Updated Duplex with Detached
For Sale
$399,900
1622 Washington St NE, Minneapolis, MN 55413
Two-unit property with separate utilities, laundry facilities, and a fully fenced yard.
Property Size2,426 SF
Price / SF$164.84
Days on Market10
Property Features for 1622 Washington St NE
General Information
Standard status
Active
Size
2,426 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Premier Choice Realty
(507) 702-7335
Listed By:
Leah R Prahl · License #40182916
Source:
Homesearchlive
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 30 at 8:56PM
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 Premier Choice Realty
Investment Insights
Based on property information with market context.
This 2,426-square-foot duplex, built in 1900, offers an up-and-down unit arrangement with separate utilities and laundry. The upper residence has fresh interior paint completed in 2026, flooring updated in 2020, and a remodeled full bathroom. Replacement windows were installed throughout in 2016, while a high-efficiency furnace dates to 2020.
Exterior improvements include a new roof, gutters, and gutter helmets completed in 2025. The property also includes a detached two-car garage, additional off-street parking, and a fully fenced yard. Located at 1622 Washington St NE in Minneapolis, the property combines residential unit flexibility with several completed maintenance and improvement projects.
Exterior improvements include a new roof, gutters, and gutter helmets completed in 2025. The property also includes a detached two-car garage, additional off-street parking, and a fully fenced yard. Located at 1622 Washington St NE in Minneapolis, the property combines residential unit flexibility with several completed maintenance and improvement projects.
Key Highlights
- 2,426‑square‑foot up‑and‑down duplex built in 1900
- Upper unit features 2026 interior paint, 2020 flooring, and a remodeled full bath
- New roof, gutters, and gutter helmets completed in 2025
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
$35,446
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
8.86%
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%
$708,920
$708.9K
Cap Rate 7%
$506,371
$506.4K
Cap Rate 9%
$393,844
$393.8K
Market Conditions
NOI Build-Up for 2,426 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
$53.9K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$50.6K $20.87/SF
− OpEx
−$15.2K −$6.26/SF
NOI
$35.4K $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%
$708,920
Cap Rate 7%
$506,371
Cap Rate 9%
$393,844
Alternative Uses
Best Use
Multifamily LT 5
$506.4K
$443.1K – $590.8K
NOI $35,446 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$465.1K
$407.0K – $542.6K
NOI $32,556 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$578.8K
$506.5K – $675.3K
NOI $40,516 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,713
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-unit property with separate utilities, laundry facilities, and a fully fenced yard.
Where is this duplex located?
The property is located at 1622 Washington St NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,426‑square‑foot up‑and‑down duplex built in 1900; Upper unit features 2026 interior paint, 2020 flooring, and a remodeled full bath; New roof, gutters, and gutter helmets completed in 2025
