Corner-Lot
For Sale
$449,900
2600 University Ave NE, Minneapolis, MN 55418
Well-kept two-unit property with updated kitchens, original hardwood floors, and in-unit laundry.
Property Size2,200 SF
Price / SF$204.50
Days on Market21
Property Features for 2600 University Ave NE
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Advantage Plus
Listed By:
Gage Hartman
(952) 226-7700
Source:
Thehomeadvantagegroup
Added: Aug 13
Changed: Aug 31
Last Checked: Sep 1 at 8:45PM
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.
Built in 1900, this 2,200-square-foot duplex contains two separate residences, each with two bedrooms, one bathroom, an updated kitchen, and in-unit laundry. Original hardwood floors and bright, generously sized rooms contribute to the character of both units, while the property’s maintained condition supports immediate residential use.
The building occupies a corner lot at 2600 University Ave NE in Minneapolis, within the Northeast Minneapolis Arts District and Marshall Terrace. Restaurants, coffee shops, and galleries are located nearby, with the Mississippi River and downtown Minneapolis also close to the property. The duplex offers a two-unit layout suited to owner occupancy or inclusion in a residential investment portfolio.
The building occupies a corner lot at 2600 University Ave NE in Minneapolis, within the Northeast Minneapolis Arts District and Marshall Terrace. Restaurants, coffee shops, and galleries are located nearby, with the Mississippi River and downtown Minneapolis also close to the property. The duplex offers a two-unit layout suited to owner occupancy or inclusion in a residential investment portfolio.
Key Highlights
- 2,200‑square‑foot duplex with two separate units
- Each unit includes 2 bedrooms and 1 bathroom
- Updated kitchens and in‑unit laundry in both residences
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
7.14%
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 7.14%
Second Best
Apartment 5plus
$421.8K
$369.0K – $492.1K
NOI $29,523 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$524.9K
$459.3K – $612.4K
NOI $36,741 @ 7.0% cap · market cap 8.17%
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 - Well-kept two-unit property with updated kitchens, original hardwood floors, and in-unit laundry.
Where is this duplex located?
The property is located at 2600 University Ave NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,200‑square‑foot duplex with two separate units; Each unit includes 2 bedrooms and 1 bathroom; Updated kitchens and in‑unit laundry in both residences
