Updated Duplex with Hardwood
For Sale
$475,000
256 Russell Avenue S, Minneapolis, MN 55405
Two matching residences feature renovated kitchens, private outdoor space, and separate gas and electric utilities.
Property Size2,380 SF
Price / SF$199.58
Days on Market55
Property Features for 256 Russell Avenue S
General Information
Standard status
Active
Size
2,380 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
storage
back yard
deck
washer/dryer
Building Details
Year Built
1900
Listing Agency:
Meta Realty
Listed By:
The BPR Experience
(952) 992-9279
Source:
Thebprexperience
Added: Aug 26
Changed: Oct 16
Last Checked: Oct 16 at 8:42AM
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 Meta Realty
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Investment Insights
Based on property information with market context.
Located at 256 Russell Avenue S in Minneapolis, this 2,380-square-foot duplex contains two matching 2-bedroom, 1-bathroom residences. Original wood trim and hardwood flooring run throughout, while both kitchens have been refreshed with quartz countertops. Each unit includes a private rear deck, and the property also offers an upper-level deck, a backyard, and tree cover.
The lower level provides laundry, storage, and access to a 2-car garage. Gas and electric utilities are separately metered by unit. Recent work includes a sewer line replacement to the street, a retaining wall completed in 2022, pavers and landscaping, a new lower-level refrigerator, ongoing annual boiler maintenance, and a water heater installed in 2018. The home was built in 1900.
The lower level provides laundry, storage, and access to a 2-car garage. Gas and electric utilities are separately metered by unit. Recent work includes a sewer line replacement to the street, a retaining wall completed in 2022, pavers and landscaping, a new lower-level refrigerator, ongoing annual boiler maintenance, and a water heater installed in 2018. The home was built in 1900.
Key Highlights
- Two matching 2‑bedroom, 1‑bathroom units within a 2,380‑square‑foot duplex
- Renovated kitchens with new quartz countertops in both units
- Original wood trim and hardwood floors throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,773
Cap Rate
7.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$695,460
$695.5K
Cap Rate 7%
$496,757
$496.8K
Cap Rate 9%
$386,367
$386.4K
Market Conditions
NOI Build-Up for 2,380 SF
Gross rent
$52.8K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$49.7K $20.87/SF
− OpEx
−$14.9K −$6.26/SF
NOI
$34.8K $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%
$695,460
Cap Rate 7%
$496,757
Cap Rate 9%
$386,367
Alternative Uses
Best Use
Multifamily LT 5
$496.8K
$434.7K – $579.6K
NOI $34,773 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$456.3K
$399.2K – $532.3K
NOI $31,939 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$567.8K
$496.8K – $662.5K
NOI $39,747 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
562
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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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 - Two matching residences feature renovated kitchens, private outdoor space, and separate gas and electric utilities.
Where is this duplex located?
The property is located at 256 Russell Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two matching 2‑bedroom, 1‑bathroom units within a 2,380‑square‑foot duplex; Renovated kitchens with new quartz countertops in both units; Original wood trim and hardwood floors throughout
