Updated Duplex with Basement
For Sale
$399,000
Pending
2841 36th Ave S, Minneapolis, MN 55418
Two-unit residential property with remodeled kitchens, refinished hardwood floors, and flexible lower-level rooms.
Property Size1,648 SF
Days on Market22
Property Features for 2841 36th Ave S
General Information
Standard status
Pending
Size
1,648 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,645
Building Details
Buildings
1
Listing Agency:
Jason Mitchell Group
(612) 760-1979
Listed By:
Eric J Eickhof
(612) 760-1979
Source:
Exprealty
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 20 at 7:57AM
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 Jason Mitchell Group
Investment Insights
Based on property information with market context.
This 1,648-square-foot duplex in Minneapolis includes refinished hardwood floors, freshly painted interiors, and light-filled rooms. Both kitchens have been remodeled with new countertops, appliances, and dishwashers. Basement bedrooms add adaptable space that can serve as offices, guest rooms, or storage areas. The property was owner-occupied for years, with updates made throughout the residence.
Located at 2841 36th Ave S, the two-unit configuration provides separate residential spaces within one property. The basement layout expands the usable options for occupants, while the refreshed interior finishes and updated kitchen components support immediate residential use.
Located at 2841 36th Ave S, the two-unit configuration provides separate residential spaces within one property. The basement layout expands the usable options for occupants, while the refreshed interior finishes and updated kitchen components support immediate residential use.
Key Highlights
- 1,648‑square‑foot duplex in Minneapolis
- Two‑unit residential configuration
- Remodeled kitchens with new countertops, appliances, and dishwashers
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
$24,078
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
6.03%
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%
$481,560
$481.6K
Cap Rate 7%
$343,971
$344.0K
Cap Rate 9%
$267,533
$267.5K
Market Conditions
NOI Build-Up for 1,648 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
$36.6K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$34.4K $20.87/SF
− OpEx
−$10.3K −$6.26/SF
NOI
$24.1K $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%
$481,560
Cap Rate 7%
$343,971
Cap Rate 9%
$267,533
Alternative Uses
Best Use
Multifamily LT 5
$344.0K
$301.0K – $401.3K
NOI $24,078 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$315.9K
$276.5K – $368.6K
NOI $22,116 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$393.2K
$344.0K – $458.7K
NOI $27,522 @ 7.0% cap · market cap 6.90%
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
768
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
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-unit residential property with remodeled kitchens, refinished hardwood floors, and flexible lower-level rooms.
Where is this duplex located?
The property is located at 2841 36th Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,648‑square‑foot duplex in Minneapolis; Two‑unit residential configuration; Remodeled kitchens with new countertops, appliances, and dishwashers
