Brick Side-by-Side
For Sale
$524,900
Pending
5038 Nicollet Avenue, Minneapolis, MN 55419
Residential Income, Minneapolis, MN
Property Size1,867 SF
Lot Size0.17 Acres
Days on Market56
Property Features for 5038 Nicollet Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Parking features
Garage - Detached, Garage
Exterior features
Brick/Stone
Fencing
Chain Link
Subdivision
Washburn Hill Add
Lot features
Public Transit (w/in 6 blks)
High school district
Minneapolis
Directions
Located on 50th and Nicollet. Please note there is construction on
Standard status
Pending
APN
1502824310100
Size
1,867 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7151
Utilities
Heating system
Forced Air
Building Details
Year built
1940
Building materials
Brick, Frame
Listing Agency:
Tangletown Realty
(612) 296-6900
Listed By:
Angela P. Larson
(651) 203-1788
Added: Jul 8
Changed: Aug 26
Last Checked: Sep 1 at 6:06PM
MLS# 7104971
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.
This side-by-side duplex provides 1,867 square feet within a brick-and-frame structure built in 1940. The property has received multiple updates while retaining original character, including refinished hardwood flooring, select cabinetry, built-ins, and period-style bathroom details. A full basement adds storage, and forced-air heating serves the home. The layout supports either owner occupancy or use as a rental property.
Set on a 0.17-acre lot at 5038 Nicollet Avenue in Minneapolis, the property includes mature landscaping, a detached garage, and a chain-link fence. The backyard has a separately fenced section associated with one unit, adding defined outdoor space. The brick exterior and two-unit configuration provide a distinct residential income asset with established physical improvements.
Set on a 0.17-acre lot at 5038 Nicollet Avenue in Minneapolis, the property includes mature landscaping, a detached garage, and a chain-link fence. The backyard has a separately fenced section associated with one unit, adding defined outdoor space. The brick exterior and two-unit configuration provide a distinct residential income asset with established physical improvements.
Key Highlights
- Side‑by‑side duplex at 5038 Nicollet Avenue, Minneapolis, MN 55419
- 1,867 square feet on a 0.17‑acre lot
- Brick‑and‑frame construction completed in 1940
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
$27,278
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
5.20%
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%
$545,560
$545.6K
Cap Rate 7%
$389,686
$389.7K
Cap Rate 9%
$303,089
$303.1K
Market Conditions
NOI Build-Up for 1,867 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
$41.4K $22.20/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$39.0K $20.87/SF
− OpEx
−$11.7K −$6.26/SF
NOI
$27.3K $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%
$545,560
Cap Rate 7%
$389,686
Cap Rate 9%
$303,089
Alternative Uses
Best Use
Multifamily LT 5
$389.7K
$341.0K – $454.6K
NOI $27,278 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$357.9K
$313.2K – $417.6K
NOI $25,055 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$445.4K
$389.8K – $519.7K
NOI $31,180 @ 7.0% cap · market cap 5.94%
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
696
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
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property with full basement, detached garage, and fenced outdoor area.
Where is this duplex located?
The property is located at 5038 Nicollet Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Side‑by‑side duplex at 5038 Nicollet Avenue, Minneapolis, MN 55419; 1,867 square feet on a 0.17‑acre lot; Brick‑and‑frame construction completed in 1940
