Duplex with Separate
For Sale
$374,900
2305 Garfield Avenue, Minneapolis, MN 55405
MULTI_FAMILY - Minneapolis, MN
Property Size1,585 SF
Lot Size0.12 Acres
Price / SF$236.53
Days on Market77
Property Features for 2305 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Basement, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
Driveway
Exterior features
Vinyl
Subdivision
Badger & Penneys 2nd Add
Lot features
Tree Coverage - Light
High school district
Minneapolis
Directions
Lyndale Ave to 22nd St East to Garfield Ave South to property.
Standard status
Active
APN
3402924220172
Size
1,585 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7345
Utilities
Heating system
Hot Water(Heating)
Amenities
fenced yard
shared laundry
off-street parking
Building Details
Year built
1905
Roof type
Shingle
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Lauren Lancaster
(612) 821-7400
Added: May 28
Changed: Aug 12
Last Checked: Aug 12 at 6:06PM
MLS# 7082009
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 up/down duplex was built in 1905 and totals 1,585 square feet. The exterior includes vinyl, and the roof is shingle. Heating is hot water heat. The home features separate boilers, separate electric, and separate hot water heaters, with tenants responsible for their own gas and electric.
Tenants pay for their utilities while the owner handles water, sewer, and trash. The sewer line was recently cleaned and is in good condition. Additional conveniences include off-street parking via driveway, a fenced yard, and shared laundry in the basement.
Situated on a 0.12-acre lot in Minneapolis, the property is on a mature, tree-lined street in Whittier and is located moments from Lake of the Isles and several nearby neighborhood destinations.
Tenants pay for their utilities while the owner handles water, sewer, and trash. The sewer line was recently cleaned and is in good condition. Additional conveniences include off-street parking via driveway, a fenced yard, and shared laundry in the basement.
Situated on a 0.12-acre lot in Minneapolis, the property is on a mature, tree-lined street in Whittier and is located moments from Lake of the Isles and several nearby neighborhood destinations.
Key Highlights
- 1905 up/down duplex with hot water heating
- 1,585 square feet across separate units
- 0.12‑acre lot on a mature, tree‑lined street
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
$23,158
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
6.18%
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%
$463,160
$463.2K
Cap Rate 7%
$330,829
$330.8K
Cap Rate 9%
$257,311
$257.3K
Market Conditions
NOI Build-Up for 1,585 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
$35.2K $22.20/SF
− Vacancy
−$2.1K −$1.33/SF
EGI
$33.1K $20.87/SF
− OpEx
−$9.9K −$6.26/SF
NOI
$23.2K $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%
$463,160
Cap Rate 7%
$330,829
Cap Rate 9%
$257,311
Alternative Uses
Best Use
Multifamily LT 5
$330.8K
$289.5K – $386.0K
NOI $23,158 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$303.9K
$265.9K – $354.5K
NOI $21,270 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$378.1K
$330.9K – $441.2K
NOI $26,470 @ 7.0% cap · market cap 7.06%
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
2,903
Businesses Nearby
Explore this area
Business Placement
Demographics for 55405, MN
15,497
Population
8,724
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,535
Density / Sq Mi
$70,425
Median Household Income
$47,271
Median Earnings
$1,188
Median Rent
$450,200
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 - Up/down duplex with separate boilers, electric, and hot water heaters; tenants pay gas and electric.
Where is this duplex located?
The property is located at 2305 Garfield Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1905 up/down duplex with hot water heating; 1,585 square feet across separate units; 0.12‑acre lot on a mature, tree‑lined street
