Duplex with Hart Lake
New
For Sale
$415,000
1715 37th Ave NE, Columbia Heights, MN 55421
Side-by-side residential property with matching layouts, private laundry, hardwood floors, and adaptable basement space.
Property Size3,190 SF
Price / SF$130.09
Days on Market3
Property Features for 1715 37th Ave NE
General Information
Standard status
Active
Size
3,190 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1963
Stories
2
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka
(763) 232-1314
Listed By:
Jalana Moe
Source:
Chrisfritchteam
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 25 at 4:18AM
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 Keller Williams Premier Realty Lake Minnetonka
Investment Insights
Based on property information with market context.
Located at 1715 37th Ave NE in Columbia Heights, this side-by-side duplex contains two nearly matching two-story residences. Each unit includes two bedrooms on the upper level, two bathrooms, hardwood flooring across the main and upper floors, and its own washer and dryer. Natural light and views of Hart Lake add to the character of both homes.
The basements feature added egress windows, creating flexible space with potential for a third bedroom in each unit. The property sits near the boundary of Northeast Minneapolis and Columbia Heights, with access to parks, trails, shopping, restaurants, breweries, coffee shops, and major commuter routes. The two-unit configuration supports owner-occupancy, rental use, or multigenerational living arrangements.
The basements feature added egress windows, creating flexible space with potential for a third bedroom in each unit. The property sits near the boundary of Northeast Minneapolis and Columbia Heights, with access to parks, trails, shopping, restaurants, breweries, coffee shops, and major commuter routes. The two-unit configuration supports owner-occupancy, rental use, or multigenerational living arrangements.
Key Highlights
- Two‑unit side‑by‑side duplex with two‑story layouts
- Each unit offers 2 bedrooms and 2 bathrooms
- 3,190 square feet of total property size
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
$36,407
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
8.77%
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%
$728,140
$728.1K
Cap Rate 7%
$520,100
$520.1K
Cap Rate 9%
$404,522
$404.5K
Market Conditions
NOI Build-Up for 3,190 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
$71.2K $22.32/SF
− Vacancy
−$5.0K −$1.57/SF
EGI
$66.2K $20.75/SF
− OpEx
−$29.8K −$9.34/SF
NOI
$36.4K $11.41/SF
Area
Anoka County, MN
Vacancy
7.03%
Lease Rate
$22.32 /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%
$728,140
Cap Rate 7%
$520,100
Cap Rate 9%
$404,522
Alternative Uses
Best Use
Multifamily LT 5
$564.4K
$493.9K – $658.5K
NOI $39,510 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$520.1K
$455.1K – $606.8K
NOI $36,407 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$886.1K
$775.3K – $1.03M
NOI $62,026 @ 7.0% cap · market cap 14.95%
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
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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 - Side-by-side residential property with matching layouts, private laundry, hardwood floors, and adaptable basement space.
Where is this duplex located?
The property is located at 1715 37th Ave NE Columbia Heights, MN.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with two‑story layouts; Each unit offers 2 bedrooms and 2 bathrooms; 3,190 square feet of total property size
