Renovated Duplex with
For Sale
$299,000
2218 Irving Ave N, Minneapolis, MN 55411
Updated duplex with refreshed interiors, laundry amenities, and garage parking.
Property Size1,876 SF
Price / SF$159.38
Days on Market20
Property Features for 2218 Irving Ave N
General Information
Standard status
Active
Size
1,876 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,425
Amenities
in-unit laundry
Building Details
Buildings
1
Listing Agency:
Keller Williams Classic Rlty NW
(218) 310-5947
Listed By:
Michael Moe
(218) 310-5947
Source:
Exprealty
Added: Jul 31
Changed: Aug 19
Last Checked: Aug 19 at 2:21PM
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 Keller Williams Classic Rlty NW
Investment Insights
Based on property information with market context.
This 1,876-square-foot duplex in Minneapolis has updated interiors across both levels. The upper unit includes an enlarged kitchen and bedrooms, while new flooring, cabinetry, appliances, stone countertops, lighting, and paint contribute to the renovation throughout the property. The lower unit has in-unit laundry, and the upper unit is plumbed for a washer and dryer.
A new furnace and water heater serve the lower level. The property also includes a two-stall garage for off-street vehicle storage. Located at 2218 Irving Ave N, the duplex offers access to Theodore Wirth Regional Park and Golf Course.
A new furnace and water heater serve the lower level. The property also includes a two-stall garage for off-street vehicle storage. Located at 2218 Irving Ave N, the duplex offers access to Theodore Wirth Regional Park and Golf Course.
Key Highlights
- 1,876‑square‑foot duplex in Minneapolis
- Upper unit redesigned with a larger kitchen and bedrooms
- Updated flooring, cabinets, appliances, stone countertops, lighting, and paint
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
$27,410
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
9.17%
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%
$548,200
$548.2K
Cap Rate 7%
$391,571
$391.6K
Cap Rate 9%
$304,556
$304.6K
Market Conditions
NOI Build-Up for 1,876 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
$41.6K $22.20/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$39.2K $20.87/SF
− OpEx
−$11.7K −$6.26/SF
NOI
$27.4K $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%
$548,200
Cap Rate 7%
$391,571
Cap Rate 9%
$304,556
Alternative Uses
Best Use
Multifamily LT 5
$391.6K
$342.6K – $456.8K
NOI $27,410 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$359.6K
$314.7K – $419.6K
NOI $25,175 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$447.6K
$391.6K – $522.2K
NOI $31,330 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
942
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
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 - Updated duplex with refreshed interiors, laundry amenities, and garage parking.
Where is this duplex located?
The property is located at 2218 Irving Ave N Minneapolis, MN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,876‑square‑foot duplex in Minneapolis; Upper unit redesigned with a larger kitchen and bedrooms; Updated flooring, cabinets, appliances, stone countertops, lighting, and paint
