Minneapolis › Seward

2316 25th Ave S

5 units · 5 units: 2 bed / 1 bath ×5 unit split estimated · 4,309 sq ft

Minneapolis, MN · Seward · View the listing ↗

Overpriced

30 photos

Photos courtesy of RE/MAX Results, via Realtor.com.

Needs more info before these numbers mean much. The city's rental license covers 4 unit(s); this analysis counts 5.

Asking price: $799,900
Monthly cash flow: −$1,304
Estimated rent: $6,500/mo
Break-even price: $554,836

Adjust the numbers See the full breakdown

From the listing

Prime investment opportunity in Minneapolis' sought-after Seward neighborhood! This well-maintained 4-unit property offers an excellent combination of strong cash flow, quality updates, and long-term upside, featuring 10 bedrooms and approximately $86K+ in annual gross rental income. With a stated NOI of $57,090, the property offers an attractive approximately 7.14% cap rate. Tenants pay gas and electric, helping control operating expenses. Each unit features in-unit laundry, central air, and high-efficiency HVAC. Additional highlights include 6 off-street parking spaces, a strong unit mix, and stabilized rental income. Significant renovations completed in 2019 provide added peace of mind and reduce near-term capital needs. A compelling opportunity for investors seeking a turnkey multifamily asset in a desirable Minneapolis neighborhood.

Listing courtesy of RE/MAX Results (Jason Reed). Description from Realtor.com, MLS #7144916. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

The listing leans on a stated NOI of $57,090 and a 7.14% cap rate, but gives no rent roll or expense detail. Our numbers say 4.4% cap and about -$1,304/month at asking. At $799,900 this doesn't work at today's rates without much higher rents or a big price cut. The seller paid $865K in 2021 and the county values it at $626K, so the ask is well above assessed value. The first check is the unit count: the listing says 4 units, the county says 5, and the rental license covers 4. Get the rent roll, leases, and trailing-12 expenses before a showing. Photos show a clean, updated interior, but the attic-level unit and the exterior need a closer look.

Things to consider

Price doesn't work on our numbers We show about -$1,304/month and a 4.4% cap at asking. Break-even is around $555K, so the gap is large.
Verify the seller's NOI A stated NOI with no backup could leave out vacancy, repairs, reserves, or realistic taxes. Our estimate is far lower.Listing says: “With a stated NOI of $57,090, the property offers an attractive approximately 7.14% cap rate.”
Unit count and licensing mismatch A fifth unit not on the license could mean a licensing cost, a legalization problem, or income you can't count.
Renovation scope in 2019 is unknown Updates look good in the photos, but an 1883 building can hide old plumbing, wiring, or structure. Permit history matters.Listing says: “Significant renovations completed in 2019 provide added peace of mind and reduce near-term capital needs.”
Taxes are heavy About $11,900 a year at non-homestead rates is a big drag on NOI, and values may be reassessed after a sale.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneSignificant renovations completed in 2019Listing says: Significant renovations completed in 2019 provide added peace of mind and reduce near-term capital needs.
doneHigh-efficiency HVAC and central air in each unitListing says: Each unit features in-unit laundry, central air, and high-efficiency HVAC.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $799,900
Cash to close: $183,977
Price per unit: $159,980
GRM: 10.3

Each month

Cash flow: −$1,304/mo
Cash-on-cash: −8.5%
Cap rate: 4.4%
DSCR: 0.69×

Break-even

Price that breaks even: $554,836
Rent that breaks even: $8,216/mo

Long run

Year 30: property vs stocks: $2.08M vs $2.07M
Cash flow turns positive: year 16

Monthly

Monthly breakdown

Rent	$6,500
Vacancy (6%)	−$390
Collected	$6,110
Property tax Public record	−$991
Insurance Estimate	−$511
Water, sewer, trash Estimate	−$425
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$585
Capital reserve (9% of rent)	−$585
Net operating income	$2,953
Mortgage (principal + interest)	−$4,257
Cash flow	−$1,304
Principal paid down (equity, not cash)	$542

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$2,077,595

Your equity when you sell: $1,825,073
Rental profits, invested at 7%: $252,522

Same money in stocks$2,068,377

Cash to close, invested at 7%: $1,400,480
Monthly shortfalls, invested: $667,897

The building comes out $9,218 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $2.08M, stocks $2.07M. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

