Duplex with Updated
For Sale
$459,900
2600 University Avenue NE, Minneapolis, MN 55418
Each side includes two bedrooms, one bath, and in-unit laundry.
Property Size2,200 SF
Price / SF$209.05
Days on Market15
Property Features for 2600 University Avenue NE
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,791
Amenities
in unit laundry
updated kitchens
original hardwood floors
Building Details
Building Size
2,200 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
RE/MAX Advantage Plus
(218) 821-0998
Listed By:
Gage Hartman
(218) 821-0998
Source:
Juverealestate
Added: Aug 5
Changed: Aug 18
Last Checked: Aug 19 at 3:31PM
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 RE/MAX Advantage Plus
Investment Insights
Based on property information with market context.
This 2,200-square-foot duplex, built in 1900, is arranged as two residences with two bedrooms and one bathroom on each side. Original hardwood floors, updated kitchens, spacious rooms, and separate in-unit laundry provide a defined residential layout. The property occupies a corner lot at 2600 University Avenue NE in Minneapolis.
Located in Northeast Minneapolis’ Arts District, the duplex is near restaurants, coffee shops, and galleries, with access to the Mississippi River and downtown Minneapolis. The property is suited to an owner-occupant or a buyer seeking a two-unit residential income property.
Located in Northeast Minneapolis’ Arts District, the duplex is near restaurants, coffee shops, and galleries, with access to the Mississippi River and downtown Minneapolis. The property is suited to an owner-occupant or a buyer seeking a two-unit residential income property.
Key Highlights
- 2,200‑square‑foot duplex built in 1900
- Two bedrooms and one bathroom per unit
- Updated kitchens and original hardwood floors
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
$32,144
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
6.99%
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%
$642,880
$642.9K
Cap Rate 7%
$459,200
$459.2K
Cap Rate 9%
$357,156
$357.2K
Market Conditions
NOI Build-Up for 2,200 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
$48.8K $22.20/SF
− Vacancy
−$2.9K −$1.33/SF
EGI
$45.9K $20.87/SF
− OpEx
−$13.8K −$6.26/SF
NOI
$32.1K $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%
$642,880
Cap Rate 7%
$459,200
Cap Rate 9%
$357,156
Alternative Uses
Best Use
Multifamily LT 5
$459.2K
$401.8K – $535.7K
NOI $32,144 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$421.8K
$369.0K – $492.1K
NOI $29,523 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$524.9K
$459.3K – $612.4K
NOI $36,741 @ 7.0% cap · market cap 7.99%
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
2,456
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
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 - Each side includes two bedrooms, one bath, and in-unit laundry.
Where is this duplex located?
The property is located at 2600 University Avenue NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: 2,200‑square‑foot duplex built in 1900; Two bedrooms and one bathroom per unit; Updated kitchens and original hardwood floors
