Duplex With Separate
For Sale
$459,900
5001 Thomas Avenue S, Minneapolis, MN 55410
Residential Income, Minneapolis, MN
Property Size1,730 SF
Lot Size0.11 Acres
Price / SF$265.84
Days on Market147
Property Features for 5001 Thomas Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 1, Bedroom 2, Bathroom 2
Parking features
Driveway, Garage - Attached, Garage, Open
Exterior features
Metal, Vinyl
Subdivision
Reeve Park 3rd Div
Lot features
Tree Coverage - Light
High school district
Minneapolis
Directions
50th to Thomas, S to property
Standard status
Active
APN
1702824410108
Size
1,730 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7961
Utilities
Heating system
Forced Air
Amenities
hardwood floors
sunroom
shared basement laundry
Building Details
Year built
1941
Roof type
Shingle
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(952) 226-7700
Listed By:
Jason Walgrave · License #MN 20359201
(612) 419-9425
Added: Apr 9
Changed: Aug 31
Last Checked: Sep 2 at 5:06AM
MLS# 7052362
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 1941 duplex contains 1,730 square feet on a 0.11-acre lot. Both residences feature one bedroom, one bathroom, hardwood flooring, bright living areas, kitchens with adjoining dining space, and individual sunrooms. Shared basement laundry and storage serve the property, while separate garages and driveways provide dedicated parking options. Exterior materials include metal and vinyl, with forced-air heating and a shingle roof.
The property is located at 5001 Thomas Avenue S in Minneapolis, near Lake Harriet, Bde Maka Ska, neighborhood parks, and scenic trails. The layout supports living in one unit while renting the other, or leasing both residences for short- or long-term occupancy.
The property is located at 5001 Thomas Avenue S in Minneapolis, near Lake Harriet, Bde Maka Ska, neighborhood parks, and scenic trails. The layout supports living in one unit while renting the other, or leasing both residences for short- or long-term occupancy.
Key Highlights
- Two‑unit duplex with 1,730 square feet of building area
- Each unit includes 1 bedroom, 1 bath, hardwood floors, and a sunroom
- Separate garages and driveways provide dedicated parking for each unit
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
$25,277
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
5.50%
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%
$505,540
$505.5K
Cap Rate 7%
$361,100
$361.1K
Cap Rate 9%
$280,856
$280.9K
Market Conditions
NOI Build-Up for 1,730 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
$38.4K $22.20/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$36.1K $20.87/SF
− OpEx
−$10.8K −$6.26/SF
NOI
$25.3K $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%
$505,540
Cap Rate 7%
$361,100
Cap Rate 9%
$280,856
Alternative Uses
Best Use
Multifamily LT 5
$361.1K
$316.0K – $421.3K
NOI $25,277 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$331.7K
$290.2K – $386.9K
NOI $23,216 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$412.7K
$361.2K – $481.5K
NOI $28,892 @ 7.0% cap · market cap 6.28%
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
525
Businesses Nearby
Explore this area
Business Placement
Demographics for 55410, MN
21,352
Population
8,685
Households
2.5
Avg Household Size
40
Median Age
78%
College-Educated
99%
High-School Grad
3.1 sq mi
ZIP Area
6,888
Density / Sq Mi
$144,973
Median Household Income
$77,518
Median Earnings
$1,622
Median Rent
$597,400
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 - Each residence offers one bedroom, one bath, hardwood floors, and a private sunroom.
Where is this duplex located?
The property is located at 5001 Thomas Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,730 square feet of building area; Each unit includes 1 bedroom, 1 bath, hardwood floors, and a sunroom; Separate garages and driveways provide dedicated parking for each unit
