Turnkey Duplex with Brick
5053 Penn Avenue S Minneapolis, MN 55419
5053 Penn Avenue S, Minneapolis, MN, 55419
$650,000
For Sale
$650,000
MULTI_FAMILY - Minneapolis, MN
Property Size2,146 SF
Lot Size0.12 Acres
Price / SF$302.89
Days on Market13
Property Features for 5053 Penn Avenue S
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bathroom 2, Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 2, Basement
- Parking features
- Garage - Detached
- Exterior features
- Stucco
- Standard status
- Active
- APN
- 1602824320017
- Size
- 2,146 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 9467
Utilities
- Heating system
- Oil
Building Details
- Year built
- 1923
- Building materials
- Frame
Listing Agency
Keller Williams Realty Integrity
(952) 938-6100
7401 Metro Blvd No. 350 Edina, Edina, MN
Listed by
Kari M Lundin
(612) 998-8959
Added: Jul 7 Checked: Jul 19 at 3:06 am
MLS# 7100786
Listing URL
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 turnkey duplex features two residential units, each offering three bedrooms. The third bedroom is positioned down a back hallway, creating separation within the layout. Updates are noted throughout, along with original woodwork and built-ins. Both units include separate washer and dryer setups.
Set near Lake Harriet and close to Minnehaha Creek, the property is also described as being near neighborhood shopping and dining. Additional exterior amenities include a quiet brick patio, a 2-car garage, and two off-street spaces.
One unit is currently leased for $2,380 per month, with the owner’s unit described as able to go directly to market. The property’s configuration supports owner-occupancy with rental income from the second unit or continued rental use as part of a portfolio.
Set near Lake Harriet and close to Minnehaha Creek, the property is also described as being near neighborhood shopping and dining. Additional exterior amenities include a quiet brick patio, a 2-car garage, and two off-street spaces.
One unit is currently leased for $2,380 per month, with the owner’s unit described as able to go directly to market. The property’s configuration supports owner-occupancy with rental income from the second unit or continued rental use as part of a portfolio.
Key Highlights
- Turnkey duplex built in 1923 with stucco exterior and frame construction
- Each unit offers 3 bedrooms, including a third bedroom tucked down a back hallway
- Rental income: one unit rents for $2,380, with room to raise
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.6k | $22.20 |
| − Vacancy | −$2.8k | −$1.33 |
| EGI | $44.8k | $20.87 |
| − OpEx | −$13.4k | −$6.26 |
| NOI | $31.4k | $14.61 |
2,146 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$447.9K
$391.9K – $522.6K
NOI $31,355 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$411.4K
$360.0K – $480.0K
NOI $28,799 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$512.0K
$448.0K – $597.3K
NOI $35,839 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Turnkey duplex with two 3-bedroom units, separate washer/dryer setups, and outdoor brick patio, garage, and off-street parking.
Where is this duplex located?
The property is located at 5053 Penn Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Turnkey duplex built in 1923 with stucco exterior and frame construction; Each unit offers 3 bedrooms, including a third bedroom tucked down a back hallway; Rental income: one unit rents for $2,380, with room to raise
