Brick Duplex with Detached
For Sale
$429,900
5633 Penn Ave S, Minneapolis, MN 55411
The two units have separate entrances, utility meters, and lower-level storage.
Property Size1,819 SF
Price / SF$236.34
Days on Market25
Property Features for 5633 Penn Ave S
General Information
Standard status
Active
Size
1,819 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$9,083
Building Details
Year Built
1950
Buildings
1
Construction
brick
Listing Agency:
Compass
(612) 708-6743
Listed By:
Erik W Wood
(612) 708-6743
Source:
Exprealty
Added: Jul 16
Changed: Aug 4
Last Checked: Aug 8 at 9:21AM
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 Compass
Investment Insights
Based on property information with market context.
This side-by-side duplex at 5633 Penn Ave S includes two distinct living units, each with 2 bedrooms and a full bathroom on the main level. Open living areas, original hardwood floors, freshly painted interiors, extensive closet storage, and separate front and side entrances support practical occupancy. A full concrete block wall separates the lower levels, while separate electric and gas meters simplify utility division. The property also includes a 2-car detached garage without an alley and an all-brick exterior. Built in 1950, the home and garage received new roofs in 2024.
The duplex faces west toward the green space and trees of Armatage Park, with proximity to Lake Harriet, Linden Hills, local eateries, and the 54th and Penn Ave S area. A clean City of Minneapolis TISH Report shows no required repairs. Lower-level space offers additional storage and the possibility of adding living area, subject to applicable approvals.
The duplex faces west toward the green space and trees of Armatage Park, with proximity to Lake Harriet, Linden Hills, local eateries, and the 54th and Penn Ave S area. A clean City of Minneapolis TISH Report shows no required repairs. Lower-level space offers additional storage and the possibility of adding living area, subject to applicable approvals.
Key Highlights
- Side‑by‑side duplex with 2 bedrooms and 1 full bathroom on the main level of each unit
- All‑brick property built in 1950; new roofs installed on the home and garage in 2024
- 2‑car detached garage with no alley
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
$26,577
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
6.18%
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%
$531,540
$531.5K
Cap Rate 7%
$379,671
$379.7K
Cap Rate 9%
$295,300
$295.3K
Market Conditions
NOI Build-Up for 1,819 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
$40.4K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$38.0K $20.87/SF
− OpEx
−$11.4K −$6.26/SF
NOI
$26.6K $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%
$531,540
Cap Rate 7%
$379,671
Cap Rate 9%
$295,300
Alternative Uses
Best Use
Multifamily LT 5
$379.7K
$332.2K – $443.0K
NOI $26,577 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$348.7K
$305.1K – $406.8K
NOI $24,410 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$434.0K
$379.7K – $506.3K
NOI $30,378 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
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 - The two units have separate entrances, utility meters, and lower-level storage.
Where is this duplex located?
The property is located at 5633 Penn Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Side‑by‑side duplex with 2 bedrooms and 1 full bathroom on the main level of each unit; All‑brick property built in 1950; new roofs installed on the home and garage in 2024; 2‑car detached garage with no alley
