Duplex with Three-Stall
For Sale
$374,700
2211 10th Ave S, Minneapolis, MN 55404
Two occupied units offer central air, fireplaces, separate utilities, dedicated laundry, and access to a fenced yard.
Property Size2,397 SF
Price / SF$156.32
Days on Market25
Property Features for 2211 10th Ave S
General Information
Standard status
Active
Size
2,397 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
central air conditioning
fireplaces
dishwashers
separate laundry
fenced yard
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Results
(952) 829-2900
Listed By:
Rebecca L Simonton
Source:
Homesearchlive
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 31 at 7:43PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1900, this 2,397-square-foot duplex includes two occupied units, each equipped with central air conditioning, a fireplace, and a dishwasher. Separate electric and gas meters serve the units, while a full basement provides individual laundry areas with washers and dryers along with additional storage.
The property at 2211 10th Ave S in Minneapolis includes a three-stall garage and a large fenced yard. Its South Minneapolis setting places it near Abbot & Children’s Hospital, downtown Minneapolis, public transportation, shopping, and local amenities.
The property at 2211 10th Ave S in Minneapolis includes a three-stall garage and a large fenced yard. Its South Minneapolis setting places it near Abbot & Children’s Hospital, downtown Minneapolis, public transportation, shopping, and local amenities.
Key Highlights
- 2,397‑square‑foot duplex built in 1900
- Both units are occupied and include central air conditioning, fireplaces, and dishwashers
- Separate electric and gas meters for each unit
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
$32,167
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
8.58%
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%
$643,340
$643.3K
Cap Rate 7%
$459,529
$459.5K
Cap Rate 9%
$357,411
$357.4K
Market Conditions
NOI Build-Up for 2,397 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
$62.4K $26.04/SF
− Vacancy
−$3.9K −$1.64/SF
EGI
$58.5K $24.40/SF
− OpEx
−$26.3K −$10.98/SF
NOI
$32.2K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$643,340
Cap Rate 7%
$459,529
Cap Rate 9%
$357,411
Alternative Uses
Best Use
Multifamily LT 5
$500.3K
$437.8K – $583.7K
NOI $35,022 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$459.5K
$402.1K – $536.1K
NOI $32,167 @ 7.0% cap · market cap 8.58%
Theoretical Best
Office A
$571.9K
$500.4K – $667.2K
NOI $40,031 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,264
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
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 occupied units offer central air, fireplaces, separate utilities, dedicated laundry, and access to a fenced yard.
Where is this duplex located?
The property is located at 2211 10th Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $374,700.
What are key features of this property?
This property features: 2,397‑square‑foot duplex built in 1900; Both units are occupied and include central air conditioning, fireplaces, and dishwashers; Separate electric and gas meters for each unit
