Duplex Near
For Sale
$289,900
921 27th Avenue SE, Minneapolis, MN 55414
Two-unit residential income property positioned near the University in Minneapolis.
Property Size1,872 SF
Price / SF$154.86
Days on Market48
Property Features for 921 27th Avenue SE
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Needs a little love
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
D.R. Horton, Inc
(612) 916-0245
Listed By:
Jay Hancock Real Estate
(612) 916-0245
Source:
Jayhancockrealestate
Added: Jul 12
Changed: Aug 27
Last Checked: Aug 27 at 10:47PM
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 D.R. Horton, Inc
Investment Insights
Based on property information with market context.
This duplex is located at 921 27th Avenue SE in Minneapolis, Minnesota. The property contains 1,872 square feet and was built in 1910, providing a two-unit residential configuration for an income-property buyer. Its setting near the University adds a location characteristic relevant to the property’s residential use.
Key Highlights
- Two‑unit duplex configuration
- 1,872 square feet of property size
- Built in 1910
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
$25,122
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
8.67%
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%
$502,440
$502.4K
Cap Rate 7%
$358,886
$358.9K
Cap Rate 9%
$279,133
$279.1K
Market Conditions
NOI Build-Up for 1,872 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
$48.7K $26.04/SF
− Vacancy
−$3.1K −$1.64/SF
EGI
$45.7K $24.40/SF
− OpEx
−$20.6K −$10.98/SF
NOI
$25.1K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$502,440
Cap Rate 7%
$358,886
Cap Rate 9%
$279,133
Alternative Uses
Best Use
Multifamily LT 5
$390.7K
$341.9K – $455.9K
NOI $27,351 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$358.9K
$314.0K – $418.7K
NOI $25,122 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$446.6K
$390.8K – $521.1K
NOI $31,263 @ 7.0% cap · market cap 10.78%
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
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 55414, MN
36,600
Population
15,541
Households
2.4
Avg Household Size
26
Median Age
68%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
11,806
Density / Sq Mi
$47,004
Median Household Income
$18,386
Median Earnings
$1,368
Median Rent
$454,200
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 - Two-unit residential income property positioned near the University in Minneapolis.
Where is this duplex located?
The property is located at 921 27th Avenue SE Minneapolis, MN.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,872 square feet of property size; Built in 1910
