Two-Unit Duplex with Detached
1222 Washington Street NE, Minneapolis, MN 55413
For Sale
$399,000
Two one-bedroom residences feature separate dining rooms, hardwood flooring, and outdoor access from their kitchens.
Property Size2,160 SF
Price / SF$184.72
Days on Market116
Property Features for 1222 Washington Street NE
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Public Transit
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Northeast Realty LLC
Listed By:
Timothy C Mershon
(612) 379-3377
Source:
Harkerwoods
Added: Jul 22
Changed: Nov 13
Last Checked: Nov 13 at 5:09PM
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 Northeast Realty LLC
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Investment Insights
Based on property information with market context.
This 2,160-square-foot duplex contains two one-bedroom units, one above the other. Both residences have hardwood floors, full bathrooms, formal dining rooms, and west-facing kitchens with access to a deck or patio. The upper unit also includes an office or den. A detached two-car garage serves the property, which was built in 1900.
The building is at 1222 Washington Street NE in Minneapolis, near 13th Avenue NE and local bars, restaurants, breweries, and galleries. Bus service is nearby, and the area is described as convenient for walking and biking. Downtown Minneapolis and the University of Minnesota are minutes away.
The building is at 1222 Washington Street NE in Minneapolis, near 13th Avenue NE and local bars, restaurants, breweries, and galleries. Bus service is nearby, and the area is described as convenient for walking and biking. Downtown Minneapolis and the University of Minnesota are minutes away.
Key Highlights
- Two 1‑bedroom units in an up‑and‑down duplex
- 2,160 square feet; built in 1900
- Detached 2‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,559
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
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
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 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 7.91%
Second Best
Apartment 5plus
$414.1K
$362.3K – $483.1K
NOI $28,987 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$515.3K
$450.9K – $601.2K
NOI $36,073 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,592
Businesses Nearby
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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
$354,200
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Minneapolis, MN
Properties on Market for Duplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences feature separate dining rooms, hardwood flooring, and outdoor access from their kitchens.
Where is this duplex located?
The property is located at 1222 Washington Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two 1‑bedroom units in an up‑and‑down duplex; 2,160 square feet; built in 1900; Detached 2‑car garage
