Side-by-Side
New
For Sale
$557,000
5921 Chicago Avenue S, Minneapolis, MN 55417
Residential Income, Minneapolis, MN
Property Size2,695 SF
Lot Size0.14 Acres
Price / SF$206.68
Days on Market5
Property Features for 5921 Chicago Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Laundry Room, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 3, Bathroom 2, Basement
Parking features
Driveway, Garage, Garage - Detached, Assigned, Open
Patio and Porch features
Patio
Fencing
Privacy
Fireplace
1
Subdivision
Diamond Lake Terrace
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
Minneapolis
Directions
35W to Diamond Lake Rd east to Portland Ave, south to E 56th St, east to Chicago Ave, south to home on east side of road.
Standard status
Active
APN
2302824310064
Size
2,695 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7508
Utilities
Heating system
Fireplace(s), Forced Air
Amenities
pergola-covered patio
garden beds
Building Details
Year built
1947
Building materials
Frame
Roof type
Shingle
Listing Agency:
Lakes Area Realty
(612) 874-1916
Listed By:
Carson Brooks
(612) 867-5624
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 5 at 10:06AM
MLS# 7139419
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This frame duplex contains two side-by-side residences with a combined 2,695 square feet. The homes feature wood floors and practical kitchens; one residence also has an arched passage between its living and dining rooms and a family room on the lower level. A pergola shelters the patio, with lawn and garden beds outside, and a detached two-stall garage provides parking and storage. The property was built in 1947 and occupies 0.14 acres.
Both units are currently leased. Once the existing leases allow, an owner could live in one residence while renting the other. Kowalski’s is up Chicago Avenue, and Diamond Lake, Pearl Park and Minnehaha Creek are nearby.
Both units are currently leased. Once the existing leases allow, an owner could live in one residence while renting the other. Kowalski’s is up Chicago Avenue, and Diamond Lake, Pearl Park and Minnehaha Creek are nearby.
Key Highlights
- Side‑by‑side duplex with two residences, both currently leased
- 2,695 square feet of building area on a 0.14‑acre lot
- Detached two‑stall garage, plus a pergola‑covered patio
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
View Realmo Analytics
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 - Both residences are leased, with the option to occupy one after the current leases permit.
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: Side‑by‑side duplex with two residences, both currently leased; 2,695 square feet of building area on a 0.14‑acre lot; Detached two‑stall garage, plus a pergola‑covered patio
