Updated Duplex with Hardwood
For Sale
$495,000
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$207.98
Days on Market11
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:
Lpt Realty, LLC
Listed By:
The BPR Experience
(952) 992-9279
Source:
Thebprexperience
Added: Aug 26
Changed: Sep 4
Last Checked: Sep 5 at 7:08AM
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 Lpt Realty, LLC
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 = 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
$34,773
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
7.02%
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%
$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
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
$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 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%
$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 7.02%
Second Best
Apartment 5plus
$456.3K
$399.2K – $532.3K
NOI $31,939 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$567.8K
$496.8K – $662.5K
NOI $39,747 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
562
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
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?
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 $495,000.
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
