Duplex with Detached 2-Car
For Sale
$650,000
Pending
5053 Penn Avenue S, Minneapolis, MN 55419
Residential Income, Minneapolis, MN
Property Size2,146 SF
Lot Size0.12 Acres
Days on Market47
Property Features for 5053 Penn Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage - Detached
Exterior features
Stucco
Subdivision
Thornton Park 2nd Div
High school district
Minneapolis
Directions
50th to Penn S to Duplex
Standard status
Pending
APN
1602824320017
Size
2,146 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9467
Utilities
Heating system
Oil
Amenities
separate washers and dryers
original woodwork and built-ins
brick patio
Building Details
Year built
1923
Building materials
Frame
Listing Agency:
Keller Williams Realty Integrity
(952) 938-6100
Listed By:
Kari M Lundin
(612) 998-8959
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 22 at 9:06PM
MLS# 7100786
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.
Turnkey duplex featuring two units, each with three bedrooms, including a third bedroom set down a back hallway for added privacy and potential home-office use. The property includes separate washers and dryers, original woodwork and built-ins, and updates throughout. Outside, enjoy a quiet brick patio along with a detached 2-car garage and two off-street spaces.
Built in 1923 with frame construction and stucco exterior, the home is heated with oil. The property sits on a 0.12-acre lot and totals 2,146 square feet.
Located in Minneapolis near Lake Harriet and close to Minnehaha Creek, it’s positioned around neighborhood restaurants and shopping.
Built in 1923 with frame construction and stucco exterior, the home is heated with oil. The property sits on a 0.12-acre lot and totals 2,146 square feet.
Located in Minneapolis near Lake Harriet and close to Minnehaha Creek, it’s positioned around neighborhood restaurants and shopping.
Key Highlights
- 0.12‑acre lot and 2,146 SF duplex
- Built in 1923 with frame construction and stucco exterior
- Oil heat
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
$31,355
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
4.82%
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%
$627,100
$627.1K
Cap Rate 7%
$447,929
$447.9K
Cap Rate 9%
$348,389
$348.4K
Market Conditions
NOI Build-Up for 2,146 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
$47.6K $22.20/SF
− Vacancy
−$2.8K −$1.33/SF
EGI
$44.8K $20.87/SF
− OpEx
−$13.4K −$6.26/SF
NOI
$31.4K $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%
$627,100
Cap Rate 7%
$447,929
Cap Rate 9%
$348,389
Alternative Uses
Best Use
Multifamily LT 5
$447.9K
$391.9K – $522.6K
NOI $31,355 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$411.4K
$360.0K – $480.0K
NOI $28,799 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$512.0K
$448.0K – $597.3K
NOI $35,839 @ 7.0% cap · market cap 5.51%
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
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 55419, MN
27,919
Population
12,119
Households
2.3
Avg Household Size
39
Median Age
72%
College-Educated
97%
High-School Grad
4.2 sq mi
ZIP Area
6,647
Density / Sq Mi
$143,254
Median Household Income
$77,467
Median Earnings
$1,476
Median Rent
$479,000
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 - Turnkey duplex with two off-street spaces and a detached 2-car garage, built in 1923 with oil heat.
Where is this duplex located?
The property is located at 5053 Penn Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 0.12‑acre lot and 2,146 SF duplex; Built in 1923 with frame construction and stucco exterior; Oil heat
