Updated Up-and-Down
New
For Sale
$289,900
2631 Girard Avenue N, Minneapolis, MN 55411
Residential Income, Minneapolis, MN
Property Size1,709 SF
Lot Size0.12 Acres
Price / SF$169.63
Days on Market4
Property Features for 2631 Girard Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5
Parking features
Garage - Detached
Subdivision
Fairmount Park Add
High school district
Minneapolis
Directions
From I94 and W Broadway Ave; turn right on Emerson Ave; turn left on 26th Ave; Turn right on Girard Ave; home will be a few houses down on the left.
Standard status
Active
APN
0902924430178
Size
1,709 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4078
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Derwayne Isaac Moore
(612) 821-7400
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 3:06PM
MLS# 7151519
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.
This 1,709-square-foot duplex contains two separate residences: a main-floor unit with 2 bedrooms and 1 bathroom, and an upper-floor unit with 3 bedrooms and 1 bathroom. The property has undergone updates and includes forced-air heating and a detached garage. It was built in 1900 and occupies a 0.12-acre lot.
Located in Minneapolis, the property has access to parks, schools, shopping, dining, downtown, and major commuter routes.
Located in Minneapolis, the property has access to parks, schools, shopping, dining, downtown, and major commuter routes.
Key Highlights
- Two units: 2 bedrooms and 1 bathroom on the main floor; 3 bedrooms and 1 bathroom upstairs
- 1,709 square feet on a 0.12‑acre lot
- Detached garage and forced‑air heating
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
$24,970
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
8.61%
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%
$499,400
$499.4K
Cap Rate 7%
$356,714
$356.7K
Cap Rate 9%
$277,444
$277.4K
Market Conditions
NOI Build-Up for 1,709 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
$37.9K $22.20/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$35.7K $20.87/SF
− OpEx
−$10.7K −$6.26/SF
NOI
$25.0K $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%
$499,400
Cap Rate 7%
$356,714
Cap Rate 9%
$277,444
Alternative Uses
Best Use
Multifamily LT 5
$356.7K
$312.1K – $416.2K
NOI $24,970 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$327.6K
$286.7K – $382.2K
NOI $22,934 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$407.7K
$356.8K – $475.7K
NOI $28,541 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The two residences have two bedrooms on the main floor and three bedrooms on the upper floor.
Where is this duplex located?
The property is located at 2631 Girard Avenue N Minneapolis, MN.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two units: 2 bedrooms and 1 bathroom on the main floor; 3 bedrooms and 1 bathroom upstairs; 1,709 square feet on a 0.12‑acre lot; Detached garage and forced‑air heating
