Updated Duplex with Detached
For Sale
$439,000
2637 Emerson Ave S, Minneapolis, MN 55411
Two residential units feature refreshed interiors, hardwood floors, newer windows, and access to a private backyard.
Property Size2,239 SF
Price / SF$196.07
Days on Market84
Property Features for 2637 Emerson Ave S
General Information
Standard status
Active
Size
2,239 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,617
Listing Agency:
eXp Realty
(651) 398-2889
Listed By:
Steve Gaertner
(651) 398-2889
Source:
Exprealty
Added: May 28
Changed: Aug 12
Last Checked: Aug 19 at 2:57PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This Minneapolis duplex contains two residential units, each with a three-bedroom layout and an additional bedroom in the lower level. Interior improvements include refinished bathrooms, selected newer windows, refinished hardwood flooring, and fresh paint. The property measures 2,239 square feet overall.
An unfinished third floor offers additional space for future buildout. Outside, the property includes a private backyard and a detached 2+ garage, providing valuable accessory space and the potential for additional income. Located at 2637 Emerson Ave S in Minneapolis, the property is offered for sale.
An unfinished third floor offers additional space for future buildout. Outside, the property includes a private backyard and a detached 2+ garage, providing valuable accessory space and the potential for additional income. Located at 2637 Emerson Ave S in Minneapolis, the property is offered for sale.
Key Highlights
- Two‑unit duplex with 2,239 square feet
- Each unit includes 3 bedrooms plus an additional lower‑level bedroom
- Refinished bathrooms, hardwood floors, newer windows, and fresh paint
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
$32,713
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
7.45%
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%
$654,260
$654.3K
Cap Rate 7%
$467,329
$467.3K
Cap Rate 9%
$363,478
$363.5K
Market Conditions
NOI Build-Up for 2,239 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
$49.7K $22.20/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$46.7K $20.87/SF
− OpEx
−$14.0K −$6.26/SF
NOI
$32.7K $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%
$654,260
Cap Rate 7%
$467,329
Cap Rate 9%
$363,478
Alternative Uses
Best Use
Multifamily LT 5
$467.3K
$408.9K – $545.2K
NOI $32,713 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$429.2K
$375.6K – $500.8K
NOI $30,047 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$534.2K
$467.4K – $623.2K
NOI $37,393 @ 7.0% cap · market cap 8.52%
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
3,230
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
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 - Two residential units feature refreshed interiors, hardwood floors, newer windows, and access to a private backyard.
Where is this duplex located?
The property is located at 2637 Emerson Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,239 square feet; Each unit includes 3 bedrooms plus an additional lower‑level bedroom; Refinished bathrooms, hardwood floors, newer windows, and fresh paint
