Updated Duplex with Hardwood
For Sale
$599,900
2121 Harriet Avenue, Minneapolis, MN 55405
Residential Income, Minneapolis, MN
Property Size3,152 SF
Lot Size0.12 Acres
Price / SF$190.32
Days on Market10
Property Features for 2121 Harriet Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 6, Basement, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 7
Exterior features
Vinyl
Subdivision
Badger & Penneys Add
High school district
Minneapolis
Directions
2121 Harriet Ave
Standard status
Active
APN
3402924220080
Size
3,152 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10160
Utilities
Heating system
Oil
Amenities
large front porches
storage lockers
Building Details
Year built
1910
Listing Agency:
Keller Williams Classic Rlty NW · Keller Williams Realty
(763) 463-7500
Listed By:
Michael Moe
(763) 657-4444
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 3:06AM
MLS# 7011221
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.
Built in 1910, this 3,152-square-foot duplex includes a five-bedroom, two-bath upper apartment and a two-bedroom, one-bath lower apartment. Both residences feature hardwood flooring, original woodwork, remodeled kitchens and bathrooms, granite countertops, stainless steel appliances, large front porches, and abundant natural light. The basement provides storage lockers, while two newer boilers and a high-efficiency on-demand water heater serve the property.
Exterior improvements include a new roof, new siding, premium gutter guards, and chimney tuckpointing. The 0.12-acre property also includes four off-street parking spaces. Located at 2121 Harriet Avenue in Minneapolis, the duplex is near restaurants, shops, and entertainment, with freeway access nearby.
Exterior improvements include a new roof, new siding, premium gutter guards, and chimney tuckpointing. The 0.12-acre property also includes four off-street parking spaces. Located at 2121 Harriet Avenue in Minneapolis, the duplex is near restaurants, shops, and entertainment, with freeway access nearby.
Key Highlights
- Two‑unit layout with a 5‑bedroom, 2‑bath upper apartment and a 2‑bedroom, 1‑bath lower apartment
- 3,152 square feet on a 0.12‑acre lot
- 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 apartments offer remodeled kitchens and baths, natural light, porches, basement storage, and four off-street parking spaces.
Where is this duplex located?
The property is located at 2121 Harriet Avenue 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: Two‑unit layout with a 5‑bedroom, 2‑bath upper apartment and a 2‑bedroom, 1‑bath lower apartment; 3,152 square feet on a 0.12‑acre lot; Remodeled kitchens and baths with granite countertops and stainless steel appliances
