Duplex With Lower-Level
For Sale
$429,900
518 37th Avenue NE, Minneapolis, MN 55421
MULTI_FAMILY - Minneapolis, MN
Property Size2,700 SF
Lot Size0.17 Acres
Price / SF$159.22
Days on Market11
Property Features for 518 37th Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 6, Bathroom 2, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 1, Bedroom 2
Parking features
Driveway, Garage - Detached
Exterior features
Brick/Stone, Stucco
High school district
Minneapolis
Directions
University Ave. to 37th Ave NE. Eastbound to home.
Standard status
Active
APN
0202924210021
Size
2,700 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6329
Utilities
Heating system
Forced Air
Amenities
private patio
Building Details
Year built
1965
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Tracy Farkas
(651) 494-4000
Added: Aug 5
Changed: Aug 15
Last Checked: Aug 15 at 2:06PM
MLS# 7116698
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 2,700-square-foot duplex was built in 1965 and occupies a 0.17-acre parcel in Minneapolis. The property includes two units, with the lower level of 518 configured as an accessory-style living area featuring a kitchenette, bedroom, family room, and separate walkout. Both units have received updates including paint, flooring, select windows, and appliances. The building combines brick/stone and stucco exterior finishes, forced-air heat, and a shingle roof.
A detached garage and driveway provide on-site parking. Both units have access to a private rear walkout patio. The property is situated along a bus line and near downtown, the University, Central, shopping, and restaurants.
A detached garage and driveway provide on-site parking. Both units have access to a private rear walkout patio. The property is situated along a bus line and near downtown, the University, Central, shopping, and restaurants.
Key Highlights
- 2,700 SF duplex on a 0.17‑acre parcel
- Zoned as 2 units
- Lower level includes kitchenette, bedroom, family room, and separate walkout
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
$39,449
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
9.18%
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%
$788,980
$789.0K
Cap Rate 7%
$563,557
$563.6K
Cap Rate 9%
$438,322
$438.3K
Market Conditions
NOI Build-Up for 2,700 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
$59.9K $22.20/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$56.4K $20.87/SF
− OpEx
−$16.9K −$6.26/SF
NOI
$39.4K $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%
$788,980
Cap Rate 7%
$563,557
Cap Rate 9%
$438,322
Alternative Uses
Best Use
Multifamily LT 5
$563.6K
$493.1K – $657.5K
NOI $39,449 @ 7.0% cap · market cap 9.18%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.9K
NOI $36,233 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$644.2K
$563.6K – $751.5K
NOI $45,091 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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 - Rehabilitated two-unit property with detached garage, driveway parking, and private rear patio access.
Where is this duplex located?
The property is located at 518 37th Avenue NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 2,700 SF duplex on a 0.17‑acre parcel; Zoned as 2 units; Lower level includes kitchenette, bedroom, family room, and separate walkout
