Duplex with Central
For Sale
$374,700
2211 10th Avenue S, Minneapolis, MN 55404
Residential Income, Minneapolis, MN
Property Size2,397 SF
Lot Size0.20 Acres
Price / SF$156.32
Days on Market96
Property Features for 2211 10th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1
Parking features
Garage - Detached
Exterior features
Fiber Board
Fencing
Chain Link
Subdivision
Jones Bell & Harris Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
From Franklin Ave, head S on 10th Ave So. Duplex is 2.5 blocks on the left side.
Standard status
Active
APN
3502924210201
Size
2,397 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5563
Utilities
Heating system
Forced Air
Amenities
central air conditioning
fireplaces
dishwashers
separate laundry
storage space
large fenced yard
Building Details
Year built
1900
Listing Agency:
RE/MAX Results · RE/MAX International
(763) 235-7000
Listed By:
Rebecca L Simonton
(952) 829-2900
Added: May 18
Changed: Aug 19
Last Checked: Aug 21 at 12:06PM
MLS# 7076407
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 duplex is positioned for steady day-to-day living with comfort and practical in-unit services. Both units include central air, fireplaces, and dishwashers, and each unit has separate electric and gas meters. A full basement provides additional utility with separate laundry for each unit, including washers and dryers, along with exceptional storage space.
The exterior includes fiber board construction elements, chain link fencing, and a large fenced yard. Parking is supported by a detached three-stall garage. The property was built in 1900 and includes forced air heating.
The property is currently occupied and is located in South Minneapolis near Abbott & Children’s Hospital, downtown Minneapolis, public transportation, and nearby shopping and local amenities.
The exterior includes fiber board construction elements, chain link fencing, and a large fenced yard. Parking is supported by a detached three-stall garage. The property was built in 1900 and includes forced air heating.
The property is currently occupied and is located in South Minneapolis near Abbott & Children’s Hospital, downtown Minneapolis, public transportation, and nearby shopping and local amenities.
Key Highlights
- Both units feature central air, fireplaces, and dishwashers
- Separate electric and gas meters for each unit
- Full basement with separate laundry for each unit, including washers and dryers plus storage
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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
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 - Well-maintained duplex with central air in both units, separate meters, a full basement with separate laundry, and a fenced yard.
Where is this duplex located?
The property is located at 2211 10th Avenue 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: Both units feature central air, fireplaces, and dishwashers; Separate electric and gas meters for each unit; Full basement with separate laundry for each unit, including washers and dryers plus storage
