Updated Two-Unit
For Sale
$349,900
2408 6th Street NE, Minneapolis, MN 55418
Residential Income, Minneapolis, MN
Property Size1,664 SF
Lot Size0.10 Acres
Price / SF$210.28
Days on Market12
Property Features for 2408 6th Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 1, Bedroom 4
Parking features
Open, Garage - Detached, Driveway
Patio and Porch features
Porch
Subdivision
Lennon&Newells Addn To St. An
Lot features
Public Transit (w/in 6 blks), Corner Lot, Tree Coverage - Medium
High school district
Minneapolis
Directions
NE University Ave to Lowry Ave NE to 6th St, South to home.
Standard status
Active
APN
1102924310014
Size
1,664 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6461
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
Real Broker, LLC.
(646) 859-2368
Listed By:
Matt Bartholomew · License #40573483
(612) 600-6000
Added: Sep 16
Changed: Sep 25
Last Checked: Sep 27 at 1:06PM
MLS# 7145725
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 1,664-square-foot duplex, built in 1900, contains two two-bedroom, one-bathroom residences arranged on separate levels with internal stairs and porches. Improvements completed within the last four years include a new roof, boiler, water heater, sewer main, plumbing, electrical fixtures, windows, and kitchen cabinetry. Both units also have new appliances and mini-split heating and cooling. The property sits on a 0.1-acre lot with a fenced backyard, detached one-car garage, and two additional off-street parking spaces, plus garage storage.
The property is within walking distance of Northeast Minneapolis coffee shops, restaurants, bars, and art galleries. Grocery stores, schools, parks, and other essentials are a short drive or bike ride away.
The property is within walking distance of Northeast Minneapolis coffee shops, restaurants, bars, and art galleries. Grocery stores, schools, parks, and other essentials are a short drive or bike ride away.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom; 1,664 square feet total
- 0.1‑acre parcel with fenced backyard and porch areas
- Recent work includes roof, boiler, water heater, sewer main, plumbing, and electrical updates
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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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence has two bedrooms, one bathroom, and a porch, with a detached garage and additional off-street parking.
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 residences, each with 2 bedrooms and 1 bathroom; 1,664 square feet total; 0.1‑acre parcel with fenced backyard and porch areas; Recent work includes roof, boiler, water heater, sewer main, plumbing, and electrical updates
