Side-by-Side Duplex Near Lake
For Sale
$549,000
5636 Cedar Ave S, Minneapolis, MN 55404
Two residences offer separate utilities, central air, private laundry rooms, and a detached three-car garage.
Property Size2,815 SF
Price / SF$195.03
Days on Market10
Property Features for 5636 Cedar Ave S
General Information
Standard status
Active
Size
2,815 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,517
Amenities
central air
private lower-level laundry room
Building Details
Buildings
1
Construction
stucco
Listing Agency:
Coldwell Banker Realty - Lakes
(612) 920-5605
Listed By:
Christopher J Carrow
(612) 802-5592
Source:
Exprealty
Added: Sep 15
Changed: Sep 23
Last Checked: Sep 24 at 2:56PM
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 Coldwell Banker Realty - Lakes
Investment Insights
Based on property information with market context.
This side-by-side duplex at 5636 Cedar Ave S includes two separate residences, each with two bathrooms, central air, and a private lower-level laundry room. The 5636 unit has two main-floor bedrooms plus a lower-level bedroom, while the 5638 unit offers three second-floor bedrooms. Kitchens were updated in 2016 and 2023, respectively. Oak hardwood floors remain beneath newer living room carpeting.
The property is located a half-block from Lake Nokomis in Minneapolis. A detached three-car garage with automatic openers is supplemented by one additional off-street parking space. Separate tenant-paid heat and electricity support divided utility service. The exterior features stucco construction, gutter protection, mature pines, young quaking aspen trees, and accent boulders.
The property is located a half-block from Lake Nokomis in Minneapolis. A detached three-car garage with automatic openers is supplemented by one additional off-street parking space. Separate tenant-paid heat and electricity support divided utility service. The exterior features stucco construction, gutter protection, mature pines, young quaking aspen trees, and accent boulders.
Key Highlights
- Side‑by‑side duplex at 5636 Cedar Ave S, a half‑block from Lake Nokomis
- 5636 unit includes 2 main‑floor bedrooms plus a lower‑level bedroom
- 5638 unit features 3 second‑floor bedrooms and a kitchen updated in 2023
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
$41,129
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
7.49%
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%
$822,580
$822.6K
Cap Rate 7%
$587,557
$587.6K
Cap Rate 9%
$456,989
$457.0K
Market Conditions
NOI Build-Up for 2,815 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
$62.5K $22.20/SF
− Vacancy
−$3.7K −$1.33/SF
EGI
$58.8K $20.87/SF
− OpEx
−$17.6K −$6.26/SF
NOI
$41.1K $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%
$822,580
Cap Rate 7%
$587,557
Cap Rate 9%
$456,989
Alternative Uses
Best Use
Multifamily LT 5
$587.6K
$514.1K – $685.5K
NOI $41,129 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$539.7K
$472.2K – $629.6K
NOI $37,776 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$671.6K
$587.7K – $783.5K
NOI $47,012 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate utilities, central air, private laundry rooms, and a detached three-car garage.
Where is this duplex located?
The property is located at 5636 Cedar Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Side‑by‑side duplex at 5636 Cedar Ave S, a half‑block from Lake Nokomis; 5636 unit includes 2 main‑floor bedrooms plus a lower‑level bedroom; 5638 unit features 3 second‑floor bedrooms and a kitchen updated in 2023
