Remodeled Duplex with
For Sale
$525,000
2416 Harriet Avenue, Minneapolis, MN 55405
Both residences feature quartz kitchens, new appliances, and remodeled bathrooms.
Property Size2,670 SF
Days on Market70
Property Features for 2416 Harriet Avenue
General Information
Standard status
Active
Size
2,670 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
Boiler
Radiator
Age 8 Years or Less
Building Details
Building Size
2,670 SF
Year Built
1900
Buildings
1
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
COLDWELL BANKER REALTY
Source:
Kw
Added: Jun 24
Changed: Aug 30
Last Checked: Sep 1 at 12:21AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This up-and-down duplex contains two three-bedroom residences, each with a remodeled kitchen and bathroom. Quartz countertops, new appliances, and updated finishes are provided throughout the units. The property also includes a newer roof and new garage doors, while boiler and radiator systems are among the documented interior features.
Built in 1900, the property is located at 2416 Harriet Avenue in Uptown Minneapolis. The surrounding area is described as being near dining, shopping, trails, and lakes, placing the duplex within a walkable urban neighborhood. The configuration supports separate residential use across both levels, with each unit offering three bedrooms and refreshed kitchen and bath areas.
Built in 1900, the property is located at 2416 Harriet Avenue in Uptown Minneapolis. The surrounding area is described as being near dining, shopping, trails, and lakes, placing the duplex within a walkable urban neighborhood. The configuration supports separate residential use across both levels, with each unit offering three bedrooms and refreshed kitchen and bath areas.
Key Highlights
- Two three‑bedroom units in an up‑and‑down duplex configuration
- Professionally remodeled kitchens and bathrooms in both units
- Quartz countertops and new appliances
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
$39,011
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
7.43%
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%
$780,220
$780.2K
Cap Rate 7%
$557,300
$557.3K
Cap Rate 9%
$433,456
$433.5K
Market Conditions
NOI Build-Up for 2,670 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
$59.3K $22.20/SF
− Vacancy
−$3.5K −$1.33/SF
EGI
$55.7K $20.87/SF
− OpEx
−$16.7K −$6.26/SF
NOI
$39.0K $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%
$780,220
Cap Rate 7%
$557,300
Cap Rate 9%
$433,456
Alternative Uses
Best Use
Multifamily LT 5
$557.3K
$487.6K – $650.2K
NOI $39,011 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$511.9K
$447.9K – $597.2K
NOI $35,831 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$637.0K
$557.4K – $743.2K
NOI $44,590 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,928
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 - Both residences feature quartz kitchens, new appliances, and remodeled bathrooms.
Where is this duplex located?
The property is located at 2416 Harriet Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two three‑bedroom units in an up‑and‑down duplex configuration; Professionally remodeled kitchens and bathrooms in both units; Quartz countertops and new appliances
