Two-Story
New
For Sale
$333,000
628 4th Street NE, Minneapolis, MN 55413
Residential Income, Minneapolis, MN
Property Size2,016 SF
Lot Size0.15 Acres
Price / SF$165.18
Days on Market2
Property Features for 628 4th Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Basement, Bedroom 1
Parking features
Garage - Detached, Open, Driveway
Exterior features
Steel Siding
Subdivision
Town Of St Anthony
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
Minneapolis
Directions
University Ave NE, East on 7th Ave NE to 4th Street NE, South to home
Standard status
Active
APN
1402924310160
Size
2,016 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6048
Utilities
Heating system
Space Heater, Forced Air
Building Details
Year built
1904
Building materials
Frame
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Stephanie S Gruver
(952) 829-2900
Added: Aug 31
Last Checked: Sep 1 at 2:06AM
MLS# 7132253
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 two-story duplex contains 2,016 square feet on a 0.15-acre lot and dates to 1904. The property has frame construction with steel siding, an architectural shingle roof, hardwood floors, and vintage woodwork. The main-floor unit has forced-air heat and central air, while the upper unit is served by a separate gas heating system without central air. Each unit has a 100-amp circuit breaker panel in the basement. A detached two-stall garage, driveway, open parking, and private backyard space are included.
The property is located at 628 4th Street NE in Minneapolis, near parks, trails, restaurants, shopping, the Mississippi River, and the NE Minneapolis Arts District. The Minneapolis Truth in Sale of Housing report identifies no required repairs, and the Energy Disclosure Report score is 91 out of 100 points. The property is offered as-is.
The property is located at 628 4th Street NE in Minneapolis, near parks, trails, restaurants, shopping, the Mississippi River, and the NE Minneapolis Arts District. The Minneapolis Truth in Sale of Housing report identifies no required repairs, and the Energy Disclosure Report score is 91 out of 100 points. The property is offered as-is.
Key Highlights
- 2,016‑square‑foot duplex on a 0.15‑acre lot
- Built in 1904 with frame construction, steel siding, and a shingle roof
- Two units with separate heating systems; central air serves the main floor
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 - Two residential units feature separate heating systems, hardwood floors, and a detached two-stall garage.
Where is this duplex located?
The property is located at 628 4th Street 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: 2,016‑square‑foot duplex on a 0.15‑acre lot; Built in 1904 with frame construction, steel siding, and a shingle roof; Two units with separate heating systems; central air serves the main floor
