Brick Duplex with Detached
For Sale
$450,000
1123 5th Street NE, Minneapolis, MN 55413
Residential Income, Minneapolis, MN
Property Size2,160 SF
Lot Size0.13 Acres
Price / SF$208.33
Days on Market48
Property Features for 1123 5th Street NE
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 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
Garage - Detached
Exterior features
Brick/Stone
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
94 to Broadway, East on Broadway to 5th St NE, go North (left) on 5th to property
Standard status
Active
APN
1402924240189
Size
2,160 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8125
Utilities
Heating system
Forced Air
Amenities
private balcony
shared laundry
detached garage
basement storage
Building Details
Year built
1905
Building materials
Concrete
Roof type
Shingle
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Herman S Antonov
(612) 751-9303
Added: Jul 7
Changed: Aug 20
Last Checked: Aug 23 at 1:06PM
MLS# 7105432
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 1905 brick duplex contains 2,160 square feet across two residential units, each configured with 2 bedrooms and 1 full bathroom. The property includes 10-foot ceilings, hardwood floors, forced-air heating, and a basement with storage and shared laundry. Separate furnaces and water heaters serve the units. The upper residence includes a private balcony, while the lower unit has a granite countertop and remodeled bathroom. Recent work also includes updated electrical panels, attic insulation, and balcony railing and waterproofing improvements.
The 0.13-acre property at 1123 5th Street NE in Minneapolis includes a large detached garage and additional off-street parking. One lease extends through the end of June. The property is located in Northeast Minneapolis near restaurants, bars, breweries, and independent shops.
The 0.13-acre property at 1123 5th Street NE in Minneapolis includes a large detached garage and additional off-street parking. One lease extends through the end of June. The property is located in Northeast Minneapolis near restaurants, bars, breweries, and independent shops.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- 2,160 square feet on a 0.13‑acre lot
- Separate furnaces, water heaters, and updated electrical panels 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
$31,559
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
7.01%
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%
$631,180
$631.2K
Cap Rate 7%
$450,843
$450.8K
Cap Rate 9%
$350,656
$350.7K
Market Conditions
NOI Build-Up for 2,160 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
$48.0K $22.20/SF
− Vacancy
−$2.9K −$1.33/SF
EGI
$45.1K $20.87/SF
− OpEx
−$13.5K −$6.26/SF
NOI
$31.6K $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%
$631,180
Cap Rate 7%
$450,843
Cap Rate 9%
$350,656
Alternative Uses
Best Use
Multifamily LT 5
$450.8K
$394.5K – $526.0K
NOI $31,559 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$414.1K
$362.3K – $483.1K
NOI $28,987 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$515.3K
$450.9K – $601.2K
NOI $36,073 @ 7.0% cap · market cap 8.02%
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
1,592
Businesses Nearby
Explore this area
Business Placement
Demographics for 55413, MN
13,914
Population
8,080
Households
1.7
Avg Household Size
34
Median Age
58%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
4,488
Density / Sq Mi
$84,252
Median Household Income
$57,091
Median Earnings
$1,497
Median Rent
$354,200
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 unit has its own furnace and water heater, with shared basement laundry.
Where is this duplex located?
The property is located at 1123 5th Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit; 2,160 square feet on a 0.13‑acre lot; Separate furnaces, water heaters, and updated electrical panels for each unit
