Victorian Duplex with On-Site
For Sale
$350,000
2303 22nd Avenue S, Minneapolis, MN 55404
MULTI_FAMILY - Minneapolis, MN
Property Size1,660 SF
Lot Size0.07 Acres
Price / SF$210.84
Days on Market9
Property Features for 2303 22nd Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2
Parking features
Driveway
Exterior features
Vinyl
Subdivision
Milwaukee Mall Add
High school district
Minneapolis
Directions
Franklin Ave to 22nd Ave, South to home
Standard status
Active
APN
3602924210312
Size
1,660 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5551
Utilities
Heating system
Forced Air
Amenities
separate washers and dryers
Building Details
Year built
1900
Listing Agency:
Keller Williams Realty Integrity
(952) 938-6100
Listed By:
Kari M Lundin
(612) 998-8959
Added: Aug 4
Changed: Aug 12
Last Checked: Aug 12 at 8:06AM
MLS# 7121666
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 1900 duplex in Minneapolis contains 1,660 square feet across two residential units. The property retains a Victorian-era exterior and has vinyl siding, updated mechanicals, forced-air heating, and driveway parking. A shared basement provides additional utility space, while separate washers and dryers serve each unit.
Located at 2303 22nd Avenue S, the property is in the 55404 ZIP code and sits on a 0.07-acre lot. The surrounding context includes the Milwaukee Avenue district, downtown Minneapolis, Augsburg University, and the University of Minnesota. The layout includes three bedrooms, two bathrooms, and basement space, supporting a flexible two-unit residential configuration.
Located at 2303 22nd Avenue S, the property is in the 55404 ZIP code and sits on a 0.07-acre lot. The surrounding context includes the Milwaukee Avenue district, downtown Minneapolis, Augsburg University, and the University of Minnesota. The layout includes three bedrooms, two bathrooms, and basement space, supporting a flexible two-unit residential configuration.
Key Highlights
- Two‑unit duplex with 1,660 square feet of property size
- Built in 1900 with a Victorian‑era exterior
- 0.07‑acre lot with driveway parking
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature updated mechanicals, separate laundry appliances, and a shared basement.
Where is this duplex located?
The property is located at 2303 22nd Avenue 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: Two‑unit duplex with 1,660 square feet of property size; Built in 1900 with a Victorian‑era exterior; 0.07‑acre lot with driveway parking
