1918 Duplex with Off-Street
For Sale
$360,000
2542 Garfield Avenue, Minneapolis, MN 55405
Residential Income, Minneapolis, MN
Property Size2,211 SF
Lot Size0.10 Acres
Price / SF$162.82
Days on Market12
Property Features for 2542 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bedroom 2, Laundry Room, Bathroom 2, Bedroom 1, Bedroom 3
Patio and Porch features
Porch
Subdivision
Lot 012 Block 001 Garfield Ave
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
S Lyndale Ave, left on W 25th St, 1st right onto Garfield. Property on the right.
Standard status
Active
APN
3402924230056
Size
2,211 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7061
Utilities
Heating system
Hot Water(Heating)
Amenities
hardwood floors
Building Details
Year built
1918
Roof type
Shingle
Listing Agency:
DRG
(612) 777-8005
Listed By:
Richard E Newman
(612) 244-6613
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 27 at 2:06PM
MLS# 7142239
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 1918, this duplex contains approximately 2,211 square feet with hardwood floors, original architectural character, a porch, and a basement. The property includes four off-street parking spaces and a shingle roof, with major exterior updates consisting of new roofing and siding completed in 2024. Hot-water heating serves the building.
The property is located in Minneapolis near Lyndale Avenue restaurants, coffee shops, shopping, nightlife, public transit, downtown, Lake of the Isles, and Bde Maka Ska. The upper unit is leased through May 31, 2027. With a 0.1-acre lot and two residential units, the building offers a compact multifamily configuration in an established urban setting.
The property is located in Minneapolis near Lyndale Avenue restaurants, coffee shops, shopping, nightlife, public transit, downtown, Lake of the Isles, and Bde Maka Ska. The upper unit is leased through May 31, 2027. With a 0.1-acre lot and two residential units, the building offers a compact multifamily configuration in an established urban setting.
Key Highlights
- 1918‑built duplex with approximately 2,211 square feet
- Four off‑street parking spaces
- New roof and siding completed in 2024
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
$32,304
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
8.97%
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%
$646,080
$646.1K
Cap Rate 7%
$461,486
$461.5K
Cap Rate 9%
$358,933
$358.9K
Market Conditions
NOI Build-Up for 2,211 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
$49.1K $22.20/SF
− Vacancy
−$2.9K −$1.33/SF
EGI
$46.1K $20.87/SF
− OpEx
−$13.8K −$6.26/SF
NOI
$32.3K $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%
$646,080
Cap Rate 7%
$461,486
Cap Rate 9%
$358,933
Alternative Uses
Best Use
Multifamily LT 5
$461.5K
$403.8K – $538.4K
NOI $32,304 @ 7.0% cap · market cap 8.97%
Second Best
Apartment 5plus
$423.9K
$370.9K – $494.5K
NOI $29,671 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$527.5K
$461.6K – $615.4K
NOI $36,925 @ 7.0% cap · market cap 10.26%
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
4,293
Businesses Nearby
Explore this area
Business Placement
Demographics for 55405, MN
15,497
Population
8,724
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,535
Density / Sq Mi
$70,425
Median Household Income
$47,271
Median Earnings
$1,188
Median Rent
$450,200
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 - Character-filled income property with hardwood floors, a porch, and a leased upper unit.
Where is this duplex located?
The property is located at 2542 Garfield Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 1918‑built duplex with approximately 2,211 square feet; Four off‑street parking spaces; New roof and siding completed in 2024
