Duplex with Ground-Level
For Sale
$520,000
2635 Pillsbury Avenue S, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size2,935 SF
Lot Size0.11 Acres
Price / SF$177.17
Days on Market50
Property Features for 2635 Pillsbury Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 3, Basement
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
J T Blaisdells Rev Add
High school district
Minneapolis
Directions
2635 pillsbury ave s minneapolis
Standard status
Active
APN
3402924310018
Size
2,935 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7950
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1900
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Travis Sabby
(612) 600-6000
Added: Aug 13
Changed: Oct 1
Last Checked: Oct 1 at 1:06PM
MLS# 7126850
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 2,935-square-foot duplex was built in 1900 and includes two residential units along with a furnished, ground-level nonconforming studio. The principal units are occupied, while the studio is vacant. One main unit is leased month-to-month, and current rents are below market levels. A detached oversized two-car garage provides additional on-site parking. The property has vinyl exterior siding and hot water heating.
Located at 2635 Pillsbury Avenue S in Minneapolis, the property sits on a 0.11-acre lot in South Minneapolis. Restaurants, shops, and transit are identified as nearby area amenities. The combination of two established units, a separate studio, and flexible occupancy terms creates a varied residential income configuration.
Located at 2635 Pillsbury Avenue S in Minneapolis, the property sits on a 0.11-acre lot in South Minneapolis. Restaurants, shops, and transit are identified as nearby area amenities. The combination of two established units, a separate studio, and flexible occupancy terms creates a varied residential income configuration.
Key Highlights
- 2,935‑square‑foot duplex on a 0.11‑acre lot
- Two residential units plus a furnished, ground‑level nonconforming studio
- Both main units are tenant occupied; studio is vacant
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
$42,882
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
8.25%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied main units are complemented by a furnished vacant studio and detached garage.
Where is this duplex located?
The property is located at 2635 Pillsbury Avenue 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‑foot duplex on a 0.11‑acre lot; Two residential units plus a furnished, ground‑level nonconforming studio; Both main units are tenant occupied; studio is vacant
