Victorian Duplex with On-Site
For Sale
$350,000
2303 22nd Ave S, Minneapolis, MN 55404
Two-unit property features updated mechanicals, separate laundry equipment, and a shared basement.
Property Size1,660 SF
Price / SF$210.84
Days on Market30
Property Features for 2303 22nd Ave S
General Information
Standard status
Active
Size
1,660 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
separate washers and dryers
Building Details
Year Built
1900
Buildings
1
Construction
Victorian
Listing Agency:
Keller Williams Realty Integrity
(612) 290-5998
Listed By:
Kari M Lundin
Source:
Putyourrootsdown
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 30 at 9:00PM
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 Realty Integrity
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.
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 = 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
$24,254
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
6.93%
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%
$485,080
$485.1K
Cap Rate 7%
$346,486
$346.5K
Cap Rate 9%
$269,489
$269.5K
Market Conditions
NOI Build-Up for 1,660 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
$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 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%
$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
NOI $24,254 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$318.2K
$278.5K – $371.3K
NOI $22,277 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$396.0K
$346.5K – $462.1K
NOI $27,723 @ 7.0% cap · market cap 7.92%
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
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
Questions? Ask Rey
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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
