Duplex with Lower Unit
For Sale
$485,000
2206 Arthur Street NE, Minneapolis, MN 55418
Residential Income, Minneapolis, MN
Property Size2,618 SF
Lot Size0.12 Acres
Price / SF$185.26
Days on Market51
Property Features for 2206 Arthur Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 2
Parking features
Open, Garage - Attached, Driveway
Exterior features
Stucco, Wood
Subdivision
Auditors Sub 228
High school district
Minneapolis
Directions
Stinson Boulevard to 22nd, East to Arthur, North to home
Standard status
Active
APN
1202924420165
Size
2,618 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8080
Utilities
Heating system
Forced Air
Building Details
Year built
1949
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Jamie Bolinger
(612) 821-7400
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 7101743
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.
Charming up/down duplex in Northeast Minneapolis’s Windom Park neighborhood. The lower unit features four bedrooms and two bathrooms and is currently vacant, offering flexibility for an owner-occupant or immediate leasing. The upper unit includes one bedroom and one bathroom and is leased through September 2026.
The property sits on a 0.12-acre lot and was built in 1949. It has forced-air heating and exterior finishes including stucco and wood. Parking is available via an attached garage and driveway, with additional open parking.
Recent updates include a new roof in 2021, two new furnaces in 2023, and a new A/C for the upper unit in 2023. The lower unit renovations include new carpet, fresh paint, bathroom refresh, butcher block countertops, and updated hardware.
The property sits on a 0.12-acre lot and was built in 1949. It has forced-air heating and exterior finishes including stucco and wood. Parking is available via an attached garage and driveway, with additional open parking.
Recent updates include a new roof in 2021, two new furnaces in 2023, and a new A/C for the upper unit in 2023. The lower unit renovations include new carpet, fresh paint, bathroom refresh, butcher block countertops, and updated hardware.
Key Highlights
- Up/down duplex with 4‑bedroom, 2‑bath lower unit currently vacant
- Upper unit leased through September 2026
- New roof in 2021 plus two new furnaces in 2023
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
$38,251
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
7.89%
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%
$765,020
$765.0K
Cap Rate 7%
$546,443
$546.4K
Cap Rate 9%
$425,011
$425.0K
Market Conditions
NOI Build-Up for 2,618 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
$58.1K $22.20/SF
− Vacancy
−$3.5K −$1.33/SF
EGI
$54.6K $20.87/SF
− OpEx
−$16.4K −$6.26/SF
NOI
$38.3K $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%
$765,020
Cap Rate 7%
$546,443
Cap Rate 9%
$425,011
Alternative Uses
Best Use
Multifamily LT 5
$546.4K
$478.1K – $637.5K
NOI $38,251 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$501.9K
$439.2K – $585.6K
NOI $35,133 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$624.6K
$546.5K – $728.7K
NOI $43,722 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Charming Windom Park duplex with forced-air heat, attached garage parking, and a vacant renovated lower unit.
Where is this duplex located?
The property is located at 2206 Arthur Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Up/down duplex with 4‑bedroom, 2‑bath lower unit currently vacant; Upper unit leased through September 2026; New roof in 2021 plus two new furnaces in 2023
