Duplex With Detached
For Sale
Under Contract
$375,000
2414 24th Avenue S, Minneapolis, MN 55406
Residential Income, Minneapolis, MN
Property Size1,959 SF
Lot Size0.14 Acres
Price / SF$191.42
Days on Market14
Property Features for 2414 24th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Laundry Room, Bedroom 1, Basement, Bathroom 2
Parking features
Garage - Detached
Patio and Porch features
Porch
Subdivision
Waters Add
High school district
Minneapolis
Directions
94 to Riverside exit, right on 26th Ave to Franklin to 24th Ave.
Standard status
Active Under Contract
APN
3602924240071
Size
1,959 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5452
Utilities
Heating system
Forced Air
Amenities
in-unit washer and dryer
central AC
raised garden beds
EV charging
Building Details
Year built
1900
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Claire Louise Johnston
(507) 581-6811
Added: Sep 14
Changed: Sep 24
Last Checked: Sep 27 at 1:06PM
MLS# 7139400
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 1,959-square-foot duplex, built in 1900, contains two one-bedroom, one-bath units. Both residences feature original hardwood flooring, fresh interior paint, central AC, and separate in-unit laundry. The upper unit has a renovated kitchen, bathroom, and laundry room. Additional usable space includes a front sunroom, a three-season porch, and a basement. Forced-air heating serves the property.
The 0.14-acre parcel includes a detached two-car garage with EV charging and raised garden beds in the backyard. The home sits on a quiet street without through traffic in Minneapolis’ Seward neighborhood, within walking distance of the Milwaukee Avenue Historic District, Midtown Greenway, Seward Co-op, and nearby shops and restaurants.
The 0.14-acre parcel includes a detached two-car garage with EV charging and raised garden beds in the backyard. The home sits on a quiet street without through traffic in Minneapolis’ Seward neighborhood, within walking distance of the Milwaukee Avenue Historic District, Midtown Greenway, Seward Co-op, and nearby shops and restaurants.
Key Highlights
- Two‑unit duplex with 1,959 square feet of building area
- Each unit includes 1 bedroom, 1 bathroom, central AC, and in‑unit laundry
- Upper unit remodeled with updated kitchen, bathroom, and laundry room
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
$25,387
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
6.77%
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%
$507,740
$507.7K
Cap Rate 7%
$362,671
$362.7K
Cap Rate 9%
$282,078
$282.1K
Market Conditions
NOI Build-Up for 1,959 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
$38.8K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$36.3K $18.51/SF
− OpEx
−$10.9K −$5.55/SF
NOI
$25.4K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /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%
$507,740
Cap Rate 7%
$362,671
Cap Rate 9%
$282,078
Alternative Uses
Best Use
Multifamily LT 5
$362.7K
$317.3K – $423.1K
NOI $25,387 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$337.5K
$295.4K – $393.8K
NOI $23,628 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$572.4K
$500.9K – $667.8K
NOI $40,070 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,679
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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-bedroom-per-unit duplex with updated finishes, private laundry, porches, and EV charging at the detached garage.
Where is this duplex located?
The property is located at 2414 24th Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,959 square feet of building area; Each unit includes 1 bedroom, 1 bathroom, central AC, and in‑unit laundry; Upper unit remodeled with updated kitchen, bathroom, and laundry room
