Character-Filled Duplex with Hardwood
For Sale
$749,900
Pending
2508 W 39th St, Minneapolis, MN 55410
Two-unit property with classic fireplaces, spacious interiors, and recent mechanical improvements near Bde Maka Ska.
Property Size3,070 SF
Days on Market32
Property Features for 2508 W 39th St
General Information
Standard status
Pending
Size
3,070 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1952
Buildings
1
Listing Agency:
RE/MAX Advantage Plus
(612) 366-1627
Listed By:
Jim DiOrio
Source:
Bradadamrealty
Added: Aug 1
Changed: Aug 31
Last Checked: Aug 31 at 7:03PM
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 RE/MAX Advantage Plus
Investment Insights
Based on property information with market context.
This Minneapolis duplex contains 3,070 square feet and was built in 1952. Both residences offer hardwood flooring, classic fireplaces, generous layouts, and abundant natural light. Recent improvements include a replacement roof in 2024, new air conditioning serving both units in 2025, and updated furnaces for Unit 2508 in 2025 and Unit 2510 in 2024.
The property is located at 2508 W 39th St, one block from the shores of Bde Maka Ska and near Thomas Beach. Walking and biking trails, parks, restaurants, coffee shops, shopping, and public transportation are nearby, with a bus stop in the area. The two-unit configuration supports either investment ownership or an owner-occupied arrangement.
The property is located at 2508 W 39th St, one block from the shores of Bde Maka Ska and near Thomas Beach. Walking and biking trails, parks, restaurants, coffee shops, shopping, and public transportation are nearby, with a bus stop in the area. The two-unit configuration supports either investment ownership or an owner-occupied arrangement.
Key Highlights
- 3,070‑square‑foot duplex built in 1952
- One block from the shores of Bde Maka Ska and near Thomas Beach
- Hardwood floors, classic fireplaces, spacious layouts, and abundant natural light in both units
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
$44,855
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
5.98%
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%
$897,100
$897.1K
Cap Rate 7%
$640,786
$640.8K
Cap Rate 9%
$498,389
$498.4K
Market Conditions
NOI Build-Up for 3,070 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
$68.2K $22.20/SF
− Vacancy
−$4.1K −$1.33/SF
EGI
$64.1K $20.87/SF
− OpEx
−$19.2K −$6.26/SF
NOI
$44.9K $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%
$897,100
Cap Rate 7%
$640,786
Cap Rate 9%
$498,389
Alternative Uses
Best Use
Multifamily LT 5
$640.8K
$560.7K – $747.6K
NOI $44,855 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$588.6K
$515.0K – $686.7K
NOI $41,199 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$732.4K
$640.9K – $854.5K
NOI $51,271 @ 7.0% cap · market cap 6.84%
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
371
Businesses Nearby
Explore this area
Business Placement
Demographics for 55410, MN
21,352
Population
8,685
Households
2.5
Avg Household Size
40
Median Age
78%
College-Educated
99%
High-School Grad
3.1 sq mi
ZIP Area
6,888
Density / Sq Mi
$144,973
Median Household Income
$77,518
Median Earnings
$1,622
Median Rent
$597,400
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 property with classic fireplaces, spacious interiors, and recent mechanical improvements near Bde Maka Ska.
Where is this duplex located?
The property is located at 2508 W 39th St Minneapolis, MN.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 3,070‑square‑foot duplex built in 1952; One block from the shores of Bde Maka Ska and near Thomas Beach; Hardwood floors, classic fireplaces, spacious layouts, and abundant natural light in both units
