Updated Two-Unit
New
For Sale
$449,900
2515 Fillmore Street NE, Minneapolis, MN 55418
MULTI_FAMILY - Minneapolis, MN
Property Size2,226 SF
Lot Size0.11 Acres
Price / SF$202.11
Days on Market5
Property Features for 2515 Fillmore Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 4, Basement, Bathroom 1, Bathroom 2, Bedroom 1
Exterior features
Vinyl
Subdivision
Penney & Barbers Sub Gale Hamlin Out
Lot features
Tree Coverage - Light
High school district
Minneapolis
Directions
From Lowry Ave N. North on Fillmore St NE. House is on right side.
Standard status
Active
APN
1202924240179
Size
2,226 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6451
Utilities
Heating system
Forced Air
Amenities
patio
in-unit washer/dryer
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(763) 755-1100
Listed By:
Brian S. Carion
(952) 226-7700
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 17 at 12:06PM
MLS# 7126770
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 updated duplex at 2515 Fillmore Street NE includes 2,226 square feet arranged across two residences. The main-floor unit has three bedrooms, one full bathroom, a kitchen, and dedicated laundry. Upstairs, the two-bedroom unit provides one full bathroom, a living room, kitchen and dining area, plus its own washer and dryer. The property also includes a backyard patio, vinyl exterior, shingle roof, and forced-air heating. Built in 1900, the building occupies 0.11 acres and includes three off-street parking spaces.
The property is in Minneapolis, within walking access of highways, public transportation, parks, shops, a pharmacy, restaurants, breweries, and a food co-op. The two-unit configuration provides distinct living areas and separate laundry facilities for each residence.
The property is in Minneapolis, within walking access of highways, public transportation, parks, shops, a pharmacy, restaurants, breweries, and a food co-op. The two-unit configuration provides distinct living areas and separate laundry facilities for each residence.
Key Highlights
- 2,226‑square‑foot up‑and‑down duplex with 5 bedrooms and 2 full bathrooms
- Main unit has 3 bedrooms; upper unit has 2 bedrooms
- Separate washer/dryer for each unit
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex with separate laundry, private outdoor space, and three off-street parking spaces.
Where is this duplex located?
The property is located at 2515 Fillmore Street 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‑square‑foot up‑and‑down duplex with 5 bedrooms and 2 full bathrooms; Main unit has 3 bedrooms; upper unit has 2 bedrooms; Separate washer/dryer for each unit
