Duplex with Ground-Level
For Sale
$520,000
2635 Pillsbury Ave S, Minneapolis, MN 55408
Two occupied main units and a vacant furnished studio provide flexible residential income options.
Property Size2,935 SF
Price / SF$177.17
Days on Market61
Property Features for 2635 Pillsbury Ave S
General Information
Standard status
Active
Size
2,935 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Real Broker, LLC
Listed By:
CJ Smith
(612) 600-6000
Source:
Thehomeadvantagegroup
Added: Aug 17
Changed: Oct 6
Last Checked: Oct 7 at 5:47PM
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 Real Broker, LLC
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Investment Insights
Based on property information with market context.
This 2,935-square-foot duplex includes two residential units plus a furnished, ground-level nonconforming studio. The main units are tenant occupied, while the studio is vacant. One principal unit is leased month-to-month, creating flexibility in the existing occupancy arrangement. An oversized 2-car garage is also included. Built in 1900, the property combines traditional residential space with an additional ground-level studio.
Located at 2635 Pillsbury Ave S in Minneapolis, the property is near restaurants, shops, and transit within South Minneapolis. The current configuration includes occupied units, a vacant studio, and a garage, offering several distinct components within one residential property.
Located at 2635 Pillsbury Ave S in Minneapolis, the property is near restaurants, shops, and transit within South Minneapolis. The current configuration includes occupied units, a vacant studio, and a garage, offering several distinct components within one residential property.
Key Highlights
- 2,935 square feet of building area
- Two tenant‑occupied residential units
- Furnished, ground‑level nonconforming studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,882
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$857,640
$857.6K
Cap Rate 7%
$612,600
$612.6K
Cap Rate 9%
$476,467
$476.5K
Market Conditions
NOI Build-Up for 2,935 SF
Gross rent
$65.2K $22.20/SF
− Vacancy
−$3.9K −$1.33/SF
EGI
$61.3K $20.87/SF
− OpEx
−$18.4K −$6.26/SF
NOI
$42.9K $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 Rate 5%
$857,640
Cap Rate 7%
$612,600
Cap Rate 9%
$476,467
Alternative Uses
Best Use
Multifamily LT 5
$612.6K
$536.0K – $714.7K
NOI $42,882 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$562.7K
$492.3K – $656.5K
NOI $39,387 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$700.2K
$612.7K – $816.9K
NOI $49,016 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,002
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied main units and a vacant furnished studio provide flexible residential income options.
Where is this duplex located?
The property is located at 2635 Pillsbury Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 2,935 square feet of building area; Two tenant‑occupied residential units; Furnished, ground‑level nonconforming studio
