Remodeled Up-and-Down
For Sale
$249,900
2219 29th Ave N, Minneapolis, MN 55411
Two residential units feature updated finishes, distinct layouts, and individually metered utilities.
Property Size1,599 SF
Price / SF$156.29
Days on Market104
Property Features for 2219 29th Ave N
General Information
Standard status
Active
Size
1,599 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,591
Building Details
Tenancy
Multi
Listing Agency:
Real Broker, LLC
(608) 386-8804
Listed By:
Lexi Clercx
(608) 386-8804
Source:
Exprealty
Added: May 8
Changed: Aug 3
Last Checked: Aug 17 at 8:30PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This two-level duplex at 2219 29th Ave N in Minneapolis has been renovated with distinct living spaces on each floor. The main residence includes hardwood flooring, built-in cabinetry, white shaker cabinets, quartz work surfaces, stainless steel appliances, a sizable bedroom, and a full bathroom. Upstairs, the second residence offers additional hardwood floors, two bedrooms, and a refreshed bathroom with a tiled shower surround.
Each unit has separate utilities, supporting independent household operations. The property is positioned for either an owner-occupant arrangement or an investment use, with both homes contained within the same building. Parks, shopping, restaurants, and commuter routes are identified as accessible from the property.
Each unit has separate utilities, supporting independent household operations. The property is positioned for either an owner-occupant arrangement or an investment use, with both homes contained within the same building. Parks, shopping, restaurants, and commuter routes are identified as accessible from the property.
Key Highlights
- Two‑level duplex with a remodeled interior
- Main‑floor unit includes hardwood floors, built‑ins, quartz counters, and stainless appliances
- Upper unit provides 2 bedrooms and an updated full bath
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
$21,458
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
8.59%
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%
$429,160
$429.2K
Cap Rate 7%
$306,543
$306.5K
Cap Rate 9%
$238,422
$238.4K
Market Conditions
NOI Build-Up for 1,599 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 $26.04/SF
− Vacancy
−$2.6K −$1.64/SF
EGI
$39.0K $24.40/SF
− OpEx
−$17.6K −$10.98/SF
NOI
$21.5K $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%
$429,160
Cap Rate 7%
$306,543
Cap Rate 9%
$238,422
Alternative Uses
Best Use
Multifamily LT 5
$333.8K
$292.0K – $389.4K
NOI $23,363 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$306.5K
$268.2K – $357.6K
NOI $21,458 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$381.5K
$333.8K – $445.1K
NOI $26,704 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
612
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 - Two residential units feature updated finishes, distinct layouts, and individually metered utilities.
Where is this duplex located?
The property is located at 2219 29th Ave N Minneapolis, MN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑level duplex with a remodeled interior; Main‑floor unit includes hardwood floors, built‑ins, quartz counters, and stainless appliances; Upper unit provides 2 bedrooms and an updated full bath
