Updated Duplex with
New
For Sale
$599,900
2121 Harriet Ave, Minneapolis, MN 55405
Two separately configured units feature remodeled kitchens, baths, hardwood floors, and abundant natural light.
Property Size3,152 SF
Price / SF$190.32
Days on Market7
Property Features for 2121 Harriet Ave
General Information
Standard status
Active
Size
3,152 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 5BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
hardwood floors
original woodwork
remodeled kitchens
remodeled baths
granite countertops
stainless steel appliances
front porches
storage lockers
Building Details
Year Built
1910
Listing Agency:
Keller Williams Classic Rlty NW
(218) 310-5947
Listed By:
Michael Moe
Source:
Putyourrootsdown
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 30 at 9:02PM
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 Classic Rlty NW
Investment Insights
Based on property information with market context.
Built in 1910, this 3,152-square-foot duplex in Whittier includes a five-bedroom, two-bath upper residence and a two-bedroom, one-bath lower residence. Both units feature hardwood flooring, original wood details, remodeled kitchens and baths, granite countertops, stainless steel appliances, generous front porches, and strong natural light.
The property includes four off-street parking spaces and basement storage lockers. Mechanical improvements include two newer boilers and a high-efficiency on-demand water heater. Exterior work includes a new roof, replacement siding, premium gutter guards, and chimney tuckpointing, representing $70k in upgrades. Located near restaurants, retail, entertainment, and freeway access in South Minneapolis.
The property includes four off-street parking spaces and basement storage lockers. Mechanical improvements include two newer boilers and a high-efficiency on-demand water heater. Exterior work includes a new roof, replacement siding, premium gutter guards, and chimney tuckpointing, representing $70k in upgrades. Located near restaurants, retail, entertainment, and freeway access in South Minneapolis.
Key Highlights
- 3,152‑square‑foot duplex built in 1910
- Upper unit offers 5 bedrooms and 2 baths; lower unit has 2 bedrooms and 1 bath
- Remodeled kitchens and baths with granite countertops and stainless steel appliances
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
$46,053
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
7.68%
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%
$921,060
$921.1K
Cap Rate 7%
$657,900
$657.9K
Cap Rate 9%
$511,700
$511.7K
Market Conditions
NOI Build-Up for 3,152 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
$70.0K $22.20/SF
− Vacancy
−$4.2K −$1.33/SF
EGI
$65.8K $20.87/SF
− OpEx
−$19.7K −$6.26/SF
NOI
$46.1K $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%
$921,060
Cap Rate 7%
$657,900
Cap Rate 9%
$511,700
Alternative Uses
Best Use
Multifamily LT 5
$657.9K
$575.7K – $767.6K
NOI $46,053 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$604.3K
$528.7K – $705.0K
NOI $42,299 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$752.0K
$658.0K – $877.3K
NOI $52,640 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,903
Businesses Nearby
Explore this area
Business Placement
Demographics for 55405, MN
15,497
Population
8,724
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,535
Density / Sq Mi
$70,425
Median Household Income
$47,271
Median Earnings
$1,188
Median Rent
$450,200
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 separately configured units feature remodeled kitchens, baths, hardwood floors, and abundant natural light.
Where is this duplex located?
The property is located at 2121 Harriet Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 3,152‑square‑foot duplex built in 1910; Upper unit offers 5 bedrooms and 2 baths; lower unit has 2 bedrooms and 1 bath; Remodeled kitchens and baths with granite countertops and stainless steel appliances
