Building Details

Year Built 1900

Listing Agency: RE/MAX Results

Listed By: Lars Anderson Show Phone

Source: Putyourrootsdown

Added: Jul 21 Changed: Oct 6 Last Checked: Oct 16 at 11:15AM

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Investment Insights

Based on property information with market context.

Built in 1900, this 1,902-square-foot duplex is arranged with one residence above the other. Each unit includes living space, a kitchen, dedicated bedrooms, and a full bathroom. Separate gas and electric service supports distinct utility arrangements, while shared basement laundry serves both residences.

Exterior amenities include a detached one-stall garage and additional off-street parking. The property is located in Northeast Minneapolis’ Logan Park neighborhood, near Logan Park, Indeed Brewing, Dangerous Man, local coffee shops, restaurants, art studios, the Mississippi Riverfront, and area trails and green space.

Key Highlights

• 1,902‑square‑foot duplex built in 1900
• One residence positioned above the other, with two total units
• Each unit includes living space, kitchen, bedrooms, and a full bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,790

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$555,800 $555.8K

Cap Rate 7%

$397,000 $397.0K

Cap Rate 9%

$308,778 $308.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,902 SF

Gross rent

$42.2K $22.20/SF

− Vacancy

−$2.5K −$1.33/SF

EGI

$39.7K $20.87/SF

− OpEx

−$11.9K −$6.26/SF

NOI

$27.8K $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%

$555,800

Cap Rate 7%

$397,000

Cap Rate 9%

$308,778

Alternative Uses

Best Use

Multifamily LT 5

$397.0K

$347.4K – $463.2K (±1% cap)

NOI $27,790 @ 7.0% cap · market cap 7.61%

Second Best

Apartment 5plus

$364.6K

$319.1K – $425.4K (±1% cap)

NOI $25,524 @ 7.0% cap · market cap 6.99%

Theoretical Best

Office A

$453.8K

$397.1K – $529.4K (±1% cap)

NOI $31,764 @ 7.0% cap · market cap 8.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Electrical Service HVAC Service Storage Facility Parking Lot & Garage Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

1,699

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate units share basement laundry and have independent gas and electric service.

Where is this duplex located?

The property is located at 922 NE 18 1/2 Ave NE Minneapolis, MN.

What is the asking price?

The asking price for this property is $365,000.

What are key features of this property?

This property features: 1,902‑square‑foot duplex built in 1900; One residence positioned above the other, with two total units; Each unit includes living space, kitchen, bedrooms, and a full bathroom