Duplex with Detached
For Sale
$394,900
958 26th Ave Ne, Minneapolis, MN 55418
Two residential units include a vacant upper home and a leased main-level residence.
Property Size2,574 SF
Price / SF$153.42
Days on Market32
Property Features for 958 26th Ave Ne
General Information
Standard status
Active
Size
2,574 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,554
Building Details
Buildings
1
Listing Agency:
RE/MAX Results
(612) 408-8554
Listed By:
Clark Lensing · License #40534808
(612) 408-8554
Source:
Exprealty
Added: Jul 23
Changed: Aug 21
Last Checked: Aug 23 at 4:58AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 2,574-square-foot duplex includes two distinct residences and a full unfinished basement for storage. The upper unit is vacant and contains three bedrooms, a dedicated office, one full bathroom, and a 32 x 21 top-floor area that can accommodate flexible living or workspace. The main-level unit offers two bedrooms, one bathroom, and separate living and dining areas; its lease runs through January 31, 2027.
Exterior features include a detached one-car garage and additional off-street parking. The property is located at 958 26th Ave NE in Minneapolis, within Northeast Minneapolis and near coffee shops, craft breweries, the arts district, parks, and Downtown access.
Exterior features include a detached one-car garage and additional off-street parking. The property is located at 958 26th Ave NE in Minneapolis, within Northeast Minneapolis and near coffee shops, craft breweries, the arts district, parks, and Downtown access.
Key Highlights
- 2,574‑square‑foot duplex with two residential units
- Vacant upper unit with 3 bedrooms, dedicated office, and 1 full bathroom
- Upper‑level 32 x 21 space provides additional flexible area
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
$34,542
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
8.75%
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%
$690,840
$690.8K
Cap Rate 7%
$493,457
$493.5K
Cap Rate 9%
$383,800
$383.8K
Market Conditions
NOI Build-Up for 2,574 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
$67.0K $26.04/SF
− Vacancy
−$4.2K −$1.64/SF
EGI
$62.8K $24.40/SF
− OpEx
−$28.3K −$10.98/SF
NOI
$34.5K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$690,840
Cap Rate 7%
$493,457
Cap Rate 9%
$383,800
Alternative Uses
Best Use
Multifamily LT 5
$537.3K
$470.1K – $626.8K
NOI $37,608 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$493.5K
$431.8K – $575.7K
NOI $34,542 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$614.1K
$537.3K – $716.5K
NOI $42,987 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,074
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 - Two residential units include a vacant upper home and a leased main-level residence.
Where is this duplex located?
The property is located at 958 26th Ave Ne Minneapolis, MN.
What is the asking price?
The asking price for this property is $394,900.
What are key features of this property?
This property features: 2,574‑square‑foot duplex with two residential units; Vacant upper unit with 3 bedrooms, dedicated office, and 1 full bathroom; Upper‑level 32 x 21 space provides additional flexible area
