Building Details

Year Built 1916

Listing Agency: eXp Realty

Listed By: Joseph P. Torkildson Show Phone

Source: Thehomeadvantagegroup

Added: Aug 21 Changed: Oct 3 Last Checked: Oct 16 at 12:11PM

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Investment Insights

Based on property information with market context.

Built in 1916, this 1,554-square-foot duplex includes two residential units along with an unfinished attic in the upper unit. The basement contains a 3/4 bath and ceiling height suitable for additional finished space. Improvements include new electrical service throughout, an updated boiler, and structural work to the rear deck and patio.

A concrete parking pad is located behind the property, with the site identified for a future two-car garage. The property is at 2538 Jefferson St NE in Minneapolis’ Holland neighborhood, near breweries, coffee shops, art galleries, and parks in Northeast Minneapolis.

Key Highlights

• Two‑unit duplex built in 1916
• 1,554 SF property with an unfinished upper‑level attic
• Basement includes a 3/4 bath and ceiling height for additional finished space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,705

Cap Rate

5.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$454,100 $454.1K

Cap Rate 7%

$324,357 $324.4K

Cap Rate 9%

$252,278 $252.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,554 SF

Gross rent

$34.5K $22.20/SF

− Vacancy

−$2.1K −$1.33/SF

EGI

$32.4K $20.87/SF

− OpEx

−$9.7K −$6.26/SF

NOI

$22.7K $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 Rate 5%

$454,100

Cap Rate 7%

$324,357

Cap Rate 9%

$252,278

Alternative Uses

Best Use

Multifamily LT 5

$324.4K

$283.8K – $378.4K (±1% cap)

NOI $22,705 @ 7.0% cap · market cap 5.54%

Second Best

Apartment 5plus

$297.9K

$260.7K – $347.6K (±1% cap)

NOI $20,854 @ 7.0% cap · market cap 5.09%

Theoretical Best

Office A

$370.8K

$324.4K – $432.6K (±1% cap)

NOI $25,953 @ 7.0% cap · market cap 6.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Electrical Service Plumbing Service (Bike/Boat/Book/etc) Store Veterinary Clinic Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

1,011

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property includes updated electrical, a boiler upgrade, and basement expansion space.

Where is this duplex located?

The property is located at 2538 Jefferson St NE Minneapolis, MN.

What is the asking price?

The asking price for this property is $409,900.

What are key features of this property?

This property features: Two‑unit duplex built in 1916; 1,554 SF property with an unfinished upper‑level attic; Basement includes a 3/4 bath and ceiling height for additional finished space