Two-Story Duplex with
For Sale
$333,000
628 4th St NE, Minneapolis, MN 55413
Historic duplex with separate unit heating, period details, and private outdoor space in Northeast Minneapolis.
Property Size2,016 SF
Price / SF$165.18
Days on Market8
Property Features for 628 4th St NE
General Information
Standard status
Active
Size
2,016 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1904
Buildings
1
Stories
2
Listing Agency:
RE/MAX Results
Listed By:
Stephanie S Gruver
(612) 581-5842
Source:
Bethanynelsongroup
Added: Sep 1
Last Checked: Sep 7 at 1:14PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1904, this two-story duplex contains 2,016 square feet and retains hardwood flooring and original-style woodwork. The main-floor unit has a forced-air furnace with central air, while the upper unit is served by a separately installed gas heating system without central air. Each unit has a 100-amp circuit breaker panel located in the basement.
The property includes a two-stall garage and private backyard space. It is located at 628 4th St NE in Minneapolis’ St. Anthony West neighborhood, near parks, trails, restaurants, shopping, the Mississippi River, and the Northeast Minneapolis Arts District. The Minneapolis Truth in Sale of Housing report identified no required repairs, and the Energy Disclosure Report score was 91 out of 100 points. The property is offered as-is and may suit either owner occupancy or rental use.
The property includes a two-stall garage and private backyard space. It is located at 628 4th St NE in Minneapolis’ St. Anthony West neighborhood, near parks, trails, restaurants, shopping, the Mississippi River, and the Northeast Minneapolis Arts District. The Minneapolis Truth in Sale of Housing report identified no required repairs, and the Energy Disclosure Report score was 91 out of 100 points. The property is offered as-is and may suit either owner occupancy or rental use.
Key Highlights
- Two‑story duplex built in 1904 with 2,016 square feet
- Hardwood floors and vintage woodwork
- Main‑floor forced‑air furnace with central air
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
$29,455
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
8.85%
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%
$589,100
$589.1K
Cap Rate 7%
$420,786
$420.8K
Cap Rate 9%
$327,278
$327.3K
Market Conditions
NOI Build-Up for 2,016 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
$44.8K $22.20/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$42.1K $20.87/SF
− OpEx
−$12.6K −$6.26/SF
NOI
$29.5K $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%
$589,100
Cap Rate 7%
$420,786
Cap Rate 9%
$327,278
Alternative Uses
Best Use
Multifamily LT 5
$420.8K
$368.2K – $490.9K
NOI $29,455 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$386.5K
$338.2K – $450.9K
NOI $27,054 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$481.0K
$420.9K – $561.1K
NOI $33,668 @ 7.0% cap · market cap 10.11%
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
1,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 55413, MN
13,914
Population
8,080
Households
1.7
Avg Household Size
34
Median Age
58%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
4,488
Density / Sq Mi
$84,252
Median Household Income
$57,091
Median Earnings
$1,497
Median Rent
$354,200
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 - Historic duplex with separate unit heating, period details, and private outdoor space in Northeast Minneapolis.
Where is this duplex located?
The property is located at 628 4th St NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $333,000.
What are key features of this property?
This property features: Two‑story duplex built in 1904 with 2,016 square feet; Hardwood floors and vintage woodwork; Main‑floor forced‑air furnace with central air
