Updated Duplex with Two-Car
For Sale
$269,000
850 22nd Ave Se, Minneapolis, MN 55418
Fenced backyard, firepit, updated plumbing, and modern appliances add practical appeal to this residential income property.
Property Size1,258 SF
Price / SF$213.83
Days on Market136
Property Features for 850 22nd Ave Se
General Information
Standard status
Active
Size
1,258 SF
Total Parking Spaces
2
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,201
Amenities
fenced backyard with firepit
Building Details
Tenancy
Multi
Listing Agency:
eXp Realty
(651) 303-0955
Listed By:
Corey Brenner
(651) 303-0955
Source:
Exprealty
Added: Apr 1
Changed: Aug 10
Last Checked: Aug 13 at 10:58AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1,258-square-foot duplex at 850 22nd Ave SE includes 3 bedrooms and 2 bathrooms. Property improvements include a brand new roof installed in 2025, updated plumbing throughout, and modern appliances. A fenced backyard with a firepit provides outdoor space, while the rare two-car garage adds valuable off-street parking and storage.
The property is located in Minneapolis’s Como neighborhood near the University of Minnesota. Restaurants, parks, and public transit are also identified as nearby amenities, placing the duplex within an established residential setting with access to campus and surrounding services.
The property is located in Minneapolis’s Como neighborhood near the University of Minnesota. Restaurants, parks, and public transit are also identified as nearby amenities, placing the duplex within an established residential setting with access to campus and surrounding services.
Key Highlights
- Duplex with 3 bedrooms and 2 bathrooms
- 1,258 square feet of property size
- Brand new roof installed in 2025
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
$18,380
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
6.83%
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%
$367,600
$367.6K
Cap Rate 7%
$262,571
$262.6K
Cap Rate 9%
$204,222
$204.2K
Market Conditions
NOI Build-Up for 1,258 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
$27.9K $22.20/SF
− Vacancy
−$1.7K −$1.33/SF
EGI
$26.3K $20.87/SF
− OpEx
−$7.9K −$6.26/SF
NOI
$18.4K $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%
$367,600
Cap Rate 7%
$262,571
Cap Rate 9%
$204,222
Alternative Uses
Best Use
Multifamily LT 5
$262.6K
$229.8K – $306.3K
NOI $18,380 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$241.2K
$211.0K – $281.4K
NOI $16,882 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$300.1K
$262.6K – $350.2K
NOI $21,009 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,111
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 - Fenced backyard, firepit, updated plumbing, and modern appliances add practical appeal to this residential income property.
Where is this duplex located?
The property is located at 850 22nd Ave Se Minneapolis, MN.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Duplex with 3 bedrooms and 2 bathrooms; 1,258 square feet of property size; Brand new roof installed in 2025
