Two-Story Three-Bedroom
For Sale
$395,000
2309 Buchanan Street NE, Minneapolis, MN 55418
Residential Income, Minneapolis, MN
Property Size2,474 SF
Lot Size0.14 Acres
Price / SF$159.66
Days on Market112
Property Features for 2309 Buchanan Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 4, Basement
Parking features
Garage - Detached
Exterior features
Stucco, Vinyl
Subdivision
Windom Park
Lot features
Tree Coverage - Light
High school district
Minneapolis
Directions
Johnson Street to 23rd Ave NE, West to Buchanan, North to 2309 on right side.
Standard status
Active
APN
1202924310040
Size
2,474 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8322
Utilities
Heating system
Forced Air
Amenities
hardwood floors
sun room
common laundry area
patio
storage
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Tamara B. Wenz
(651) 494-4000
Added: May 1
Changed: Aug 20
Last Checked: Aug 20 at 7:06PM
MLS# 7067789
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 2,474-square-foot duplex contains two three-bedroom units within a two-story layout. Hardwood flooring extends throughout the residences, while sunrooms provide additional living space and city views. The basement includes shared laundry facilities and storage. Exterior construction combines stucco and vinyl siding, with forced-air heat and a detached garage. The property also includes a rear patio and shingle roofing.
Major property work includes new windows and a roof completed in 2024. Outgoing plumbing was replaced with PVC pipe, and the main sewer line was descaled and lined in 2023. Both units are currently occupied. The property is situated in Minneapolis’s Windom Park neighborhood, with access to shopping, restaurants, and downtown.
Major property work includes new windows and a roof completed in 2024. Outgoing plumbing was replaced with PVC pipe, and the main sewer line was descaled and lined in 2023. Both units are currently occupied. The property is situated in Minneapolis’s Windom Park neighborhood, with access to shopping, restaurants, and downtown.
Key Highlights
- Two units with 3 bedrooms each
- 2,474 square feet on 0.14 acres
- New windows and roof completed in 2024
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
$36,147
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
9.15%
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%
$722,940
$722.9K
Cap Rate 7%
$516,386
$516.4K
Cap Rate 9%
$401,633
$401.6K
Market Conditions
NOI Build-Up for 2,474 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
$54.9K $22.20/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$51.6K $20.87/SF
− OpEx
−$15.5K −$6.26/SF
NOI
$36.1K $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%
$722,940
Cap Rate 7%
$516,386
Cap Rate 9%
$401,633
Alternative Uses
Best Use
Multifamily LT 5
$516.4K
$451.8K – $602.5K
NOI $36,147 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$474.3K
$415.0K – $553.3K
NOI $33,200 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$590.2K
$516.5K – $688.6K
NOI $41,317 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,257
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
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 hardwood flooring, sunrooms, basement laundry, storage, and separate garage parking.
Where is this duplex located?
The property is located at 2309 Buchanan Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two units with 3 bedrooms each; 2,474 square feet on 0.14 acres; New windows and roof completed in 2024
