Remodeled Up-and-Down
For Sale
$249,900
2219 29th Avenue N, Minneapolis, MN 55411
Residential Income, Minneapolis, MN
Property Size1,599 SF
Lot Size0.03 Acres
Price / SF$156.29
Days on Market112
Property Features for 2219 29th Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 2
Exterior features
Metal, Vinyl
Subdivision
Penn Ave Add
High school district
Minneapolis
Directions
PENN TO 29TH AND WEST TO HOME
Standard status
Active
APN
0802924440195
Size
1,599 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4591
Utilities
Heating system
Forced Air, Baseboard
Building Details
Year built
1904
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Lexi Clercx
(612) 600-6000
Added: May 6
Changed: Aug 20
Last Checked: Aug 25 at 4:06AM
MLS# 7069635
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.
This 1,599-square-foot duplex contains two residential units arranged across the main and upper levels. The lower residence includes hardwood flooring, built-in storage, white shaker cabinets, quartz countertops, stainless steel appliances, a bedroom, and a full bathroom. The upper unit adds hardwood flooring, two bedrooms, and a renovated bathroom with a tiled shower surround. Separate utility services are provided for each unit.
Constructed in 1904, the property occupies a 0.03-acre lot in Minneapolis. Parks, shopping, dining, and commuter routes are accessible from the property, providing convenient connections to everyday amenities and transportation.
Constructed in 1904, the property occupies a 0.03-acre lot in Minneapolis. Parks, shopping, dining, and commuter routes are accessible from the property, providing convenient connections to everyday amenities and transportation.
Key Highlights
- Two‑unit duplex with 1,599 square feet of finished living area
- Main‑level unit with hardwood floors, built‑ins, quartz counters, and stainless steel appliances
- Upper‑level unit includes 2 bedrooms and an updated full bath with tiled shower surround
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
$21,458
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
8.59%
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%
$429,160
$429.2K
Cap Rate 7%
$306,543
$306.5K
Cap Rate 9%
$238,422
$238.4K
Market Conditions
NOI Build-Up for 1,599 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
$41.6K $26.04/SF
− Vacancy
−$2.6K −$1.64/SF
EGI
$39.0K $24.40/SF
− OpEx
−$17.6K −$10.98/SF
NOI
$21.5K $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%
$429,160
Cap Rate 7%
$306,543
Cap Rate 9%
$238,422
Alternative Uses
Best Use
Multifamily LT 5
$333.8K
$292.0K – $389.4K
NOI $23,363 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$306.5K
$268.2K – $357.6K
NOI $21,458 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$381.5K
$333.8K – $445.1K
NOI $26,704 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with separate utilities serving each unit.
Where is this duplex located?
The property is located at 2219 29th Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,599 square feet of finished living area; Main‑level unit with hardwood floors, built‑ins, quartz counters, and stainless steel appliances; Upper‑level unit includes 2 bedrooms and an updated full bath with tiled shower surround
