Duplex with
New
For Sale
$750,000
4517 Aldrich Avenue S, Minneapolis, MN 55419
Residential Income, Minneapolis, MN
Property Size3,060 SF
Lot Size0.12 Acres
Price / SF$245.10
Days on Market6
Property Features for 4517 Aldrich Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Basement, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Laundry Room, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4
Parking features
Garage - Detached
Patio and Porch features
Deck
Subdivision
Remingtons 3rd Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
Lyndale to 45th then south to destination
Standard status
Active
APN
0902824440113
Size
3,060 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
12679
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1924
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Maia Hope Poling
(612) 821-7400
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 7146953
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1924, this 3,060-square-foot duplex has an upper and a lower residence, each with three bedrooms and one bathroom. Hardwood flooring, built-in cabinetry, wood trim, and a fireplace in each unit contribute to the interior character. The basement includes an additional bathroom. A detached garage and deck are also part of the property, which occupies a 0.12-acre lot and has hot water heating.
Lake Harriet, Linden Hills, and shops and restaurants along 46th and 50th streets are described as being a few blocks away.
Lake Harriet, Linden Hills, and shops and restaurants along 46th and 50th streets are described as being a few blocks away.
Key Highlights
- Two units arranged on separate upper and lower levels
- 3,060 square feet on a 0.12‑acre lot
- Each unit has 3 bedrooms and 1 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
$44,709
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
5.96%
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%
$894,180
$894.2K
Cap Rate 7%
$638,700
$638.7K
Cap Rate 9%
$496,767
$496.8K
Market Conditions
NOI Build-Up for 3,060 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
$67.9K $22.20/SF
− Vacancy
−$4.1K −$1.33/SF
EGI
$63.9K $20.87/SF
− OpEx
−$19.2K −$6.26/SF
NOI
$44.7K $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%
$894,180
Cap Rate 7%
$638,700
Cap Rate 9%
$496,767
Alternative Uses
Best Use
Multifamily LT 5
$638.7K
$558.9K – $745.2K
NOI $44,709 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$586.6K
$513.3K – $684.4K
NOI $41,064 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$730.1K
$638.8K – $851.7K
NOI $51,104 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
767
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 separately arranged residences each provide three bedrooms, a full bathroom, and period woodwork.
Where is this duplex located?
The property is located at 4517 Aldrich Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two units arranged on separate upper and lower levels; 3,060 square feet on a 0.12‑acre lot; Each unit has 3 bedrooms and 1 bathroom
