 1 bathroom; 3,512 square feet on a 0.11‑acre lot
