Duplex with Off-Street
2542 Garfield Avenue, Minneapolis, MN 55405
For Sale
$339,000
Residential Income, Minneapolis, MN
Property Size2,211 SF
Lot Size0.10 Acres
Price / SF$153.32
Days on Market60
Property Features for 2542 Garfield Avenue
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Subdivision
Lot features
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Building Details
Year built
Roof type
Buildings
Listing Agency:
DRG
(612) 777-8005
Listed By:
Richard E Newman
(612) 244-6613
Added: Sep 16
Changed: Oct 25
Last Checked: Nov 14 at 12:06AM
MLS# 7142239
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.
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Investment Insights
Based on property information with market context.
Built in 1918, this duplex contains 2,211 square feet on a 0.1-acre lot. Interior features include hardwood floors, a porch, three bedrooms, two bathrooms, a basement, and a laundry room. Hot-water heat serves the building. The roof and siding were replaced in 2024, and four off-street parking spaces are provided. The upper unit is leased through May 31, 2027.
The property is in Minneapolis’ Uptown/Whittier area, close to Lyndale Avenue restaurants, shops, and coffee shops. Downtown, Lake of the Isles, Bde Maka Ska, and public transit are also cited as nearby. The location is described as near downtown employers, hospitals, universities, and entertainment.
The property is in Minneapolis’ Uptown/Whittier area, close to Lyndale Avenue restaurants, shops, and coffee shops. Downtown, Lake of the Isles, Bde Maka Ska, and public transit are also cited as nearby. The location is described as near downtown employers, hospitals, universities, and entertainment.
Key Highlights
- Duplex with 2,211 square feet on a 0.1‑acre lot
- Four off‑street parking spaces
- Upper unit leased through May 31, 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,671
Cap Rate
8.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$593,420
$593.4K
Cap Rate 7%
$423,871
$423.9K
Cap Rate 9%
$329,678
$329.7K
Market Conditions
NOI Build-Up for 2,211 SF
Gross rent
$57.6K $26.04/SF
− Vacancy
−$3.6K −$1.64/SF
EGI
$53.9K $24.40/SF
− OpEx
−$24.3K −$10.98/SF
NOI
$29.7K $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 Rate 5%
$593,420
Cap Rate 7%
$423,871
Cap Rate 9%
$329,678
Alternative Uses
Best Use
Multifamily LT 5
$461.5K
$403.8K – $538.4K
NOI $32,304 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$423.9K
$370.9K – $494.5K
NOI $29,671 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$527.5K
$461.6K – $615.4K
NOI $36,925 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,293
Businesses Nearby
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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
$450,200
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Minneapolis, MN
Properties on Market for Duplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - A two-unit residence pairs original architectural details with a leased upper unit and recent exterior improvements.
Where is this duplex located?
The property is located at 2542 Garfield Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Duplex with 2,211 square feet on a 0.1‑acre lot; Four off‑street parking spaces; Upper unit leased through May 31, 2027
