Updated Duplex with
For Sale
$349,900
2408 6th Street NE, Minneapolis, MN 55418
Two residential units feature private porches, internal staircases, and extensive recent improvements throughout.
Property Size1,664 SF
Price / SF$210.28
Days on Market10
Property Features for 2408 6th Street NE
General Information
Standard status
Active
Size
1,664 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Edina Realty, Inc
Listed By:
The BPR Experience
(952) 992-9279
Source:
Thebprexperience
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 6:51AM
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 Edina Realty, Inc
Investment Insights
Based on property information with market context.
This 1,664-square-foot duplex, built in 1900, contains two separate two-bedroom, one-bathroom units arranged on upper and lower levels. Each unit includes an internal staircase and porch. Improvements completed within the last 4 years include the roof, chimney brick, flooring, kitchens, plumbing fixtures, sewer main line, electrical components, windows, gutters, interior and exterior paint, and mechanical systems. The property also has mini-split heating and cooling, high-speed internet, Google smart-home features, Yale keypad locks, and a security system with 3 live cameras.
A fenced backyard, private alley entry, one-car garage, garage storage, and 2 additional off-street parking spaces add functional outdoor and utility space. The property is within walking distance of coffee shops, bars, restaurants, and art galleries in Northeast Minneapolis, with groceries, schools, parks, and everyday services accessible by a short drive or bike ride.
A fenced backyard, private alley entry, one-car garage, garage storage, and 2 additional off-street parking spaces add functional outdoor and utility space. The property is within walking distance of coffee shops, bars, restaurants, and art galleries in Northeast Minneapolis, with groceries, schools, parks, and everyday services accessible by a short drive or bike ride.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units in a 1,664 SF duplex
- Extensive renovations completed within the last 4 years
- One‑car garage plus 2 additional off‑street parking spaces
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
$24,312
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
6.95%
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%
$486,240
$486.2K
Cap Rate 7%
$347,314
$347.3K
Cap Rate 9%
$270,133
$270.1K
Market Conditions
NOI Build-Up for 1,664 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
$36.9K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$34.7K $20.87/SF
− OpEx
−$10.4K −$6.26/SF
NOI
$24.3K $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%
$486,240
Cap Rate 7%
$347,314
Cap Rate 9%
$270,133
Alternative Uses
Best Use
Multifamily LT 5
$347.3K
$303.9K – $405.2K
NOI $24,312 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$319.0K
$279.1K – $372.2K
NOI $22,330 @ 7.0% cap · market cap 6.38%
Theoretical Best
Office A
$397.0K
$347.4K – $463.2K
NOI $27,790 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,238
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature private porches, internal staircases, and extensive recent improvements throughout.
Where is this duplex located?
The property is located at 2408 6th Street NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units in a 1,664 SF duplex; Extensive renovations completed within the last 4 years; One‑car garage plus 2 additional off‑street parking spaces
