Duplex
For Sale
$399,900
2313 Polk St Ne, Minneapolis, MN 55418
Duplex near shops, restaurants, arts venues, breweries, and downtown.
Property Size2,308 SF
Price / SF$173.27
Days on Market55
Property Features for 2313 Polk St Ne
General Information
Standard status
Active
Size
2,308 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,074
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Real Broker, LLC
(612) 788-1284
Listed By:
Aaron Neuman
(612) 788-1284
Source:
Exprealty
Added: Jun 26
Changed: Aug 13
Last Checked: Aug 19 at 1:42PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 2,308-square-foot duplex is located in Northeast Minneapolis and is presented as a two-unit residential property. The address places it near local shops and restaurants, with the Northeast Arts District, breweries, and downtown Minneapolis also identified as nearby destinations.
The property is suited to an owner-occupant or a local investor seeking a duplex in Minneapolis. Its residential configuration provides two units within one property, supporting either personal occupancy alongside rental use or a conventional multifamily ownership strategy.
The property is suited to an owner-occupant or a local investor seeking a duplex in Minneapolis. Its residential configuration provides two units within one property, supporting either personal occupancy alongside rental use or a conventional multifamily ownership strategy.
Key Highlights
- 2,308‑square‑foot duplex in Minneapolis
- Two‑unit residential configuration
- Located in Northeast Minneapolis
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
$33,722
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
8.43%
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%
$674,440
$674.4K
Cap Rate 7%
$481,743
$481.7K
Cap Rate 9%
$374,689
$374.7K
Market Conditions
NOI Build-Up for 2,308 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
$51.2K $22.20/SF
− Vacancy
−$3.1K −$1.33/SF
EGI
$48.2K $20.87/SF
− OpEx
−$14.5K −$6.26/SF
NOI
$33.7K $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%
$674,440
Cap Rate 7%
$481,743
Cap Rate 9%
$374,689
Alternative Uses
Best Use
Multifamily LT 5
$481.7K
$421.5K – $562.0K
NOI $33,722 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$442.5K
$387.2K – $516.2K
NOI $30,973 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$550.6K
$481.8K – $642.4K
NOI $38,545 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,337
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
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex near shops, restaurants, arts venues, breweries, and downtown.
Where is this duplex located?
The property is located at 2313 Polk St Ne Minneapolis, MN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,308‑square‑foot duplex in Minneapolis; Two‑unit residential configuration; Located in Northeast Minneapolis
