Character-Rich Duplex with Finished Third
For Sale
$375,332
2644 Garfield Avenue, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size2,553 SF
Lot Size0.12 Acres
Price / SF$147.02
Days on Market53
Property Features for 2644 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 4, Bathroom 3, Basement, Bedroom 3, Bathroom 1
Parking features
Driveway, Garage - Detached
Exterior features
Stucco
Subdivision
Hoblitts Add
High school district
Minneapolis
Directions
24th to Garfield Ave, North to home on right.
Standard status
Active
APN
3402924320137
Size
2,553 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6007
Utilities
Heating system
Baseboard, Oil
Amenities
front porch
private deck
Building Details
Year built
1906
Roof type
Shingle
Listing Agency:
Gallery of Homes
(218) 587-4444
Listed By:
Daniel Pflugshaupt
(218) 839-7700
Added: Jul 27
Changed: Sep 15
Last Checked: Sep 17 at 6:06PM
MLS# 7116888
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 1906, this 2,553-square-foot duplex combines two-unit functionality with preserved architectural details. The upper residence includes 3 bedrooms and 2 bathrooms, while the lower residence offers 2 bedrooms and 1 bathroom. A finished third level adds usable interior space, and the property also includes a basement, front porch, and private deck. Original features include natural woodwork, an ornate staircase, stained glass, built-ins, and hardwood flooring. Both kitchens have been updated while retaining the building’s period character.
The 0.12-acre property is located at 2644 Garfield Avenue in Minneapolis, within ZIP Code 55408. Exterior construction is stucco, with a shingle roof and baseboard heating powered by oil. Parking is provided by a detached garage and driveway.
The 0.12-acre property is located at 2644 Garfield Avenue in Minneapolis, within ZIP Code 55408. Exterior construction is stucco, with a shingle roof and baseboard heating powered by oil. Parking is provided by a detached garage and driveway.
Key Highlights
- Duplex with 3‑bedroom/2‑bath upper unit and 2‑bedroom/1‑bath lower unit
- 2,553 square feet on a 0.12‑acre lot
- Finished third level plus basement, front porch, and private deck
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
$34,261
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
9.13%
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%
$685,220
$685.2K
Cap Rate 7%
$489,443
$489.4K
Cap Rate 9%
$380,678
$380.7K
Market Conditions
NOI Build-Up for 2,553 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
$66.5K $26.04/SF
− Vacancy
−$4.2K −$1.64/SF
EGI
$62.3K $24.40/SF
− OpEx
−$28.0K −$10.98/SF
NOI
$34.3K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$685,220
Cap Rate 7%
$489,443
Cap Rate 9%
$380,678
Alternative Uses
Best Use
Multifamily LT 5
$532.9K
$466.3K – $621.7K
NOI $37,301 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$489.4K
$428.3K – $571.0K
NOI $34,261 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$609.1K
$533.0K – $710.6K
NOI $42,636 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,058
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 updated kitchens complement original woodwork, stained glass, built-ins, and hardwood floors throughout the residence.
Where is this duplex located?
The property is located at 2644 Garfield Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $375,332.
What are key features of this property?
This property features: Duplex with 3‑bedroom/2‑bath upper unit and 2‑bedroom/1‑bath lower unit; 2,553 square feet on a 0.12‑acre lot; Finished third level plus basement, front porch, and private deck
