For Sale
$349,000
2542 Garfield Ave, Minneapolis, MN 55405
A 2024 roof and siding replacement complements four off-street parking spaces.
Property Size2,211 SF
Price / SF$157.85
Days on Market29
Property Features for 2542 Garfield Ave
General Information
Standard status
Active
Size
2,211 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,061
Building Details
Year Built
1918
Buildings
1
Listing Agency:
DRG
(612) 777-8005
Listed By:
Richard E Newman
(612) 749-6503
Source:
Exprealty
Added: Sep 18
Changed: Oct 1
Last Checked: Oct 15 at 12:07AM
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 DRG
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Investment Insights
Based on property information with market context.
Built in 1918, this 2,211-square-foot duplex features hardwood floors and original Minneapolis architectural character. Exterior work completed in 2024 included a new roof and siding. Four off-street parking spaces serve the property, and the upper unit is leased through May 31, 2027.
The property is in Minneapolis’ Uptown/Whittier area, near Lyndale Avenue restaurants, coffee shops, shopping, nightlife, and public transit. Downtown, Lake of the Isles, and Bde Maka Ska are also accessible from the area. Hospitals, universities, downtown employers, and entertainment are nearby.
The property is in Minneapolis’ Uptown/Whittier area, near Lyndale Avenue restaurants, coffee shops, shopping, nightlife, and public transit. Downtown, Lake of the Isles, and Bde Maka Ska are also accessible from the area. Hospitals, universities, downtown employers, and entertainment are nearby.
Key Highlights
- 2,211‑square‑foot duplex built in 1918
- Upper unit leased through May 31, 2027
- Four off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,671
Cap Rate
8.50%
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 9.26%
Second Best
Apartment 5plus
$423.9K
$370.9K – $494.5K
NOI $29,671 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$527.5K
$461.6K – $615.4K
NOI $36,925 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,293
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - A 2024 roof and siding replacement complements four off-street parking spaces.
Where is this duplex located?
The property is located at 2542 Garfield Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,211‑square‑foot duplex built in 1918; Upper unit leased through May 31, 2027; Four off‑street parking spaces
