Turn-of-the-Century Duplex with Detached
For Sale
$899,900
Pending
2433 W 22nd Street, Minneapolis, MN 55405
MULTI_FAMILY - Minneapolis, MN
Property Size4,500 SF
Lot Size0.21 Acres
Days on Market118
Property Features for 2433 W 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Basement, Bedroom 7, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 8, Bedroom 9, Bedroom 5
Parking features
Garage - Detached
Exterior features
Stucco
Fencing
Chain Link
Subdivision
Kenwood
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
West Lake of the Isles Parkway to right on Kenwood Parkway. Left on West 22nd to home on left.
Standard status
Pending
APN
3202924110074
Size
4,500 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12775
Utilities
Heating system
Oil
Amenities
large front porch
Building Details
Year built
1910
Building materials
Stone
Listing Agency:
Lakes Area Realty
(612) 874-1916
Listed By:
Kevin W Frieling
(612) 867-5624
Added: Apr 19
Changed: Aug 12
Last Checked: Aug 14 at 11:06AM
MLS# 7057969
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.
2433 W 22nd Street in Minneapolis is a turn-of-the-century duplex on a 0.21-acre lot. Built in 1910, the home features stone construction with stucco exterior finishes, oil heat, a basement, and a large front porch. Interior details include natural woodwork and gleaming wood floors. The room layout provided includes nine bedrooms and three bathrooms, along with multiple bedroom and bathroom spaces.
The property is described as being in the heart of Kenwood, just steps to both Lake of the Isles and Cedar Lake, with nearby trails, parks, and beaches. It is also noted as being close to schools, a bus line, parks, and dining.
Parking is supported by a detached garage, and fencing is listed as chain link.
The property is described as being in the heart of Kenwood, just steps to both Lake of the Isles and Cedar Lake, with nearby trails, parks, and beaches. It is also noted as being close to schools, a bus line, parks, and dining.
Parking is supported by a detached garage, and fencing is listed as chain link.
Key Highlights
- 0.21‑acre lot with 4,500 square feet in a duplex built in 1910
- Nine bedrooms and three bathrooms with a basement
- Large front porch plus natural woodwork and gleaming wood floors
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
$65,748
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
7.31%
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%
$1,314,960
$1.3M
Cap Rate 7%
$939,257
$939.3K
Cap Rate 9%
$730,533
$730.5K
Market Conditions
NOI Build-Up for 4,500 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
$99.9K $22.20/SF
− Vacancy
−$6.0K −$1.33/SF
EGI
$93.9K $20.87/SF
− OpEx
−$28.2K −$6.26/SF
NOI
$65.7K $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%
$1,314,960
Cap Rate 7%
$939,257
Cap Rate 9%
$730,533
Alternative Uses
Best Use
Multifamily LT 5
$939.3K
$821.9K – $1.10M
NOI $65,748 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$862.7K
$754.9K – $1.01M
NOI $60,389 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$1.07M
$939.4K – $1.25M
NOI $75,152 @ 7.0% cap · market cap 8.35%
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
243
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 - Well-cared duplex with stucco exterior, oil heat, large front porch, and a detached garage, built in 1910.
Where is this duplex located?
The property is located at 2433 W 22nd Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 0.21‑acre lot with 4,500 square feet in a duplex built in 1910; Nine bedrooms and three bathrooms with a basement; Large front porch plus natural woodwork and gleaming wood floors
