Updated 4-Unit Apartment
New
For Sale
$949,900
2125 Harriet Avenue, Minneapolis, MN 55405
Residential Income, Minneapolis, MN
Property Size5,000 SF
Lot Size0.14 Acres
Price / SF$189.98
Days on Market5
Property Features for 2125 Harriet Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Laundry Room, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 8, Bedroom 7, Bathroom 2, Basement, Bedroom 6, Bedroom 1
Parking features
Assigned, Driveway
Patio and Porch features
Porch, Deck, Patio
Fencing
Privacy
Subdivision
Badger & Penneys Add
High school district
Minneapolis
Directions
Lyndale Ave North, to West 22nd Street, to North Harriet Avenue. Property on corner of W 22nd Street and Harriet Avenue.
Standard status
Active
APN
3402924220079
Size
5,000 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15776
Utilities
Heating system
Hot Water(Heating), Oil
Amenities
gas ranges
dishwashers
stainless steel appliances
overhead & under cabinet lighting
Speed Queen laundry machines
bike racks
paver patio
fence
storage units
professionally landscaped outdoor spaces
original woodwork & built-ins
Building Details
Year built
1910
Roof type
Flat
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka · Keller Williams Realty
(952) 475-0111
Listed By:
Benjamin C Dzurik
(612) 751-8732
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 5 at 10:06AM
MLS# 7153672
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 4-unit apartment property contains 5,000 square feet and was built in 1910 on a 0.14-acre lot. Recent work includes a new roof, windows, doors, insulation, electrical components, water heaters, flooring, and interior finishes. Kitchens feature gas ranges, dishwashers, and stainless steel appliances. Original wood detailing and built-ins remain. Each apartment has access through the foyer and rear porch, and the building includes three staircases, basement storage, and two sets of Speed Queen laundry machines.
The grounds include professionally landscaped outdoor areas, a paver patio, privacy fencing, and a deck and porch. Paved off-street parking is available. Gas and electricity are separately metered by unit. All four apartments are currently occupied.
The grounds include professionally landscaped outdoor areas, a paver patio, privacy fencing, and a deck and porch. Paved off-street parking is available. Gas and electricity are separately metered by unit. All four apartments are currently occupied.
Key Highlights
- Four occupied apartments in a 5,000‑square‑foot building
- 0.14‑acre site; built in 1910
- Recent capital work includes roofing, windows, insulation, electrical, water heaters, and interior finishes
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
$73,054
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
7.69%
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%
$1,461,080
$1.5M
Cap Rate 7%
$1,043,629
$1.0M
Cap Rate 9%
$811,711
$811.7K
Market Conditions
NOI Build-Up for 5,000 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
$111.0K $22.20/SF
− Vacancy
−$6.6K −$1.33/SF
EGI
$104.4K $20.87/SF
− OpEx
−$31.3K −$6.26/SF
NOI
$73.1K $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%
$1,461,080
Cap Rate 7%
$1,043,629
Cap Rate 9%
$811,711
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$913.2K – $1.22M
NOI $73,054 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$958.6K
$838.7K – $1.12M
NOI $67,099 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,503 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - All four apartments are occupied, with separate gas and electric meters and shared laundry equipment.
Where is this quadplex located?
The property is located at 2125 Harriet Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Four occupied apartments in a 5,000‑square‑foot building; 0.14‑acre site; built in 1910; Recent capital work includes roofing, windows, insulation, electrical, water heaters, and interior finishes
