Duplex with In-Unit
New
For Sale
$375,000
2414 24th Ave S, Minneapolis, MN 55406
Two one-bedroom residences feature central air conditioning and separate laundry, with a detached garage offering EV charging.
Property Size1,959 SF
Price / SF$191.42
Days on Market4
Property Features for 2414 24th Ave S
General Information
Standard status
Active
Size
1,959 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
central AC
in-unit washer and dryer
front sunroom
3-season porch
raised garden beds
EV charging
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Claire Louise Johnston
(612) 821-7400
Source:
Putyourrootsdown
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 9:33AM
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 Realty Integrity Lakes
Investment Insights
Based on property information with market context.
This 1,959-square-foot duplex contains two residences, each with one bedroom and one bathroom. Both have central air conditioning, a washer and dryer, hardwood flooring, and fresh paint. The upper residence also has refreshed kitchen, bath, and laundry areas. A front sunroom extends that unit’s usable space, while the main-floor residence includes a three-season porch and updated flooring at its front and rear entrances.
The property is at 2414 24th Ave S in Minneapolis, within walking distance of the Milwaukee Ave Historic District, Midtown Greenway, Seward Co-op, and neighborhood shops and restaurants. Outdoor features include raised garden beds and a detached garage with two vehicle spaces and EV charging.
The property is at 2414 24th Ave S in Minneapolis, within walking distance of the Milwaukee Ave Historic District, Midtown Greenway, Seward Co-op, and neighborhood shops and restaurants. Outdoor features include raised garden beds and a detached garage with two vehicle spaces and EV charging.
Key Highlights
- 1,959‑square‑foot duplex with two 1‑bedroom, 1‑bathroom residences
- Both units include central AC, hardwood floors, and in‑unit washer and dryer
- Upper unit has an updated kitchen, bathroom, and laundry room
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
$25,387
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
6.77%
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%
$507,740
$507.7K
Cap Rate 7%
$362,671
$362.7K
Cap Rate 9%
$282,078
$282.1K
Market Conditions
NOI Build-Up for 1,959 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
$38.8K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$36.3K $18.51/SF
− OpEx
−$10.9K −$5.55/SF
NOI
$25.4K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /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%
$507,740
Cap Rate 7%
$362,671
Cap Rate 9%
$282,078
Alternative Uses
Best Use
Multifamily LT 5
$362.7K
$317.3K – $423.1K
NOI $25,387 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$337.5K
$295.4K – $393.8K
NOI $23,628 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$572.4K
$500.9K – $667.8K
NOI $40,070 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,679
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences feature central air conditioning and separate laundry, with a detached garage offering EV charging.
Where is this duplex located?
The property is located at 2414 24th Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,959‑square‑foot duplex with two 1‑bedroom, 1‑bathroom residences; Both units include central AC, hardwood floors, and in‑unit washer and dryer; Upper unit has an updated kitchen, bathroom, and laundry room
