Updated Duplex with Off-Street
For Sale
$449,900
2515 Fillmore St NE, Minneapolis, MN 55418
Two separately equipped units support rental income or owner-occupant living with convenient neighborhood access.
Property Size2,226 SF
Price / SF$202.11
Days on Market9
Property Features for 2515 Fillmore St NE
General Information
Standard status
Active
Size
2,226 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
backyard
patio
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Advantage Plus
(651) 324-1316
Listed By:
Brian S. Carion
Source:
Homesminn
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 8:49PM
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 RE/MAX Advantage Plus
Investment Insights
Based on property information with market context.
This updated up-and-down duplex contains 2,226 SF, with a combined five bedrooms and two full bathrooms. The main-floor residence has three bedrooms, a full bath, a kitchen, and a dedicated washer and dryer. Upstairs, the two-bedroom unit includes its own full bathroom, living room, kitchen and dining area, plus separate laundry appliances.
Exterior features include a backyard patio and three off-street parking spaces. The property is in Northeast Minneapolis near public transportation, highways, parks, shops, a pharmacy, restaurants, breweries, and a food co-op. Its two-unit layout provides separate living spaces and individually assigned laundry areas for both residences.
Exterior features include a backyard patio and three off-street parking spaces. The property is in Northeast Minneapolis near public transportation, highways, parks, shops, a pharmacy, restaurants, breweries, and a food co-op. Its two-unit layout provides separate living spaces and individually assigned laundry areas for both residences.
Key Highlights
- 2,226 SF up/down duplex with 5 bedrooms and 2 full bathrooms
- Main‑level unit includes 3 bedrooms, kitchen, full bath, and dedicated washer/dryer
- Upper unit provides 2 bedrooms, full bath, living area, and kitchen/dining space
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
$32,523
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
7.23%
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%
$650,460
$650.5K
Cap Rate 7%
$464,614
$464.6K
Cap Rate 9%
$361,367
$361.4K
Market Conditions
NOI Build-Up for 2,226 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
$49.4K $22.20/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$46.5K $20.87/SF
− OpEx
−$13.9K −$6.26/SF
NOI
$32.5K $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%
$650,460
Cap Rate 7%
$464,614
Cap Rate 9%
$361,367
Alternative Uses
Best Use
Multifamily LT 5
$464.6K
$406.5K – $542.1K
NOI $32,523 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$426.7K
$373.4K – $497.9K
NOI $29,872 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$531.1K
$464.7K – $619.6K
NOI $37,175 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
991
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
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 separately equipped units support rental income or owner-occupant living with convenient neighborhood access.
Where is this duplex located?
The property is located at 2515 Fillmore St NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,226 SF up/down duplex with 5 bedrooms and 2 full bathrooms; Main‑level unit includes 3 bedrooms, kitchen, full bath, and dedicated washer/dryer; Upper unit provides 2 bedrooms, full bath, living area, and kitchen/dining space
