Two-Unit Duplex with Updated
For Sale
$365,000
2800 32nd Avenue S, Minneapolis, MN 55406
The upper apartment has one bedroom, while the main-floor residence features hardwood floors and built-in bedroom storage.
Property Size1,850 SF
Price / SF$197.30
Days on Market10
Property Features for 2800 32nd Avenue S
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
landscaped boulevards
fenced yard
shared laundry
skylights
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Counselor Realty Of Victoria
Listed By:
The Antonov Group
(612) 445-4981
Source:
Theantonovgroup
Added: Oct 9
Changed: Oct 16
Last Checked: Oct 16 at 9:13AM
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 Counselor Realty Of Victoria
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Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1900, pairs a main-floor apartment with an upper-level one-bedroom unit. The main residence has hardwood floors, a large kitchen with substantial storage, original woodwork, and built-in bedroom storage. Upstairs, an openable skylight brings daylight into the apartment, and a former front closet has been adapted as office space. A 22-by-6-foot walk-in closet provides additional storage in the bedroom.
The property has a fenced rear yard and landscaped boulevards. Shared basement laundry equipment is commercial grade. Improvements include a roof installed in 2023, a water heater from 2017, new windows, and exterior paint completed in 2026. Boiler permit dates to 2018.
The property has a fenced rear yard and landscaped boulevards. Shared basement laundry equipment is commercial grade. Improvements include a roof installed in 2023, a water heater from 2017, new windows, and exterior paint completed in 2026. Boiler permit dates to 2018.
Key Highlights
- Two apartments, including an upper‑level one‑bedroom unit
- 22‑by‑6‑foot bedroom walk‑in closet in the upper apartment
- Roof installed in 2023; water heater dates to 2017
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,974
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$479,480
$479.5K
Cap Rate 7%
$342,486
$342.5K
Cap Rate 9%
$266,378
$266.4K
Market Conditions
NOI Build-Up for 1,850 SF
Gross rent
$36.6K $19.80/SF
− Vacancy
−$2.4K −$1.29/SF
EGI
$34.2K $18.51/SF
− OpEx
−$10.3K −$5.55/SF
NOI
$24.0K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$479,480
Cap Rate 7%
$342,486
Cap Rate 9%
$266,378
Alternative Uses
Best Use
Multifamily LT 5
$342.5K
$299.7K – $399.6K
NOI $23,974 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$318.8K
$278.9K – $371.9K
NOI $22,314 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$540.6K
$473.0K – $630.7K
NOI $37,841 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
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 - The upper apartment has one bedroom, while the main-floor residence features hardwood floors and built-in bedroom storage.
Where is this duplex located?
The property is located at 2800 32nd Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two apartments, including an upper‑level one‑bedroom unit; 22‑by‑6‑foot bedroom walk‑in closet in the upper apartment; Roof installed in 2023; water heater dates to 2017
