Duplex with
2916 S 9th Street, Minneapolis, MN 55406
For Sale
$390,000
Pending
Each residence has its own laundry, furnace, and air-conditioning unit.
Property Size1,923 SF
Days on Market29
Property Features for 2916 S 9th Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Amenities
in-unit laundry
in-unit AC
Building Details
Year Built
Stories
Listing Agency:
Edina Realty, Inc.
(952) 934-5000
Listed By:
Michael C Esterley
(612) 819-4338
Source:
Caibert
Added: Oct 16
Changed: Nov 13
Last Checked: Nov 13 at 6:54AM
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 Edina Realty, Inc.
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Investment Insights
Based on property information with market context.
This 1,923-square-foot duplex was built in 1906 and is licensed by the City of Minneapolis as a rental property. The two-level layout contains four bedrooms—two on each level—and two bathrooms: a full bath on the main floor and a three-quarter bath upstairs. Both units have separate laundry, furnace, and air-conditioning equipment.
The property has updated windows and doors, with Marvin tilt-in windows upstairs and Andersen windows and doors on the main level. The roof is three years old. A garage accommodates three cars, with tandem parking on one side. The property is near Augsburg College and the University of Minnesota.
The property has updated windows and doors, with Marvin tilt-in windows upstairs and Andersen windows and doors on the main level. The roof is three years old. A garage accommodates three cars, with tandem parking on one side. The property is near Augsburg College and the University of Minnesota.
Key Highlights
- 1,923 square feet in a duplex built in 1906
- Four bedrooms: two upstairs and two on the main level
- Two bathrooms: full bath on the main level and 3/4 bath upstairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,920
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$498,400
$498.4K
Cap Rate 7%
$356,000
$356.0K
Cap Rate 9%
$276,889
$276.9K
Market Conditions
NOI Build-Up for 1,923 SF
Gross rent
$38.1K $19.80/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$35.6K $18.51/SF
− OpEx
−$10.7K −$5.55/SF
NOI
$24.9K $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%
$498,400
Cap Rate 7%
$356,000
Cap Rate 9%
$276,889
Alternative Uses
Best Use
Multifamily LT 5
$356.0K
$311.5K – $415.3K
NOI $24,920 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$331.3K
$289.9K – $386.6K
NOI $23,194 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$561.9K
$491.7K – $655.6K
NOI $39,334 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,357
Businesses Nearby
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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
$335,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Minneapolis, MN
Properties on Market for Duplexes in Minneapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has its own laundry, furnace, and air-conditioning unit.
Where is this duplex located?
The property is located at 2916 S 9th Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 1,923 square feet in a duplex built in 1906; Four bedrooms: two upstairs and two on the main level; Two bathrooms: full bath on the main level and 3/4 bath upstairs
