Two-Unit Duplex with Updated
For Sale
$449,900
2600 University Avenue NE, Minneapolis, MN 55418
Residential Income, Minneapolis, MN
Property Size2,200 SF
Lot Size0.16 Acres
Price / SF$204.50
Days on Market42
Property Features for 2600 University Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Basement, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Driveway
Exterior features
Vinyl
Subdivision
B S Wrights Add
Lot features
Corner Lot
High school district
Minneapolis
Directions
On the corner of University and 26th.
Standard status
Active
APN
1102924230035
Size
2,200 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7791
Utilities
Heating system
Oil
Amenities
in unit laundry
Building Details
Year built
1900
Building materials
Frame
Roof type
Shingle
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(952) 470-7600
Listed By:
Gage Hartman
(952) 226-7700
Added: Aug 5
Changed: Sep 13
Last Checked: Sep 15 at 5:06AM
MLS# 7122576
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 2,200-square-foot duplex, built in 1900, contains two residences with a practical two-bedroom, one-bathroom layout on each side. Both units include in-unit laundry and updated kitchens, while original hardwood floors and light-filled rooms add character. The property has frame construction, vinyl exterior siding, shingle roofing, oil heat, a basement, and driveway parking.
Set on a 0.16-acre corner lot at 2600 University Avenue NE, the property is in Northeast Minneapolis near the Arts District and Marshall Terrace. Restaurants, coffee shops, galleries, and the Mississippi River are close by, with downtown Minneapolis also accessible. The location supports both owner-occupancy and residential income use.
Set on a 0.16-acre corner lot at 2600 University Avenue NE, the property is in Northeast Minneapolis near the Arts District and Marshall Terrace. Restaurants, coffee shops, galleries, and the Mississippi River are close by, with downtown Minneapolis also accessible. The location supports both owner-occupancy and residential income use.
Key Highlights
- 2200 square feet configured as a two‑unit duplex
- Two bedrooms and one bathroom per side
- In‑unit laundry in both residences
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
$32,144
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
7.14%
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%
$642,880
$642.9K
Cap Rate 7%
$459,200
$459.2K
Cap Rate 9%
$357,156
$357.2K
Market Conditions
NOI Build-Up for 2,200 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
$48.8K $22.20/SF
− Vacancy
−$2.9K −$1.33/SF
EGI
$45.9K $20.87/SF
− OpEx
−$13.8K −$6.26/SF
NOI
$32.1K $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%
$642,880
Cap Rate 7%
$459,200
Cap Rate 9%
$357,156
Alternative Uses
Best Use
Multifamily LT 5
$459.2K
$401.8K – $535.7K
NOI $32,144 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$421.8K
$369.0K – $492.1K
NOI $29,523 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$524.9K
$459.3K – $612.4K
NOI $36,741 @ 7.0% cap · market cap 8.17%
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
674
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers two bedrooms, one bathroom, and in-unit laundry.
Where is this duplex located?
The property is located at 2600 University Avenue NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2200 square feet configured as a two‑unit duplex; Two bedrooms and one bathroom per side; In‑unit laundry in both residences
