Clean Duplex with Renovated Lower
For Sale
$384,900
904 9th Avenue SE, Minneapolis, MN 55414
Residential Income, Minneapolis, MN
Property Size2,376 SF
Lot Size0.06 Acres
Price / SF$161.99
Days on Market78
Property Features for 904 9th Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 6, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Basement, Bathroom 2
Parking features
Driveway, Parking Lot
Exterior features
Vinyl
Fencing
Privacy
Subdivision
Clara E Fuller Add
Lot features
Tree Coverage - Medium
High school district
Minneapolis
Directions
35W to Exit on University Ave SE/ SE 4th St to East on University Ave SE to Left on 10th Ave SE to Left on SE 8th St to Right on SE 9th Ave to Property on Right.
Standard status
Active
APN
2402924210029
Size
2,376 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7404
Utilities
Heating system
Radiant
Building Details
Year built
1990
Building materials
Block, Frame
Roof type
Shingle
Listing Agency:
Chestnut Realty Inc
(952) 448-3344
Listed By:
Ken Haasken
(952) 448-4925
Added: Jun 4
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 7087225
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.
Located at 904 9th Avenue SE in Minneapolis, this duplex offers two units with matching layouts: each unit has three bedrooms and one bathroom, for a total of six bedrooms and two bathrooms. The property totals 2,376 square feet on a 0.06-acre lot and was built in 1990, with block and frame construction. Exterior materials include vinyl, and the roof is shingle. Heating is radiant, and parking is provided via driveway and a parking lot. A privacy fence is also on site.
The lower level has been completely renovated, including new kitchen cabinetry, new vinyl plank flooring, a new bathroom vanity, new carpet, and a new A/C unit. Updates on the upper level include new carpeting four years ago, new paint, a new bathroom vanity, and new kitchen flooring.
Both units include a kitchen, dining, and living room configuration, with bedrooms and bathrooms distributed across the main and lower levels as reflected in the room count.
The lower level has been completely renovated, including new kitchen cabinetry, new vinyl plank flooring, a new bathroom vanity, new carpet, and a new A/C unit. Updates on the upper level include new carpeting four years ago, new paint, a new bathroom vanity, and new kitchen flooring.
Both units include a kitchen, dining, and living room configuration, with bedrooms and bathrooms distributed across the main and lower levels as reflected in the room count.
Key Highlights
- Lower level has been completely renovated with new kitchen cabinetry, vinyl plank flooring, new bathroom vanity, new carpet, and a new A/C unit
- Two units, each with three bedrooms and one bathroom; total of six bedrooms and two bathrooms
- 2,376 square feet on a 0.06‑acre lot; built in 1990
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
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
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-unit duplex with both units offering three bedrooms and one bathroom; lower level fully renovated.
Where is this duplex located?
The property is located at 904 9th Avenue 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: Lower level has been completely renovated with new kitchen cabinetry, vinyl plank flooring, new bathroom vanity, new carpet, and a new A/C unit; Two units, each with three bedrooms and one bathroom; total of six bedrooms and two bathrooms; 2,376 square feet on a 0.06‑acre lot; built in 1990
