Duplex with Vaulted
For Sale
$725,000
857 23rd Ave Se, Minneapolis, MN 55418
Updated interiors include stainless steel appliances and vaulted bedroom ceilings on the upper level.
Property Size3,920 SF
Price / SF$184.95
Days on Market9
Property Features for 857 23rd Ave Se
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Residential Income
Site & Location
Neighborhood
University
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,201
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Corey Brenner
(651) 303-0955
Source:
Exprealty
Added: Oct 23
Changed: Oct 31
Last Checked: Oct 31 at 3:35AM
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
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Investment Insights
Based on property information with market context.
This updated duplex includes stainless steel appliances and upstairs bedrooms with 12-foot vaulted ceilings. The property is near the University of Minnesota, with restaurants, coffee shops, and other local amenities in the surrounding area.
Key Highlights
- Duplex located near the University of Minnesota
- Upper‑level bedrooms feature 12‑foot vaulted ceilings
- Stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,274
Cap Rate
7.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,145,480
$1.1M
Cap Rate 7%
$818,200
$818.2K
Cap Rate 9%
$636,378
$636.4K
Market Conditions
NOI Build-Up for 3,920 SF
Gross rent
$87.0K $22.20/SF
− Vacancy
−$5.2K −$1.33/SF
EGI
$81.8K $20.87/SF
− OpEx
−$24.5K −$6.26/SF
NOI
$57.3K $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 Rate 5%
$1,145,480
Cap Rate 7%
$818,200
Cap Rate 9%
$636,378
Alternative Uses
Best Use
Multifamily LT 5
$818.2K
$715.9K – $954.6K
NOI $57,274 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$751.5K
$657.6K – $876.8K
NOI $52,605 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$935.2K
$818.3K – $1.09M
NOI $65,466 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Updated interiors include stainless steel appliances and vaulted bedroom ceilings on the upper level.
Where is this duplex located?
The property is located at 857 23rd Ave Se Minneapolis, MN.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Duplex located near the University of Minnesota; Upper‑level bedrooms feature 12‑foot vaulted ceilings; Stainless steel appliances
