Duplex With Owner-Occupancy
For Sale
$349,900
Pending
675 Lowry Avenue NE, Minneapolis, MN 55418
Two-unit property with separate utilities, individual laundry, rear parking, and a vacant lower residence.
Property Size1,911 SF
Days on Market102
Property Features for 675 Lowry Avenue NE
General Information
Standard status
Pending
Size
1,911 SF
Property subtype
Duplex
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Building Size
1,911 SF
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Classic Rlty NW
(218) 310-5947
Listed By:
Michael Moe
Source:
Kateybeanandcompany.kw
Added: May 20
Changed: Aug 27
Last Checked: Aug 28 at 7:22AM
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 Keller Williams Classic Rlty NW
Investment Insights
Based on property information with market context.
This two-unit residential income property was built in 1900 and includes separate electric and gas metering for each residence. Both units have their own washer and dryer, while off-street parking is provided at the rear. Recent property work includes a 2021 roof replacement, electrical improvements, and cosmetic updates.
The lower unit is vacant, creating an owner-occupancy option. The upper unit is leased through 8/31/26. The property is located at 675 Lowry Avenue NE in Minneapolis, near Central Avenue businesses and within walking distance of local breweries and coffee shops.
The lower unit is vacant, creating an owner-occupancy option. The upper unit is leased through 8/31/26. The property is located at 675 Lowry Avenue NE in Minneapolis, near Central Avenue businesses and within walking distance of local breweries and coffee shops.
Key Highlights
- Duplex with separate electric and gas meters for each unit
- Lower unit is vacant for potential owner occupancy
- Upper unit lease runs through 8/31/26
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
$27,921
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
7.98%
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%
$558,420
$558.4K
Cap Rate 7%
$398,871
$398.9K
Cap Rate 9%
$310,233
$310.2K
Market Conditions
NOI Build-Up for 1,911 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
$42.4K $22.20/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$39.9K $20.87/SF
− OpEx
−$12.0K −$6.26/SF
NOI
$27.9K $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%
$558,420
Cap Rate 7%
$398,871
Cap Rate 9%
$310,233
Alternative Uses
Best Use
Multifamily LT 5
$398.9K
$349.0K – $465.4K
NOI $27,921 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$366.4K
$320.6K – $427.4K
NOI $25,645 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$455.9K
$398.9K – $531.9K
NOI $31,915 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
968
Businesses Nearby
Explore this area
Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
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 utilities, individual laundry, rear parking, and a vacant lower residence.
Where is this duplex located?
The property is located at 675 Lowry Avenue NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Duplex with separate electric and gas meters for each unit; Lower unit is vacant for potential owner occupancy; Upper unit lease runs through 8/31/26
