Four-Level Duplex with Attached
New
For Sale
$569,900
2208 Milwaukee Avenue, Minneapolis, MN 55404
Residential Income, Minneapolis, MN
Property Size3,381 SF
Lot Size0.09 Acres
Price / SF$168.56
Days on Market3
Property Features for 2208 Milwaukee Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Bedroom 2, Laundry Room, Bathroom 3, Bedroom 3, Basement, Bathroom 1, Bedroom 1
Parking features
Garage - Attached, Other
Patio and Porch features
Porch, Deck
Subdivision
Milwaukee Mall Add
Lot features
Tree Coverage - Medium
High school district
Minneapolis
Directions
Franklin Avenue to 22nd Ave. S. park on 22nd Ave. or 24th Street
Standard status
Active
APN
3602924210321
Size
3,381 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9299
Utilities
Heating system
Forced Air
Building Details
Year built
1981
Building materials
Block
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Amy Ruzick · License #20317563
(952) 829-2900
Added: Sep 25
Changed: Sep 27
Last Checked: Sep 27 at 2:06PM
MLS# 7150320
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.
Built in 1981, this four-level duplex contains 3,381 square feet on a 0.09-acre lot. The upper two floors form one residence, while the lower two floors make up the other. Each residence has its own laundry, updated kitchen, and bathroom. An attached oversized two-car garage, a deck, and a porch are also part of the property.
The property is in Minneapolis’s Milwaukee Avenue Historic District. The lower residence is currently arranged as two separate furnished rentals.
The property is in Minneapolis’s Milwaukee Avenue Historic District. The lower residence is currently arranged as two separate furnished rentals.
Key Highlights
- Two residences arranged across four levels
- 3,381 square feet on a 0.09‑acre lot
- Attached oversized two‑car garage
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
$49,399
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
8.67%
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%
$987,980
$988.0K
Cap Rate 7%
$705,700
$705.7K
Cap Rate 9%
$548,878
$548.9K
Market Conditions
NOI Build-Up for 3,381 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
$75.1K $22.20/SF
− Vacancy
−$4.5K −$1.33/SF
EGI
$70.6K $20.87/SF
− OpEx
−$21.2K −$6.26/SF
NOI
$49.4K $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%
$987,980
Cap Rate 7%
$705,700
Cap Rate 9%
$548,878
Alternative Uses
Best Use
Multifamily LT 5
$705.7K
$617.5K – $823.3K
NOI $49,399 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$648.2K
$567.2K – $756.2K
NOI $45,372 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$806.6K
$705.8K – $941.1K
NOI $56,465 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,030
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences have their own laundry, updated kitchens, and bathrooms.
Where is this duplex located?
The property is located at 2208 Milwaukee Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Two residences arranged across four levels; 3,381 square feet on a 0.09‑acre lot; Attached oversized two‑car garage
