Updated Quadplex with Separate
For Sale
$514,500
2106 Elliot Avenue, Minneapolis, MN 55404
Residential Income, Minneapolis, MN
Property Size3,514 SF
Lot Size0.10 Acres
Price / SF$146.41
Days on Market107
Property Features for 2106 Elliot Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 3, Basement, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 2
Exterior features
Aluminum Siding, Brick/Stone, Vinyl
Subdivision
Clarks Add
High school district
Minneapolis
Directions
94w to 7th Street. West on 7th Street to 11th Avenue S. South on 11th Avenue S. to Franklin Avenue. West on Franklin Avenue to Elliot Avenue. South on Elliot to 2016.
Standard status
Active
APN
3502924210019
Size
3,514 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6760
Utilities
Heating system
Forced Air
Building Details
Year built
1883
Listing Agency:
Bridge Realty, LLC
(952) 368-0021
Listed By:
Christopher Cornet
(651) 242-8468
Added: Jun 17
Changed: Sep 30
Last Checked: Oct 1 at 5:06PM
MLS# 7095120
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.
The property at 2106 Elliot Avenue is a 3,514-square-foot quadplex on a 0.1-acre lot, built in 1883. Its layout includes two three-bedroom apartments and two studio units. Recent rehabilitation brought new vinyl flooring, carpet, refinished hardwood floors, and updated finishes to the apartments, hallways, and basement. High ceilings and abundant natural light contribute to the interior character, while double-pane vinyl windows improve the window package.
Each apartment and the common areas have separate electric, gas, water heaters, and forced-air furnaces. The building exterior combines brick and stone with aluminum trim and vinyl siding. Custom carved stone detailing remains in excellent condition, and the large basement includes multiple private access points. The property is located in South Minneapolis near US Bank Stadium and Powderhorn Park, with convenient freeway access.
Each apartment and the common areas have separate electric, gas, water heaters, and forced-air furnaces. The building exterior combines brick and stone with aluminum trim and vinyl siding. Custom carved stone detailing remains in excellent condition, and the large basement includes multiple private access points. The property is located in South Minneapolis near US Bank Stadium and Powderhorn Park, with convenient freeway access.
Key Highlights
- Two 3‑bedroom units and two studio apartments
- 3,514 square feet on a 0.1‑acre lot
- Separate electric, gas, water heaters, and furnaces for all 4 units and common areas
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
$47,157
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
9.17%
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%
$943,140
$943.1K
Cap Rate 7%
$673,671
$673.7K
Cap Rate 9%
$523,967
$524.0K
Market Conditions
NOI Build-Up for 3,514 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
$91.5K $26.04/SF
− Vacancy
−$5.8K −$1.64/SF
EGI
$85.7K $24.40/SF
− OpEx
−$38.6K −$10.98/SF
NOI
$47.2K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$943,140
Cap Rate 7%
$673,671
Cap Rate 9%
$523,967
Alternative Uses
Best Use
Multifamily LT 5
$733.5K
$641.8K – $855.7K
NOI $51,342 @ 7.0% cap · market cap 9.98%
Second Best
Apartment 5plus
$673.7K
$589.5K – $786.0K
NOI $47,157 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$838.4K
$733.6K – $978.1K
NOI $58,686 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,295
Businesses Nearby
Explore this area
Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
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?
Quadplex - Four-unit property with refreshed interiors, distinct utility systems, and a finished exterior featuring brick, aluminum, and vinyl elements.
Where is this quadplex located?
The property is located at 2106 Elliot Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $514,500.
What are key features of this property?
This property features: Two 3‑bedroom units and two studio apartments; 3,514 square feet on a 0.1‑acre lot; Separate electric, gas, water heaters, and furnaces for all 4 units and common areas
