Updated 2-Unit
For Sale
$489,900
4405 4th Ave S, Minneapolis, MN 55419
Two-level residential income property with renovated kitchens, refreshed interiors, and additional storage areas.
Property Size2,356 SF
Price / SF$207.94
Days on Market32
Property Features for 4405 4th Ave S
General Information
Standard status
Active
Size
2,356 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Amenities
basement storage
storage room
Building Details
Year Built
1900
Listing Agency:
HOMESTEAD ROAD
(763) 807-7550
Listed By:
Anthony Nguyen
Source:
Thehomeadvantagegroup
Added: Aug 1
Changed: Aug 31
Last Checked: Aug 31 at 6:37PM
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 HOMESTEAD ROAD
Investment Insights
Based on property information with market context.
Built in 1900, this 2,356-square-foot duplex is arranged as upper and lower residences. The lower unit includes two bedrooms, a living room, one updated full bathroom, and a decorative fireplace that is not operational. The upper unit provides four bedrooms, a living room, two updated full bathrooms, and a renovated kitchen.
Both units have updated kitchens with stainless steel appliances, newer cabinetry, and tile backsplashes. Property improvements also include fresh paint, LVP flooring, replacement windows, a new roof, and an updated electrical panel. An unfinished basement adds storage, while the detached garage includes an attached storage room.
Both units have updated kitchens with stainless steel appliances, newer cabinetry, and tile backsplashes. Property improvements also include fresh paint, LVP flooring, replacement windows, a new roof, and an updated electrical panel. An unfinished basement adds storage, while the detached garage includes an attached storage room.
Key Highlights
- 2,356 SF duplex built in 1900
- Upper unit with 4 bedrooms and 2 updated full bathrooms
- Lower unit with 2 bedrooms and an updated full bathroom
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
$34,423
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
7.03%
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%
$688,460
$688.5K
Cap Rate 7%
$491,757
$491.8K
Cap Rate 9%
$382,478
$382.5K
Market Conditions
NOI Build-Up for 2,356 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
$52.3K $22.20/SF
− Vacancy
−$3.1K −$1.33/SF
EGI
$49.2K $20.87/SF
− OpEx
−$14.8K −$6.26/SF
NOI
$34.4K $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%
$688,460
Cap Rate 7%
$491,757
Cap Rate 9%
$382,478
Alternative Uses
Best Use
Multifamily LT 5
$491.8K
$430.3K – $573.7K
NOI $34,423 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$451.7K
$395.2K – $527.0K
NOI $31,617 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$562.1K
$491.8K – $655.8K
NOI $39,346 @ 7.0% cap · market cap 8.03%
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
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 55419, MN
27,919
Population
12,119
Households
2.3
Avg Household Size
39
Median Age
72%
College-Educated
97%
High-School Grad
4.2 sq mi
ZIP Area
6,647
Density / Sq Mi
$143,254
Median Household Income
$77,467
Median Earnings
$1,476
Median Rent
$479,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level residential income property with renovated kitchens, refreshed interiors, and additional storage areas.
Where is this duplex located?
The property is located at 4405 4th Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 2,356 SF duplex built in 1900; Upper unit with 4 bedrooms and 2 updated full bathrooms; Lower unit with 2 bedrooms and an updated full bathroom
