Duplex with Finished
For Sale
$499,900
1508 Elliot Avenue, Minneapolis, MN 55404
MULTI_FAMILY - Minneapolis, MN
Property Size3,000 SF
Lot Size0.17 Acres
Price / SF$166.63
Days on Market29
Property Features for 1508 Elliot Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 4, Basement, Bedroom 2, Bedroom 3
Parking features
Garage, Garage - Detached, Driveway
Exterior features
Vinyl
Subdivision
J S & W Elliots Add
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
Park Ave to E 15th to Elliot.
Standard status
Active
APN
2602924310088
Size
3,000 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6788
Utilities
Heating system
Oil
Building Details
Year built
1903
Building materials
Frame
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Monica Kennett
(651) 494-4000
Added: Jul 14
Changed: Aug 8
Last Checked: Aug 11 at 8:06PM
MLS# 7105662
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex features a frame exterior with vinyl exterior finishes and a shingle roof. Heating is provided by an oil system. The home includes multiple bedrooms and bathrooms, along with a basement described as fully finished, offering additional flexible living space.
Set on a 0.17-acre lot in Minneapolis, the property is positioned minutes from downtown and within a short walk of North Central University. Parking features include a garage, a detached garage, and a driveway.
Built in 1903, the property includes a basement and a room/bath configuration supporting everyday use for a two-unit setup, with the finished basement highlighted as space that could support additional arrangements.
Set on a 0.17-acre lot in Minneapolis, the property is positioned minutes from downtown and within a short walk of North Central University. Parking features include a garage, a detached garage, and a driveway.
Built in 1903, the property includes a basement and a room/bath configuration supporting everyday use for a two-unit setup, with the finished basement highlighted as space that could support additional arrangements.
Key Highlights
- Duplex with fully finished basement
- 0.17‑acre lot
- 3,000 SF 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
$43,832
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%
$876,640
$876.6K
Cap Rate 7%
$626,171
$626.2K
Cap Rate 9%
$487,022
$487.0K
Market Conditions
NOI Build-Up for 3,000 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
$66.6K $22.20/SF
− Vacancy
−$4.0K −$1.33/SF
EGI
$62.6K $20.87/SF
− OpEx
−$18.8K −$6.26/SF
NOI
$43.8K $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%
$876,640
Cap Rate 7%
$626,171
Cap Rate 9%
$487,022
Alternative Uses
Best Use
Multifamily LT 5
$626.2K
$547.9K – $730.5K
NOI $43,832 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$575.1K
$503.2K – $671.0K
NOI $40,259 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$715.7K
$626.3K – $835.0K
NOI $50,102 @ 7.0% cap · market cap 10.02%
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
3,916
Businesses Nearby
Explore this area
Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex on a 0.17-acre lot with an oil-heated layout, vinyl exterior, and a fully finished basement.
Where is this duplex located?
The property is located at 1508 Elliot Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Duplex with fully finished basement; 0.17‑acre lot; 3,000 SF total property size