2 bed / 1 bath estimate $1,300/mo · range $1,050–$1,550

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
811 28th Ave S, Minneapolis 55454	$1,400	2 / 1	—	0.4 mi	2026-05-20	93%
2807 E 29th St, Apt 6, Minneapolis 55406 off market	$1,100	2 / 1	—	0.7 mi	2026-08-28	93%
1311-1313 Franklin Ave SE, Minneapolis 55414 off market	$1,350	2 / 1	—	0.9 mi	2025-11-26	93%
2643 12th Ave S, Unit 1, Minneapolis 55407	$1,785	2 / 1	—	1.1 mi	2023-06-08	92%
90 Malcolm Ave SE, Minneapolis 55414 off market	$1,450	2 / 1	—	1.2 mi	2025-09-09	92%
2424 Chicago Ave S, Minneapolis 55404 off market	$1,400	2 / 1	—	1.3 mi	2025-10-15	92%
2113 29th Ave S, Apt 2, Minneapolis 55406 off market	$995	1 / 1	—	0.4 mi	2023-01-27	84%
2323 16th Ave S, Minneapolis 55404	$995	1 / 1	—	0.7 mi	2026-02-18	83%
2807 E 29th St, Unit 7, Minneapolis 55406 off market	$900	1 / 1	—	0.7 mi	2026-06-15	83%
615 Ontario St SE, Minneapolis 55414	$1,050	1 / 1	—	0.9 mi	2025-04-23	83%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highThe city's rental license covers 4 unit(s); this analysis counts 5. Public record: Minneapolis Active Rental Licenses: 2316 25TH AVE S, units=4
highStated NOI and cap rate are unsupported: no rent roll or expenses given, and our cap rate is much lower. Listing says: With a stated NOI of $57,090, the property offers an attractive approximately 7.14% cap rate. · AI review
highUnit count conflict: listing says 4 units, county records 5 living units, and the license covers 4. An unlicensed or unpermitted unit is a risk. Based on: data: county.living_units · AI review
mediumAsking is $245,064 above the price where cash flow breaks even ($554,836) at the default scenario. Based on: Derived: price $799,900 vs. break-even $554,836
mediumAsking is well above county market value and below the 2021 purchase price, and rents would need to be much higher to support it. Based on: data: county.market_value · AI review
mediumProperty taxes are high at non-homestead rates, which weighs on NOI. Based on: data: county.tax · AI review
mediumBuilt in 1883, so older systems behind the 2019 work (plumbing, wiring, foundation) are unknown. Based on: data: listing.year_built · AI review

Opportunities

Minneapolis has no rent cap, so rents can follow the market. Based on: data: underwriting.rent_rule · AI review
Off-street parking for 6 cars is rare for a Seward multifamily. Listing says: Additional highlights include 6 off-street parking spaces, a strong unit mix, and stabilized rental income. · AI review
Tenants pay gas and electric, and each unit has its own laundry, which keeps owner costs and tenant appeal in good shape. Listing says: Tenants pay gas and electric, helping control operating expenses. · AI review

Questions for the agent

Can I see the rent roll, leases, and trailing-12 expenses behind the $57,090 NOI?
Is this 4 or 5 units? Which are licensed, and is the attic unit permitted with egress?
What did the 2019 renovation cover, and were permits pulled?
Who pays water, sewer, and trash, and what are the taxes and insurance in the NOI?
Why is the ask $65K below the 2021 sale price yet far above county value? Any offers or price cuts?
Are the units separately metered for gas and electric, and how old is the HVAC?

Bottom line

Nicely updated building, but at $799,900 it loses money on our numbers, and the NOI claim and unit count both need proof. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$11,888
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$6,135
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$425
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. built 1883: +1 pt capital reserve; 10 bedrooms: +1 pt repairs for wear	9% / 9%

Price history Realtor.com

On the market since 2026-08-01 (65 days); down $50,100 (5.9%) from the first ask of $850,000; last sold for $865,000 on 2021-06-09.

Date	Event	Price
2026-09-15	Listed	$799,900
2026-09-15	Removed	$850,000
2026-08-01	Listed	$850,000
2021-06-09	Sold	$865,000
2021-04-22	Listed	$875,000
2016-01-19	Sold public record	$176,100
2015-09-22	Sold	$176,100
2015-06-25	Listed	$134,900
2004-08-26	Sold public record	$400,000
2003-03-24	Sold public record	$130,000
1996-01-11	Sold public record	$130,000

County record Public record

Recorded as	apartment 4 or 5 unit
Living units	5
Year built	1883
Market value (2026)	$626,000
Property tax	$11,888
Special assessments	none
Homestead	no
Last sale	2021-06-01 · $865,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 4 unit(s), Tier 1, status active, renews 2027-03-01.

Nearest highway

I 94, about 505 m away.

Crime in Seward

518 incidents in the last 12 months (69 per 1,000 residents), +1% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).