Duplex with Rooftop
For Sale
$400,000
4029 11th Avenue S, Minneapolis, MN 55407
Residential Income, Minneapolis, MN
Property Size2,080 SF
Lot Size0.11 Acres
Price / SF$192.31
Days on Market34
Property Features for 4029 11th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage, Garage - Attached, Driveway
Exterior features
Brick/Stone, Stucco
Subdivision
Girard Invest Co 06th Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
38th St to 11th Ave S
Standard status
Active
APN
1102824240023
Size
2,080 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9034
Utilities
Heating system
Forced Air
Amenities
original hardwood floors
updated kitchens
basement
rooftop deck
private balcony
Building Details
Year built
1926
Roof type
Shingle
Listing Agency:
Keller Williams Realty Integrity
(952) 938-6100
Listed By:
Kari M Lundin
(612) 998-8959
Added: Jul 20
Changed: Aug 19
Last Checked: Aug 22 at 5:06PM
MLS# 7071378
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 duplex on a quiet dead-end street offers two move-in ready units that are vacant, allowing an owner-occupant to live in one unit and place a tenant in the other. Period charm is carried through with original hardwood floors, balanced by updated kitchens. The basement is unusually deep, creating practical storage and potential workshop space.
Outdoor living includes a rooftop deck and a private balcony for each unit. The building exterior features brick/stone and stucco finishes, with forced-air heating and a shingle roof. Parking is available with an attached garage and driveway.
Built in 1926, the property sits on a 0.11-acre lot and includes 2,080 square feet total building area.
Outdoor living includes a rooftop deck and a private balcony for each unit. The building exterior features brick/stone and stucco finishes, with forced-air heating and a shingle roof. Parking is available with an attached garage and driveway.
Built in 1926, the property sits on a 0.11-acre lot and includes 2,080 square feet total building area.
Key Highlights
- Two move‑in ready units are vacant for immediate occupancy or tenant placement
- 2,080 square feet total building area
- 0.11‑acre lot
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
$30,390
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
7.60%
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%
$607,800
$607.8K
Cap Rate 7%
$434,143
$434.1K
Cap Rate 9%
$337,667
$337.7K
Market Conditions
NOI Build-Up for 2,080 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
$46.2K $22.20/SF
− Vacancy
−$2.8K −$1.33/SF
EGI
$43.4K $20.87/SF
− OpEx
−$13.0K −$6.26/SF
NOI
$30.4K $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%
$607,800
Cap Rate 7%
$434,143
Cap Rate 9%
$337,667
Alternative Uses
Best Use
Multifamily LT 5
$434.1K
$379.9K – $506.5K
NOI $30,390 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$398.8K
$348.9K – $465.2K
NOI $27,913 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$496.2K
$434.2K – $579.0K
NOI $34,737 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
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 - This duplex has two move-in ready, vacant units with updated kitchens, original hardwood floors, and outdoor space.
Where is this duplex located?
The property is located at 4029 11th Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two move‑in ready units are vacant for immediate occupancy or tenant placement; 2,080 square feet total building area; 0.11‑acre lot
