Building Details

Year Built 1900

Buildings 1

Construction Victorian

Listing Agency: Keller Williams Realty Integrity

Listed By: Kari M Lundin Show Phone

Source: Chrisfritchteam

Added: Aug 3 Changed: Oct 8 Last Checked: Oct 7 at 2:26PM

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Investment Insights

Based on property information with market context.

Built in 1900, this 1,660-square-foot duplex combines a Victorian-era exterior with recent siding and a well-maintained interior. Updated mechanical systems support the property's ongoing functionality, while separate washers and dryers serve the two units. The basement is shared, and on-site parking is included.

Located at 2303 22nd Ave S in Minneapolis, the property sits on a quiet, tree-lined street near the Milwaukee Avenue district. Downtown Minneapolis, Augsburg University, and the University of Minnesota are minutes away, placing the duplex within reach of established urban amenities and nearby higher-education campuses.

Key Highlights

• 1,660‑square‑foot duplex built in 1900
• Victorian‑era exterior with brand‑new siding
• On‑site parking included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,254

Cap Rate

6.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$485,080 $485.1K

Cap Rate 7%

$346,486 $346.5K

Cap Rate 9%

$269,489 $269.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,660 SF

Gross rent

$36.9K $22.20/SF

− Vacancy

−$2.2K −$1.33/SF

EGI

$34.6K $20.87/SF

− OpEx

−$10.4K −$6.26/SF

NOI

$24.3K $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 Rate 5%

$485,080

Cap Rate 7%

$346,486

Cap Rate 9%

$269,489

Alternative Uses

Best Use

Multifamily LT 5

$346.5K

$303.2K – $404.2K (±1% cap)

NOI $24,254 @ 7.0% cap · market cap 6.93%

Second Best

Apartment 5plus

$318.2K

$278.5K – $371.3K (±1% cap)

NOI $22,277 @ 7.0% cap · market cap 6.36%

Theoretical Best

Office A

$396.0K

$346.5K – $462.1K (±1% cap)

NOI $27,723 @ 7.0% cap · market cap 7.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Electrical Service Law Firm Plumbing Service Carpet & Flooring Store Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

3,030

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property features updated mechanicals, separate laundry equipment, and a shared basement.

Where is this duplex located?

The property is located at 2303 22nd Ave S Minneapolis, MN.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: 1,660‑square‑foot duplex built in 1900; Victorian‑era exterior with brand‑new siding; On‑site parking included