Updated Two-Unit
For Sale
$424,900
2727 Harriet Ave, Minneapolis, MN 55405
Two residential units feature hardwood flooring, separate mechanical systems, cooling improvements, porches, sunrooms, and off-street parking.
Property Size2,238 SF
Price / SF$189.86
Days on Market22
Property Features for 2727 Harriet Ave
General Information
Standard status
Active
Size
2,238 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,962
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Entheos Commercial Realty, LLC
(612) 306-3258
Listed By:
Newton A Kirby
(612) 306-3258
Source:
Exprealty
Added: Jul 22
Changed: Aug 5
Last Checked: Aug 11 at 12:23PM
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 Entheos Commercial Realty, LLC
Investment Insights
Based on property information with market context.
This 2,238-square-foot duplex at 2727 Harriet Ave includes two residential units with hardwood floors throughout. Each unit offers a rear three-season sunroom, while the upper level includes a three-season front porch and the lower level has an open front porch. Vinyl thermal-pane windows and off-street parking add practical functionality.
The upper unit is served by a higher-efficiency forced-air furnace, and the lower unit has a higher-efficiency hot-water boiler; both systems were installed four years ago. Cooling includes central air in the lower unit and a mini-split system, both added in summer 2021. The roof and gutters were replaced in December 2023, and the front porch was rebuilt in early 2021.
The property is near public transportation, restaurants, and retail establishments in the Whittier and Uptown communities of Minneapolis.
The upper unit is served by a higher-efficiency forced-air furnace, and the lower unit has a higher-efficiency hot-water boiler; both systems were installed four years ago. Cooling includes central air in the lower unit and a mini-split system, both added in summer 2021. The roof and gutters were replaced in December 2023, and the front porch was rebuilt in early 2021.
The property is near public transportation, restaurants, and retail establishments in the Whittier and Uptown communities of Minneapolis.
Key Highlights
- 2,238‑square‑foot duplex with two residential units
- Hardwood floors extend throughout both units
- Upper unit includes a rear three‑season sunroom and front three‑season porch
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
$32,699
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
7.70%
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%
$653,980
$654.0K
Cap Rate 7%
$467,129
$467.1K
Cap Rate 9%
$363,322
$363.3K
Market Conditions
NOI Build-Up for 2,238 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%
$653,980
Cap Rate 7%
$467,129
Cap Rate 9%
$363,322
Alternative Uses
Best Use
Multifamily LT 5
$467.1K
$408.7K – $545.0K
NOI $32,699 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$429.0K
$375.4K – $500.6K
NOI $30,033 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$533.9K
$467.2K – $622.9K
NOI $37,376 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,366
Businesses Nearby
Explore this area
Business Placement
Demographics for 55405, MN
15,497
Population
8,724
Households
1.8
Avg Household Size
34
Median Age
59%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,535
Density / Sq Mi
$70,425
Median Household Income
$47,271
Median Earnings
$1,188
Median Rent
$450,200
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 hardwood flooring, separate mechanical systems, cooling improvements, porches, sunrooms, and off-street parking.
Where is this duplex located?
The property is located at 2727 Harriet Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 2,238‑square‑foot duplex with two residential units; Hardwood floors extend throughout both units; Upper unit includes a rear three‑season sunroom and front three‑season porch
