Side-by-Side
New
For Sale
$519,000
566 & 568 37th Avenue NE, Minneapolis, MN 55421
Both residences are leased, with rental assistance supporting one unit.
Property Size2,729 SF
Price / SF$190.18
Days on Market6
Property Features for 566 & 568 37th Avenue NE
General Information
Standard status
Active
Size
2,729 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$59,580
Multifamily Units
2
Building Details
Year Built
1963
Buildings
1
Listing Agency:
Home Guide Realty LLC
Listed By:
Michael Bartus
(952) 400-7000
Source:
Hometwincities
Added: Oct 11
Changed: Oct 15
Last Checked: Oct 14 at 10:50PM
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 Home Guide Realty LLC
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Investment Insights
Based on property information with market context.
This 1963 duplex at 566 and 568 37th Avenue NE is configured as two side-by-side residences. Both units are leased, and unit 566 has MPHA rental assistance.
Columbia Parkway is within walking distance. The property is also 2 miles from bars and restaurants in Northeast Minneapolis.
Columbia Parkway is within walking distance. The property is also 2 miles from bars and restaurants in Northeast Minneapolis.
Key Highlights
- Two side‑by‑side units; both are leased
- Built in 1963
- Unit 566 has MPHA rental assistance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,873
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$797,460
$797.5K
Cap Rate 7%
$569,614
$569.6K
Cap Rate 9%
$443,033
$443.0K
Market Conditions
NOI Build-Up for 2,729 SF
Gross rent
$60.6K $22.20/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$57.0K $20.87/SF
− OpEx
−$17.1K −$6.26/SF
NOI
$39.9K $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%
$797,460
Cap Rate 7%
$569,614
Cap Rate 9%
$443,033
Alternative Uses
Best Use
Multifamily LT 5
$569.6K
$498.4K – $664.6K
NOI $39,873 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$523.2K
$457.8K – $610.4K
NOI $36,622 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$651.1K
$569.7K – $759.6K
NOI $45,576 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with rental assistance supporting one unit.
Where is this duplex located?
The property is located at 566 & 568 37th Avenue NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Two side‑by‑side units; both are leased; Built in 1963; Unit 566 has MPHA rental assistance
