Four-Level Duplex with Attached
New
For Sale
$569,900
2208 Milwaukee Avenue, Minneapolis, MN 55404
Residential Income, Minneapolis, MN
Property Size3,381 SF
Lot Size0.09 Acres
Price / SF$168.56
Days on Market7
Property Features for 2208 Milwaukee Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 2, Basement
Parking features
Other, Garage - Attached
Patio and Porch features
Porch, Deck
Subdivision
Milwaukee Mall Add
Lot features
Tree Coverage - Medium
High school district
Minneapolis
Directions
Franklin Avenue to 22nd Ave. S. park on 22nd Ave. or 24th Street
Standard status
Active
APN
3602924210321
Size
3,381 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9299
Utilities
Heating system
Forced Air
Amenities
in-unit laundry
Building Details
Year built
1981
Building materials
Block
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Amy Ruzick · License #20317563
(952) 829-2900
Added: Sep 25
Changed: Oct 1
Last Checked: Oct 1 at 12:06PM
MLS# 7150320
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 four-level duplex contains two units, with one spanning the upper floors and the other occupying the lower floors. Each residence has an updated kitchen and bathroom, its own laundry, and access to the attached, oversized two-car garage. The building offers 3,381 square feet on a 0.09-acre lot, plus a porch and deck.
Built in 1981, the property sits on Milwaukee Avenue, a pedestrian-only street within the Milwaukee Avenue Historic District. The lower unit is currently arranged as two furnished rentals. Recent building updates include two water heaters and two furnaces installed in 2021, along with replacement electrical panels the following year.
Built in 1981, the property sits on Milwaukee Avenue, a pedestrian-only street within the Milwaukee Avenue Historic District. The lower unit is currently arranged as two furnished rentals. Recent building updates include two water heaters and two furnaces installed in 2021, along with replacement electrical panels the following year.
Key Highlights
- Two‑unit, four‑level layout with 3,381 square feet
- Attached oversized two‑car garage with access from both units
- Each unit has its own laundry, updated kitchen, and updated bathroom
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
$49,399
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
8.67%
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%
$987,980
$988.0K
Cap Rate 7%
$705,700
$705.7K
Cap Rate 9%
$548,878
$548.9K
Market Conditions
NOI Build-Up for 3,381 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
$75.1K $22.20/SF
− Vacancy
−$4.5K −$1.33/SF
EGI
$70.6K $20.87/SF
− OpEx
−$21.2K −$6.26/SF
NOI
$49.4K $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%
$987,980
Cap Rate 7%
$705,700
Cap Rate 9%
$548,878
Alternative Uses
Best Use
Multifamily LT 5
$705.7K
$617.5K – $823.3K
NOI $49,399 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$648.2K
$567.2K – $756.2K
NOI $45,372 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$806.6K
$705.8K – $941.1K
NOI $56,465 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,030
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate living units each have updated kitchens and bathrooms, private laundry, and garage access.
Where is this duplex located?
The property is located at 2208 Milwaukee Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Two‑unit, four‑level layout with 3,381 square feet; Attached oversized two‑car garage with access from both units; Each unit has its own laundry, updated kitchen, and updated bathroom
