Rehabilitated Duplex With
For Sale
$434,900
518 37th Ave NE, Minneapolis, MN 55421
Updated income property with flexible lower-level living space and outdoor areas serving both primary units.
Property Size2,700 SF
Price / SF$161.07
Days on Market75
Property Features for 518 37th Ave NE
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
stucco repairs
Site & Location
Neighborhood
Northeast
Public Transit
Yes
Additional Details
Multifamily Units
3
Amenities
private back walk out patio
Building Details
Year Built
1965
Listing Agency:
National Realty Guild
Listed By:
Tracy Farkas
(763) 464-4284
Source:
Agoodlifegroup
Added: Aug 12
Changed: Oct 16
Last Checked: Oct 24 at 9:57PM
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 National Realty Guild
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Investment Insights
Based on property information with market context.
Built in 1965, this 2,700-square-foot duplex has undergone interior and exterior improvements, including stucco repairs, fresh paint, updated flooring, carpet, select windows, and appliances. The lower level of 518 includes a mother-in-law apartment with a kitchenette, bedroom, family room, and separate walkout. Both primary units also have access to a private rear walkout patio.
The property is located on a bus line with convenient proximity to downtown, the university, shopping, and restaurants. Its layout provides distinct living areas within a two-unit zoning framework, with additional lower-level accommodations that expand the property's functional flexibility.
The property is located on a bus line with convenient proximity to downtown, the university, shopping, and restaurants. Its layout provides distinct living areas within a two-unit zoning framework, with additional lower-level accommodations that expand the property's functional flexibility.
Key Highlights
- 2,700 SF duplex built in 1965
- Exterior stucco repairs and fresh paint completed
- Rehabbed interiors with updated flooring, carpet, appliances, paint, and some windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,449
Cap Rate
9.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$788,980
$789.0K
Cap Rate 7%
$563,557
$563.6K
Cap Rate 9%
$438,322
$438.3K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$59.9K $22.20/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$56.4K $20.87/SF
− OpEx
−$16.9K −$6.26/SF
NOI
$39.4K $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 Rate 5%
$788,980
Cap Rate 7%
$563,557
Cap Rate 9%
$438,322
Alternative Uses
Best Use
Multifamily LT 5
$563.6K
$493.1K – $657.5K
NOI $39,449 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.9K
NOI $36,233 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$644.2K
$563.6K – $751.5K
NOI $45,091 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
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Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Updated income property with flexible lower-level living space and outdoor areas serving both primary units.
Where is this duplex located?
The property is located at 518 37th Ave NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $434,900.
What are key features of this property?
This property features: 2,700 SF duplex built in 1965; Exterior stucco repairs and fresh paint completed; Rehabbed interiors with updated flooring, carpet, appliances, paint, and some windows
