Corner-Lot Duplex with Remodeled
For Sale
$575,000
2933 Drew Ave S, Minneapolis, MN 55422
Two-unit property with a fenced backyard, patio, and one vacant residence.
Property Size2,504 SF
Price / SF$229.63
Days on Market83
Property Features for 2933 Drew Ave S
General Information
Standard status
Active
Size
2,504 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$11,453
Listing Agency:
Jason Mitchell Group
(952) 454-5190
Listed By:
Isaac Larson
(612) 790-8292
Source:
Exprealty
Added: Jun 12
Changed: Aug 31
Last Checked: Aug 31 at 6:42PM
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 2,504-square-foot duplex includes two residences with updated kitchens, strong natural light, and preserved character details. The upper unit is vacant, while the lower unit is occupied, offering an existing rental arrangement alongside a currently available residence. A fenced backyard and patio provide private outdoor space for each household to enjoy.
The property sits at 2933 Drew Ave S in Minneapolis’ Cedar-Isles-Dean neighborhood. Cedar Lake, Bde Maka Ska, Lake of the Isles, Whole Foods, Wakame Sushi, Taberna, and the new light rail station are all identified as walkable destinations nearby. The building’s corner-lot position adds a distinct site characteristic within this established residential setting.
The property sits at 2933 Drew Ave S in Minneapolis’ Cedar-Isles-Dean neighborhood. Cedar Lake, Bde Maka Ska, Lake of the Isles, Whole Foods, Wakame Sushi, Taberna, and the new light rail station are all identified as walkable destinations nearby. The building’s corner-lot position adds a distinct site characteristic within this established residential setting.
Key Highlights
- 2,504 SF duplex with two residential units
- Remodeled kitchens in both units
- Upper unit is vacant for owner occupancy
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
$36,585
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
6.36%
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%
$731,700
$731.7K
Cap Rate 7%
$522,643
$522.6K
Cap Rate 9%
$406,500
$406.5K
Market Conditions
NOI Build-Up for 2,504 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
$55.6K $22.20/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$52.3K $20.87/SF
− OpEx
−$15.7K −$6.26/SF
NOI
$36.6K $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%
$731,700
Cap Rate 7%
$522,643
Cap Rate 9%
$406,500
Alternative Uses
Best Use
Multifamily LT 5
$522.6K
$457.3K – $609.8K
NOI $36,585 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$480.0K
$420.0K – $560.1K
NOI $33,603 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 55422, MN
29,290
Population
13,082
Households
2.2
Avg Household Size
40
Median Age
46%
College-Educated
95%
High-School Grad
8.5 sq mi
ZIP Area
3,446
Density / Sq Mi
$91,173
Median Household Income
$55,759
Median Earnings
$1,576
Median Rent
$314,200
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-unit property with a fenced backyard, patio, and one vacant residence.
Where is this duplex located?
The property is located at 2933 Drew Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2,504 SF duplex with two residential units; Remodeled kitchens in both units; Upper unit is vacant for owner occupancy
