Whittier Neighborhood Updated
For Sale
$107,000
2530 1st Avenue S #N202, Minneapolis, MN 55404
Updated 1-bedroom condo in Whittier, close to Eat Street.
Property Size524 SF
Price / SF$204.20
Days on Market366
Property Features for 2530 1st Avenue S #N202
General Information
Standard status
Active
Size
524 SF
Property subtype
Condominium
Amenities
Security System
Wall Unit(s)
Baseboard
Stainless Steel Appliances
Refrigerator
Range
Dishwasher
Age 8 Years or Less
Building Details
Building Size
524 SF
Year Built
1964
Listing Agency:
CENTURY 21 SUNBELT REALTY
(612) 270-5234
Listed By:
Chris Lindgren · License #MN
(612) 270-5234
Source:
Kw
Added: Aug 25, 2025
Changed: Aug 8
Last Checked: Aug 25 at 4:43PM
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 CENTURY 21 SUNBELT REALTY
Investment Insights
Based on property information with market context.
This updated, move-in ready condo features one bedroom and one bathroom in the Whittier neighborhood, steps from Eat Street and minutes from downtown Minneapolis. Converted from a mid-century building, the home offers an open floor plan with a spacious, light-filled living area, hardwood floors, and newer windows. The updated kitchen includes granite countertops, maple cabinets, and stainless steel appliances, including a dishwasher. The bedroom features a large closet and ample light, and the bathroom has been updated. A TV and sound bar are included. The unit includes a reserved off-street parking space close to the back entrance. The building provides shared laundry, indoor bike storage, and a newer roof. Between the two buildings, there is a dedicated outdoor common area with tables, grill stations, and a fire pit. The monthly association fee covers heat, internet, water/sewer, garbage, snow and lawn care, gas, and hazard insurance. Rentals and pets are allowed. Located centrally, the property offers easy access to I-35, major transit lines, and dining, coffee, and cultural destinations. Road improvements are planned to enhance convenience and property values. The property size is 524 square feet.
Key Highlights
- Prime Whittier location: Steps from Eat Street, Minneapolis Institute of Arts, and minutes to downtown.
- Updated with a MODERN KITCHEN featuring granite countertops, maple cabinets, and stainless steel appliances.
- Affordable association fee covers heat, internet, water/sewer, garbage, snow/lawn care, gas, and hazard insurance.
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
$7,032
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
6.57%
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%
$140,640
$140.6K
Cap Rate 7%
$100,457
$100.5K
Cap Rate 9%
$78,133
$78.1K
Market Conditions
NOI Build-Up for 524 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
$13.6K $26.04/SF
− Vacancy
−$860 −$1.64/SF
EGI
$12.8K $24.40/SF
− OpEx
−$5.8K −$10.98/SF
NOI
$7.0K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$140,640
Cap Rate 7%
$100,457
Cap Rate 9%
$78,133
Alternative Uses
Best Use
Apartment 5plus
$100.5K
$87.9K – $117.2K
NOI $7,032 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$125.0K
$109.4K – $145.9K
NOI $8,751 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,271
Businesses Nearby
Explore this area
Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
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?
Apartment building - Updated 1-bedroom condo in Whittier, close to Eat Street.
Where is this apartment building located?
The property is located at 2530 1st Avenue S #N202 Minneapolis, MN.
What is the asking price?
The asking price for this property is $107,000.
What are key features of this property?
This property features: Prime Whittier location: Steps from Eat Street, Minneapolis Institute of Arts, and minutes to downtown.; Updated with a MODERN KITCHEN featuring granite countertops, maple cabinets, and stainless steel appliances.; Affordable association fee covers heat, internet, water/sewer, garbage, snow/lawn care, gas, and hazard insurance.
