Two-Story Duplex with Detached
For Sale
$415,000
237 Cedar Lake Rd N, Minneapolis, MN 55405
Front and rear residences provide separate living arrangements with recent system and interior updates.
Property Size2,600 SF
Price / SF$159.62
Days on Market17
Property Features for 237 Cedar Lake Rd N
General Information
Standard status
Active
Size
2,600 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,065
Building Details
Buildings
1
Listing Agency:
Northstar Real Estate Associates
(651) 324-4077
Listed By:
Ben Mezzenga
(651) 324-4077
Source:
Exprealty
Added: Aug 3
Changed: Aug 18
Last Checked: Aug 19 at 1:04PM
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 Northstar Real Estate Associates
Investment Insights
Based on property information with market context.
This 2,600-square-foot duplex contains two separate two-story residences. The front unit offers three bedrooms and two full bathrooms, while the rear unit includes two bedrooms and two full bathrooms. A detached garage, two additional off-street parking spaces, and a concrete slab provide useful on-site improvements. The roof was replaced in 2024, and the front-unit furnace was replaced in 2022. The rear unit received a complete remodel before 2021, including updated cabinets, oven, refrigerator, flooring, and furnace. Windows and plumbing are newer throughout.
Set on a hill near the Byrn Mawr neighborhood, the property offers city views from the top-floor bedrooms and sits away from the street. Parks, trails, coffee shops, and restaurants are located nearby. The rear unit has housed the same tenants for 4 years, while the front unit is available for immediate occupancy.
Set on a hill near the Byrn Mawr neighborhood, the property offers city views from the top-floor bedrooms and sits away from the street. Parks, trails, coffee shops, and restaurants are located nearby. The rear unit has housed the same tenants for 4 years, while the front unit is available for immediate occupancy.
Key Highlights
- 2,600‑square‑foot duplex with two separate two‑story units
- Front unit has 3 bedrooms and 2 full bathrooms
- Rear unit has 2 bedrooms and 2 full bathrooms
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
$37,988
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%
$759,760
$759.8K
Cap Rate 7%
$542,686
$542.7K
Cap Rate 9%
$422,089
$422.1K
Market Conditions
NOI Build-Up for 2,600 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
$57.7K $22.20/SF
− Vacancy
−$3.5K −$1.33/SF
EGI
$54.3K $20.87/SF
− OpEx
−$16.3K −$6.26/SF
NOI
$38.0K $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%
$759,760
Cap Rate 7%
$542,686
Cap Rate 9%
$422,089
Alternative Uses
Best Use
Multifamily LT 5
$542.7K
$474.9K – $633.1K
NOI $37,988 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$498.4K
$436.1K – $581.5K
NOI $34,891 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$620.3K
$542.8K – $723.7K
NOI $43,421 @ 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
Location Intelligence
Trade Area within ½ mile
631
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 - Front and rear residences provide separate living arrangements with recent system and interior updates.
Where is this duplex located?
The property is located at 237 Cedar Lake Rd N Minneapolis, MN.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,600‑square‑foot duplex with two separate two‑story units; Front unit has 3 bedrooms and 2 full bathrooms; Rear unit has 2 bedrooms and 2 full bathrooms
