Duplex with Park-Adjacent
New
For Sale
$368,000
606 20th Avenue S, Minneapolis, MN 55454
Residential Income, Minneapolis, MN
Property Size2,052 SF
Lot Size0.10 Acres
Price / SF$179.34
Days on Market6
Property Features for 606 20th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 5
Exterior features
Vinyl
Subdivision
Randy Stoecker Add
High school district
Minneapolis
Directions
Washington ST NE to 20th St, west to property
Standard status
Active
APN
2502924320512
Size
2,052 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3686
Utilities
Heating system
Oil
Amenities
private porch
hardwood floors
community park
Building Details
Year built
1900
Listing Agency:
Keller Williams Realty Integrity
(952) 938-6100
Listed By:
Kari M Lundin
(612) 998-8959
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 8 at 8:06AM
MLS# 7138382
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.
Built in 1900, this two-unit property contains 2,052 square feet on a 0.1-acre lot. The building includes five bedrooms, two bathrooms, a basement, and a private porch for each unit. Hardwood floors extend throughout, while the exterior has vinyl siding and heating is provided by oil. The roof, siding, and hardwood flooring have been updated, leaving interior finishes for a new owner to complete.
The property sits across from Augsburg University and within a few blocks of Carlson and the University of Minnesota’s West Bank campus. It also backs to a community park. Downtown Minneapolis and the Mississippi River are minutes away, with restaurants within walking distance.
The property sits across from Augsburg University and within a few blocks of Carlson and the University of Minnesota’s West Bank campus. It also backs to a community park. Downtown Minneapolis and the Mississippi River are minutes away, with restaurants within walking distance.
Key Highlights
- 2,052‑square‑foot duplex on a 0.1‑acre lot
- Five bedrooms, two bathrooms, and a basement
- Private porch provided for each unit
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
$29,981
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
8.15%
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%
$599,620
$599.6K
Cap Rate 7%
$428,300
$428.3K
Cap Rate 9%
$333,122
$333.1K
Market Conditions
NOI Build-Up for 2,052 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
$45.6K $22.20/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$42.8K $20.87/SF
− OpEx
−$12.8K −$6.26/SF
NOI
$30.0K $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%
$599,620
Cap Rate 7%
$428,300
Cap Rate 9%
$333,122
Alternative Uses
Best Use
Multifamily LT 5
$428.3K
$374.8K – $499.7K
NOI $29,981 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$393.4K
$344.2K – $459.0K
NOI $27,537 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$489.6K
$428.4K – $571.2K
NOI $34,270 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,483
Businesses Nearby
Explore this area
Business Placement
Demographics for 55454, MN
8,279
Population
3,823
Households
2.2
Avg Household Size
28
Median Age
27%
College-Educated
67%
High-School Grad
0.6 sq mi
ZIP Area
13,798
Density / Sq Mi
$26,429
Median Household Income
$16,150
Median Earnings
$947
Median Rent
$184,700
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 - Two-unit property with separate porches, a newer roof and siding, and hardwood flooring throughout.
Where is this duplex located?
The property is located at 606 20th Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $368,000.
What are key features of this property?
This property features: 2,052‑square‑foot duplex on a 0.1‑acre lot; Five bedrooms, two bathrooms, and a basement; Private porch provided for each unit
