Two-Unit Duplex with
For Sale
$459,900
1135 Washington Street NE, Minneapolis, MN 55413
Residential Income, Minneapolis, MN
Property Size2,376 SF
Lot Size0.12 Acres
Price / SF$193.56
Days on Market53
Property Features for 1135 Washington Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 8, Bedroom 6, Bedroom 5
Parking features
Driveway
Exterior features
Vinyl
Subdivision
Mcmillans Add
High school district
Minneapolis
Directions
Broadway to Washington, N to home.
Standard status
Active
APN
1402924130071
Size
2,376 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5569
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 848-2400
Listed By:
Paulo Mora
(952) 829-2900
Added: Aug 10
Changed: Sep 26
Last Checked: Oct 1 at 12:06PM
MLS# 7123418
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 2,376-square-foot duplex, built in 1900, contains two residential units arranged across two levels. Each unit includes 4 bedrooms and 1 bathroom, creating a combined total of 8 bedrooms and 2 bathrooms. The property has a vinyl exterior, forced-air heating, and driveway parking on a 0.12-acre lot.
Located at 1135 Washington Street NE in Minneapolis, the property is in the Logan Park neighborhood of Northeast Minneapolis. Restaurants, parks, schools, and shopping are identified nearby, providing access to a range of everyday services and community amenities. The two-unit configuration supports residential income use or owner occupancy with an additional unit.
Located at 1135 Washington Street NE in Minneapolis, the property is in the Logan Park neighborhood of Northeast Minneapolis. Restaurants, parks, schools, and shopping are identified nearby, providing access to a range of everyday services and community amenities. The two-unit configuration supports residential income use or owner occupancy with an additional unit.
Key Highlights
- 2,376 square feet across two residential units
- Each unit includes 4 bedrooms and 1 bathroom
- Combined configuration offers 8 bedrooms and 2 bathrooms
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
$34,715
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
7.55%
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%
$694,300
$694.3K
Cap Rate 7%
$495,929
$495.9K
Cap Rate 9%
$385,722
$385.7K
Market Conditions
NOI Build-Up for 2,376 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
$52.7K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$49.6K $20.87/SF
− OpEx
−$14.9K −$6.26/SF
NOI
$34.7K $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%
$694,300
Cap Rate 7%
$495,929
Cap Rate 9%
$385,722
Alternative Uses
Best Use
Multifamily LT 5
$495.9K
$433.9K – $578.6K
NOI $34,715 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$455.5K
$398.6K – $531.4K
NOI $31,885 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$566.9K
$496.0K – $661.3K
NOI $39,680 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,676
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level residential income property with vinyl exterior, forced-air heat, and convenient Northeast Minneapolis access.
Where is this duplex located?
The property is located at 1135 Washington Street NE 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: 2,376 square feet across two residential units; Each unit includes 4 bedrooms and 1 bathroom; Combined configuration offers 8 bedrooms and 2 bathrooms
