Updated Duplex with Fenced
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 Market16
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
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Laundry Room, Basement
Parking features
Garage - Detached, Driveway, Open
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)
Amenities
porches
high speed internet
smart home system
security system
fenced backyard
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 30
Last Checked: Oct 1 at 2:06PM
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 one above the other. Each unit has a porch and an internal staircase. Improvements made within the past four years include new roofing, a boiler furnace, water heater, sewer main, plumbing, electrical fixtures, and mini-split heating and cooling. Kitchens have new cabinetry, quartz countertops, and appliance sets; bathrooms have updated fixtures and tile work.
The 0.1-acre property includes a fenced backyard, a detached one-car garage with storage, and two additional off-street parking spaces. Alley access serves the garage and parking area. The property is in Minneapolis, with coffee shops, restaurants, bars, and art galleries described as within walking distance; groceries, schools, and parks are a short drive or bike ride away.
The 0.1-acre property includes a fenced backyard, a detached one-car garage with storage, and two additional off-street parking spaces. Alley access serves the garage and parking area. The property is in Minneapolis, with coffee shops, restaurants, bars, and art galleries described as within walking distance; groceries, schools, and parks are a short drive or bike ride away.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,664 square feet on a 0.1‑acre lot
- 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 offers two bedrooms, one bathroom, a porch, and an internal staircase.
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 units, each with 2 bedrooms and 1 bathroom; 1,664 square feet on a 0.1‑acre lot; Recent work includes roof, boiler, water heater, sewer main, plumbing, and electrical updates
