Side-by-Side Duplex with
New
For Sale
$557,000
5921 Chicago Avenue S, Minneapolis, MN 55417
Both residences are leased, with a layout that supports continued rental use.
Property Size2,695 SF
Price / SF$206.68
Days on Market4
Property Features for 5921 Chicago Avenue S
General Information
Standard status
Active
Size
2,695 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
pergola-covered patio
lawn and garden beds
Building Details
Year Built
1947
Buildings
1
Construction
stone-front
Tenancy
Multi
Listing Agency:
Edina Realty, Inc
Listed By:
Michael Bartus
(952) 400-7000
Source:
Hometwincities
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 9:52AM
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 Edina Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1947, this 2,695-square-foot duplex has two side-by-side residences with wood floors, living areas and practical kitchens. The stone-front building includes a detached two-stall garage. At 5923, an arched passage links the living and dining rooms, and a lower-level family room adds interior space. A pergola shelters the patio, alongside lawn and garden beds.
Kowalski's is located up Chicago Avenue, with Diamond Lake, Pearl Park and Minnehaha Creek nearby. Both homes are currently leased. The property combines two rental residences with distinct interior and outdoor features.
Kowalski's is located up Chicago Avenue, with Diamond Lake, Pearl Park and Minnehaha Creek nearby. Both homes are currently leased. The property combines two rental residences with distinct interior and outdoor features.
Key Highlights
- Two side‑by‑side residences, both currently leased
- 2,695 square feet; built in 1947
- Stone‑front duplex with detached two‑stall garage
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
$39,376
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
7.07%
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%
$787,520
$787.5K
Cap Rate 7%
$562,514
$562.5K
Cap Rate 9%
$437,511
$437.5K
Market Conditions
NOI Build-Up for 2,695 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
$59.8K $22.20/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$56.3K $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 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%
$787,520
Cap Rate 7%
$562,514
Cap Rate 9%
$437,511
Alternative Uses
Best Use
Multifamily LT 5
$562.5K
$492.2K – $656.3K
NOI $39,376 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$516.7K
$452.1K – $602.8K
NOI $36,166 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$643.0K
$562.6K – $750.1K
NOI $45,008 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 55417, MN
26,259
Population
11,556
Households
2.3
Avg Household Size
40
Median Age
62%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
5,968
Density / Sq Mi
$122,639
Median Household Income
$71,250
Median Earnings
$1,377
Median Rent
$368,400
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
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with a layout that supports continued rental use.
Where is this duplex located?
The property is located at 5921 Chicago Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $557,000.
What are key features of this property?
This property features: Two side‑by‑side residences, both currently leased; 2,695 square feet; built in 1947; Stone‑front duplex with detached two‑stall garage
