Renovated Duplex with Detached
For Sale
$279,900
2218 Irving Avenue N, Minneapolis, MN 55411
Residential Income, Minneapolis, MN
Property Size1,876 SF
Lot Size0.17 Acres
Price / SF$149.20
Days on Market67
Property Features for 2218 Irving Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 5, Basement, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage - Detached
Subdivision
Forest Heights
Lot features
Tree Coverage - Medium
High school district
Minneapolis
Directions
Broadway to Irving North to Home.
Standard status
Active
APN
1602924240014
Size
1,876 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3261
Utilities
Heating system
Forced Air
Amenities
in-unit laundry
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
Keller Williams Classic Rlty NW · Keller Williams Realty
(763) 463-7500
Listed By:
Michael Moe
(763) 657-4444
Added: Jul 27
Changed: Sep 29
Last Checked: Oct 1 at 1:06PM
MLS# 7113109
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 1,876-square-foot duplex contains two units and sits on a 0.17-acre lot. Recent work includes an expanded upper-level kitchen and bedrooms, along with new flooring, cabinetry, appliances, stone counters, lighting, and interior paint. The lower unit has in-unit laundry; the upper unit is plumbed for a washer and dryer. A newer furnace and water heater serve the lower level, and a detached two-stall garage provides off-street vehicle storage.
Built in 1900, the property has forced-air heat and a shingle roof. It is located in Minneapolis, with Theodore Wirth Regional Park and Golf Course identified nearby.
Built in 1900, the property has forced-air heat and a shingle roof. It is located in Minneapolis, with Theodore Wirth Regional Park and Golf Course identified nearby.
Key Highlights
- Two‑unit duplex with 1,876 square feet on a 0.17‑acre lot
- Updated upper level includes a larger kitchen and bedrooms
- New 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
$25,175
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
8.99%
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%
$503,500
$503.5K
Cap Rate 7%
$359,643
$359.6K
Cap Rate 9%
$279,722
$279.7K
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
$48.9K $26.04/SF
− Vacancy
−$3.1K −$1.64/SF
EGI
$45.8K $24.40/SF
− OpEx
−$20.6K −$10.98/SF
NOI
$25.2K $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%
$503,500
Cap Rate 7%
$359,643
Cap Rate 9%
$279,722
Alternative Uses
Best Use
Multifamily LT 5
$391.6K
$342.6K – $456.8K
NOI $27,410 @ 7.0% cap · market cap 9.79%
Second Best
Apartment 5plus
$359.6K
$314.7K – $419.6K
NOI $25,175 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$447.6K
$391.6K – $522.2K
NOI $31,330 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units offer updated interiors, with laundry in one and washer-dryer hookups in the other.
Where is this duplex located?
The property is located at 2218 Irving Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,876 square feet on a 0.17‑acre lot; Updated upper level includes a larger kitchen and bedrooms; New flooring, cabinets, appliances, stone countertops, lighting, and paint
