Duplex with In-Unit
For Sale
$449,999
713 2nd St NE, Minneapolis, MN 55413
Two residential units offer private laundry and off-street parking.
Property Size1,774 SF
Price / SF$253.66
Days on Market23
Property Features for 713 2nd St NE
General Information
Standard status
Active
Size
1,774 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
off-street parking
Building Details
Year Built
1900
Listing Agency:
REMAX Results
(612) 225-8006
Listed By:
Peter Trinh · License #40551281
Source:
Tayloronken
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 30 at 9:03PM
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 REMAX Results
Investment Insights
Based on property information with market context.
This duplex contains 1,774 square feet across two residential units, each configured with two bedrooms and one bathroom. Both units include in-unit laundry, while the property also provides off-street parking. Built in 1900, the building offers a straightforward multifamily configuration for an owner or investor seeking a compact residential income property.
The property is located at 713 2nd St NE in Minneapolis, within Northeast Minneapolis. The surrounding area includes restaurants, coffee shops, breweries, parks, and access to downtown Minneapolis. Its two-unit layout, individual laundry, and on-site parking provide practical features for residential occupancy.
The property is located at 713 2nd St NE in Minneapolis, within Northeast Minneapolis. The surrounding area includes restaurants, coffee shops, breweries, parks, and access to downtown Minneapolis. Its two-unit layout, individual laundry, and on-site parking provide practical features for residential occupancy.
Key Highlights
- Two‑unit duplex with 1,774 square feet
- Each unit has 2 bedrooms and 1 bathroom
- In‑unit laundry in both residences
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
$25,919
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
5.76%
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%
$518,380
$518.4K
Cap Rate 7%
$370,271
$370.3K
Cap Rate 9%
$287,989
$288.0K
Market Conditions
NOI Build-Up for 1,774 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
$39.4K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.0K $20.87/SF
− OpEx
−$11.1K −$6.26/SF
NOI
$25.9K $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%
$518,380
Cap Rate 7%
$370,271
Cap Rate 9%
$287,989
Alternative Uses
Best Use
Multifamily LT 5
$370.3K
$324.0K – $432.0K
NOI $25,919 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$340.1K
$297.6K – $396.8K
NOI $23,807 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$423.2K
$370.3K – $493.8K
NOI $29,627 @ 7.0% cap · market cap 6.58%
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
1,648
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 - Two residential units offer private laundry and off-street parking.
Where is this duplex located?
The property is located at 713 2nd St NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,999.
What are key features of this property?
This property features: Two‑unit duplex with 1,774 square feet; Each unit has 2 bedrooms and 1 bathroom; In‑unit laundry in both residences
