Duplex With Renovated Lower
For Sale
$384,900
904 9th Ave Se, Minneapolis, MN 55414
Two three-bedroom residences offer six bedrooms and two bathrooms across the property.
Property Size2,376 SF
Price / SF$161.99
Days on Market90
Property Features for 904 9th Ave Se
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$7,404
Listing Agency:
Chestnut Realty Inc
(952) 239-1836
Listed By:
Ken Haasken
(612) 414-3505
Source:
Exprealty
Added: Jun 4
Changed: Aug 31
Last Checked: Aug 30 at 9:47PM
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 Chestnut Realty Inc
Investment Insights
Based on property information with market context.
This duplex at 904 9th Ave SE in Minneapolis contains two three-bedroom, one-bathroom residences. Each unit includes a kitchen, dining area, and living room, creating a consistent layout across the 2,376-square-foot property. Combined, the building provides six bedrooms and two bathrooms.
The lower residence has received a full interior refresh, including replacement kitchen cabinetry, vinyl plank flooring, carpeting, a bathroom vanity, and an A/C unit. The upper unit features carpeting installed 4 years ago, along with updated paint, bathroom vanity, and kitchen flooring.
The property is near the University of Minnesota and positioned close to restaurants, breweries, shopping, and freeway access. Its Minneapolis location combines a two-unit configuration with documented improvements to both residences.
The lower residence has received a full interior refresh, including replacement kitchen cabinetry, vinyl plank flooring, carpeting, a bathroom vanity, and an A/C unit. The upper unit features carpeting installed 4 years ago, along with updated paint, bathroom vanity, and kitchen flooring.
The property is near the University of Minnesota and positioned close to restaurants, breweries, shopping, and freeway access. Its Minneapolis location combines a two-unit configuration with documented improvements to both residences.
Key Highlights
- 2,376‑square‑foot duplex with two three‑bedroom, one‑bathroom units
- Six total bedrooms and two total bathrooms
- Lower unit renovated with new cabinetry, vinyl plank flooring, carpet, vanity, and A/C
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
$34,715
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
9.02%
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%
$694,300
$694.3K
Cap Rate 7%
$495,929
$495.9K
Cap Rate 9%
$385,722
$385.7K
Market Conditions
NOI Build-Up for 2,376 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
$52.7K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$49.6K $20.87/SF
− OpEx
−$14.9K −$6.26/SF
NOI
$34.7K $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%
$694,300
Cap Rate 7%
$495,929
Cap Rate 9%
$385,722
Alternative Uses
Best Use
Multifamily LT 5
$495.9K
$433.9K – $578.6K
NOI $34,715 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$455.5K
$398.6K – $531.4K
NOI $31,885 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$566.9K
$496.0K – $661.3K
NOI $39,680 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,289
Businesses Nearby
Explore this area
Business Placement
Demographics for 55414, MN
36,600
Population
15,541
Households
2.4
Avg Household Size
26
Median Age
68%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
11,806
Density / Sq Mi
$47,004
Median Household Income
$18,386
Median Earnings
$1,368
Median Rent
$454,200
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 three-bedroom residences offer six bedrooms and two bathrooms across the property.
Where is this duplex located?
The property is located at 904 9th Ave Se Minneapolis, MN.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: 2,376‑square‑foot duplex with two three‑bedroom, one‑bathroom units; Six total bedrooms and two total bathrooms; Lower unit renovated with new cabinetry, vinyl plank flooring, carpet, vanity, and A/C
