Updated Victorian
For Sale
$550,000
Pending
2612 Colfax Avenue S, Minneapolis, MN 55408
MULTI_FAMILY - Minneapolis, MN
Property Size3,090 SF
Lot Size0.12 Acres
Days on Market80
Property Features for 2612 Colfax Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 6, Bathroom 3, Basement, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 1
Exterior features
Wood
Subdivision
Barons Sub Lt 3 R P Russell Outlot
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
Hennepin Ave to east on 28th St to north on Colfax to property.
Standard status
Pending
APN
3302924410024
Size
3,090 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8089
Utilities
Heating system
Forced Air
Amenities
in-unit washer and dryer
Building Details
Year built
1900
Building materials
Stone
Roof type
Shingle
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka · Keller Williams Realty
(952) 475-0111
Listed By:
Billy Pauling · License #20431277
(952) 475-0111
Added: May 27
Changed: Aug 14
Last Checked: Aug 14 at 11:06PM
MLS# 7080720
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1900, this 3,090-square-foot duplex combines Victorian-era character with extensive recent improvements. The property includes six bedrooms, three bathrooms, a basement, and multiple living areas. Interior and exterior painting complements the original architectural character, while updated bathrooms and a refreshed second-floor kitchen support everyday functionality. The upper level also includes a kitchenette and in-unit washer and dryer.
Mechanical improvements include renovated furnaces, replaced A/C condensers, and split units on the top floor. Exterior enhancements include terraced landscaping, irrigation, hedges, flowers, perimeter plantings, and defined rear parking for up to five vehicles. The property occupies a 0.12-acre lot at 2612 Colfax Avenue S in Minneapolis, Minnesota, with wood exterior elements, stone construction materials, and a shingle roof.
Mechanical improvements include renovated furnaces, replaced A/C condensers, and split units on the top floor. Exterior enhancements include terraced landscaping, irrigation, hedges, flowers, perimeter plantings, and defined rear parking for up to five vehicles. The property occupies a 0.12-acre lot at 2612 Colfax Avenue S in Minneapolis, Minnesota, with wood exterior elements, stone construction materials, and a shingle roof.
Key Highlights
- 3,090‑square‑foot duplex built in 1900
- Six bedrooms, three bathrooms, multiple living areas, and a basement
- Updated bathrooms on every level and refreshed second‑floor kitchen
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
$45,147
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
8.21%
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%
$902,940
$902.9K
Cap Rate 7%
$644,957
$645.0K
Cap Rate 9%
$501,633
$501.6K
Market Conditions
NOI Build-Up for 3,090 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
$68.6K $22.20/SF
− Vacancy
−$4.1K −$1.33/SF
EGI
$64.5K $20.87/SF
− OpEx
−$19.3K −$6.26/SF
NOI
$45.1K $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%
$902,940
Cap Rate 7%
$644,957
Cap Rate 9%
$501,633
Alternative Uses
Best Use
Multifamily LT 5
$645.0K
$564.3K – $752.5K
NOI $45,147 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$592.4K
$518.3K – $691.1K
NOI $41,467 @ 7.0% cap · market cap 7.54%
Theoretical Best
Office A
$737.2K
$645.1K – $860.1K
NOI $51,605 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,519
Businesses Nearby
Explore this area
Business Placement
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Historic residential income property with refreshed interiors, landscaped grounds, and flexible living arrangements.
Where is this duplex located?
The property is located at 2612 Colfax Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,090‑square‑foot duplex built in 1900; Six bedrooms, three bathrooms, multiple living areas, and a basement; Updated bathrooms on every level and refreshed second‑floor kitchen
