Duplex with Detached
For Sale
$415,000
237 Cedar Lake Road N, Minneapolis, MN 55405
MULTI_FAMILY - Minneapolis, MN
Property Size2,600 SF
Lot Size0.16 Acres
Price / SF$159.62
Days on Market15
Property Features for 237 Cedar Lake Road N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 5, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 4, Bedroom 2, Bedroom 3
Parking features
Covered, Garage - Detached, Driveway
Exterior features
Brick/Stone, Stucco, Vinyl
Subdivision
Bowmans Add
High school district
Minneapolis
Directions
Penn Ave to Cedar Lake Rd, North to Home
Standard status
Active
APN
2102924340035
Size
2,600 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7065
Utilities
Heating system
Forced Air
Building Details
Year built
1924
Listing Agency:
Northstar Real Estate Associates
(651) 451-2850
Listed By:
Ben Mezzenga
(651) 451-2850
Added: Jul 28
Changed: Aug 11
Last Checked: Aug 11 at 10:06PM
MLS# 7116964
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 two separate two-story units with distinct layouts: a 3-bedroom, 2-bath front unit and a 2-bedroom, 2-bath back unit. Forced-air heating serves the property, and exterior finishes include brick/stone, stucco, and vinyl. Parking includes a large detached garage in the back plus a driveway and covered parking.
Built in 1924, the property is located at 237 Cedar Lake Road N in Minneapolis, MN 55405, with a 0.16-acre lot. The back unit has been occupied by the current tenant for approximately 4 years.
Recent updates include a roof replacement in 2024. The front unit furnace was replaced in 2022, and the back unit furnace was replaced in 2015. The back unit was completely remodeled before the buyer purchased it in 2021, with new furnace, fridge, cabinets, oven, and flooring, along with newer windows and plumbing throughout.
Built in 1924, the property is located at 237 Cedar Lake Road N in Minneapolis, MN 55405, with a 0.16-acre lot. The back unit has been occupied by the current tenant for approximately 4 years.
Recent updates include a roof replacement in 2024. The front unit furnace was replaced in 2022, and the back unit furnace was replaced in 2015. The back unit was completely remodeled before the buyer purchased it in 2021, with new furnace, fridge, cabinets, oven, and flooring, along with newer windows and plumbing throughout.
Key Highlights
- 0.16‑acre duplex built in 1924 at 237 Cedar Lake Road N, Minneapolis, MN 55405
- Two separate two‑story units: 3 bed/2 full bath front and 2 bed/2 full bath back
- Large detached garage in the back plus driveway and covered off‑street parking
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
Single-tenant
Tenancy
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 - Two-story duplex with a detached garage, forced-air heating, and updated components across both units.
Where is this duplex located?
The property is located at 237 Cedar Lake Road 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: 0.16‑acre duplex built in 1924 at 237 Cedar Lake Road N, Minneapolis, MN 55405; Two separate two‑story units: 3 bed/2 full bath front and 2 bed/2 full bath back; Large detached garage in the back plus driveway and covered off‑street parking
