Duplex with Stucco
For Sale
$399,900
2313 Polk Street NE, Minneapolis, MN 55418
MULTI_FAMILY - Minneapolis, MN
Property Size2,308 SF
Lot Size0.09 Acres
Price / SF$173.27
Days on Market60
Property Features for 2313 Polk Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bedroom 5, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 4
Exterior features
Stucco
Subdivision
Hoyts Add To St Anthony
High school district
Minneapolis
Directions
From Lowry Ave NE, head north on Polk St NE. Continue past 23rd Ave NE; the home will be on your right just before 24th Ave NE.
Standard status
Active
APN
1202924320060
Size
2,308 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6074
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Aaron Neuman
(612) 600-6000
Added: Jun 21
Changed: Aug 18
Last Checked: Aug 19 at 10:06PM
MLS# 7096627
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 duplex offers a practical residential income setup with stucco exterior, forced-air heating, a basement, and two bathrooms. The layout includes six bedrooms across the unit configuration, providing flexible space for a variety of household sizes.
Set on a 0.09-acre lot, the property totals 2,308 square feet and was built in 1900. It is located in NE Minneapolis and is described as having walkable access to local shops and restaurants, with close proximity to the NE Arts District, breweries, and downtown Minneapolis.
For buyers considering owner-occupancy or local investment use, the property’s duplex structure supports multiple living arrangements within a single building footprint.
Set on a 0.09-acre lot, the property totals 2,308 square feet and was built in 1900. It is located in NE Minneapolis and is described as having walkable access to local shops and restaurants, with close proximity to the NE Arts District, breweries, and downtown Minneapolis.
For buyers considering owner-occupancy or local investment use, the property’s duplex structure supports multiple living arrangements within a single building footprint.
Key Highlights
- 0.09‑acre lot in NE Minneapolis
- 2,308 SF duplex building
- Stucco exterior
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 on a 0.09-acre lot with stucco exterior and forced-air heating, featuring a basement and two bathrooms.
Where is this duplex located?
The property is located at 2313 Polk Street 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: 0.09‑acre lot in NE Minneapolis; 2,308 SF duplex building; Stucco exterior
