Renovated Duplex With Two-Car
New
For Sale
$375,000
1014 18 1/2 Ave NE, Minneapolis, MN 55418
Vacant two-unit property with renovated interiors, hardwood flooring, walk-in pantries, and direct-access garage.
Property Size1,891 SF
Price / SF$198.31
Days on Market6
Property Features for 1014 18 1/2 Ave NE
General Information
Standard status
Active
Size
1,891 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
hardwood floors
walk-in pantries
partially fenced backyard
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Realty ONE Group Choice
Listed By:
Nicole Goltz
(612) 749-8404
Source:
Vibemn
Added: Aug 28
Changed: Aug 29
Last Checked: Sep 1 at 9:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Choice
Investment Insights
Based on property information with market context.
This renovated duplex contains two vacant units and was built in 1900. Both residences feature hardwood floors and walk-in pantries, retaining original character while incorporating updates. The property also includes a partially fenced backyard and a two-car garage with direct street access, eliminating the need for alley entry.
Located at 1014 18 1/2 Ave NE in Minneapolis, the property is positioned in Northeast Minneapolis. Its current vacancy allows the next owner to establish a new occupancy plan for the two-unit configuration.
Located at 1014 18 1/2 Ave NE in Minneapolis, the property is positioned in Northeast Minneapolis. Its current vacancy allows the next owner to establish a new occupancy plan for the two-unit configuration.
Key Highlights
- Two‑unit duplex with both units currently vacant
- Renovated property originally built in 1900
- Hardwood floors and walk‑in pantries in both units
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
$27,629
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
7.37%
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%
$552,580
$552.6K
Cap Rate 7%
$394,700
$394.7K
Cap Rate 9%
$306,989
$307.0K
Market Conditions
NOI Build-Up for 1,891 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
$42.0K $22.20/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$39.5K $20.87/SF
− OpEx
−$11.8K −$6.26/SF
NOI
$27.6K $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%
$552,580
Cap Rate 7%
$394,700
Cap Rate 9%
$306,989
Alternative Uses
Best Use
Multifamily LT 5
$394.7K
$345.4K – $460.5K
NOI $27,629 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$362.5K
$317.2K – $423.0K
NOI $25,377 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$451.2K
$394.8K – $526.4K
NOI $31,581 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,682
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
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 - Vacant two-unit property with renovated interiors, hardwood flooring, walk-in pantries, and direct-access garage.
Where is this duplex located?
The property is located at 1014 18 1/2 Ave NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex with both units currently vacant; Renovated property originally built in 1900; Hardwood floors and walk‑in pantries in both units
