Minneapolis › Whittier

2507 Lyndale Ave S

Fourplex · 4 units: 2 bed / 1 bath and 1 bed / 1 bath ×3 unit split estimated · 3,308 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Overpriced

53 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $569,900
Monthly cash flow: −$883
Estimated rent: $4,875/mo
Break-even price: $404,014

Adjust the numbers See the full breakdown

From the listing

This Multi-Family 4-Plex on Lyndale Avenue offers an 899 sq ft finished attic with potential to convert into a 5th unit (requires kitchen addition). Note: converting to a 5th unit changes the property status from residential to commercial with the City of Minneapolis. Zoned CM2 ("Corridor Mixed Use District"), this property is ideal for exploring small business opportunities on the first level while maintaining residential units above. Buyers must verify all City regulations and requirements. A new rear staircase was completed in July of 2025. The largest unit, over 1,100 square feet, includes two bedrooms and an office. It features hardwood floors, high ceilings, built-ins, and both front and rear entrances. A single-car garage provides added convenience. All units are on a month-to-month lease, allowing flexibility for the new owner. Exceptional property with endless potential - don't miss out!

Listing courtesy of NRT-Minnesota (CB Burnet) (Christian Knudson). Description from Realtor.com, MLS #6812015. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 4-plex in Minneapolis asking $569,900, and the numbers don't work. Our underwriting shows about -$864 a month at asking, and cash flow only breaks even near $407,631. That is about $162K below the ask. Rents aren't stated, all four tenants are month-to-month, and it has sat 192 days, so there is room to negotiate hard. Before a showing, ask for the rent roll, trailing-12 expenses, and how the building is heated and metered. The panel photo and the unit count also need checking. It's only worth a showing if the seller will come down close to the break-even range.

Things to consider

The price is far above what rents support Cash flow is about -$864 a month at asking, and breakeven is near $407,631. Any offer has to start from the numbers, not the list price.
All tenants are month-to-month There is no lease income you can count on. Tenants can leave right after closing, so budget for turnover and vacancy.Listing says: “All units are on a month-to-month lease, allowing flexibility for the new owner.”
The 5th-unit idea is speculative It needs a kitchen addition and a switch to commercial status with the city. Don't pay for it until zoning and costs are confirmed.Listing says: “Zoned CM2 ("Corridor Mixed Use District")”
Rents are unknown, and our estimates are modest Our estimates are about $1,525 for the 2-bed and $1,125 for each 1-bed, roughly $4,900 a month total. Compare that with the real rent roll.
Old building systems are unverified Electrical, plumbing and the boiler on a 1900 building can be costly. The basement photo shows old pipes and an unfinished wall.From photo 10
The seller has long been holding the property The last sale was in 2004 at $319,900. The seller has equity and may be flexible after 192 days on the market.

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

doneNew rear staircase completedListing says: A new rear staircase was completed in July of 2025.

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: $569,900
Cash to close: $131,077
Price per unit: $142,475
GRM: 9.7

Each month

Cash flow: −$883/mo
Cash-on-cash: −8.1%
Cap rate: 4.5%
DSCR: 0.71×

Break-even

Price that breaks even: $404,014
Rent that breaks even: $6,022/mo

Long run

Year 30: property vs stocks: $1.50M vs $1.43M
Cash flow turns positive: year 15

Estimated rent per unit Estimate

2 bed / 1 bath (est.)$1,500 $1,325–$1,675
1 bed / 1 bath (est.)$1,125 $1,050–$1,200
1 bed / 1 bath (est.)$1,125 $1,050–$1,200
1 bed / 1 bath (est.)$1,125 $1,050–$1,200

Median asking rent of nearby rental listings with the same bedroom count (within 0.75 miles), from rental listings on Realtor.com. Range is the middle half of those rents. Asking rents, not signed leases. Scaled +5% to match RentCast, from 220 listings that have both. We also checked RentCast: $6,000/mo in total; we use the lower of the two to stay conservative. Confidence: medium. As of 2026-10-06. Listing mentions a room that might be marketed as a bedroom; not counted without egress and a closet. See the comparable rentals ↓

Adjustments: $25/unit (garage mentioned in the description)

Rent rules: No rent cap.

Monthly

Monthly breakdown

Rent	$4,875
Vacancy (6%)	−$292
Collected	$4,582
Property tax Public record	−$798
Insurance Estimate	−$406
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$390
Capital reserve (9% of rent)	−$439
Net operating income	$2,150
Mortgage (principal + interest)	−$3,033
Cash flow	−$883
Principal paid down (equity, not cash)	$386

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$1,496,398

Your equity when you sell: $1,300,299
Rental profits, invested at 7%: $196,099

Same money in stocks$1,434,988

Cash to close, invested at 7%: $997,792
Monthly shortfalls, invested: $437,196

The building comes out $61,410 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 $1.50M, stocks $1.43M. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,500/mo · range $1,325–$1,675 · 24 rentals within 0.75 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2525 Harriet Ave, Minneapolis	$1,495	2 / 1	761	0.1 mi	2026-07-20	Apartment
2400 Harriet Ave, Minneapolis	$1,295	2 / 1	735	0.1 mi	2026-07-01	Apartment
900 W 25th St, Minneapolis	$1,299	2 / 1	1,000	0.2 mi	2026-03-04	Apartment
2300 Pleasant Ave, Minneapolis	$1,300	2 / 1	800	0.3 mi	2025-04-01	Apartment
2611 Pleasant Ave, Minneapolis	$1,430	2 / 1	750	0.3 mi	2025-04-30	Apartment
2121 Garfield Ave, Minneapolis	$1,375	2 / 1	750	0.3 mi	2025-01-03	Apartment
2122 Grand Ave S, Minneapolis	$1,199	2 / 1	750	0.3 mi	2026-02-11	Apartment
2101 Garfield Ave, Minneapolis	$1,300	2 / 1	670	0.3 mi	2025-01-03	Apartment
2421 Pillsbury Ave S, Minneapolis	$1,195	2 / 1	856	0.3 mi	2022-12-22	Apartment
2514 Emerson Ave S, Minneapolis	$1,599	2 / 1	1,100	0.3 mi	2025-01-03	Apartment

1 bed estimate $1,125/mo · range $1,050–$1,200 · 23 rentals within 0.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
2541 Garfield Ave Apt 3, Minneapolis	$1,325	1 / 1	505	0.1 mi	2026-08-11	Apartment
2545 Garfield Ave Apt A, Minneapolis	$1,025	1 / 1	695	0.1 mi	2026-09-11	Apartment
2525 Harriet Ave, Minneapolis	$1,250	1 / 1	—	0.1 mi	2026-07-20	Apartment
2510-2516 Grand Ave S, Minneapolis	$975	1 / 1	509	0.1 mi	2026-07-01	Apartment
2400 Harriet Ave, Minneapolis	$915	1 / 1	560	0.1 mi	2026-07-01	Apartment
900 W 25th St, Minneapolis	$1,149	1 / 1	700	0.2 mi	2026-03-04	Apartment
2308 Garfield Ave, Minneapolis	$1,150	1 / 1	—	0.2 mi	2026-09-28	Apartment
2310 Harriet Ave S, Minneapolis	$1,025	1 / 1	575	0.2 mi	2024-04-15	Apartment
424 W 24th St, Minneapolis	$835	1 / 1	450	0.2 mi	2026-01-09	Apartment
2641 Garfield Ave S, Minneapolis	$985	1 / 1	550	0.2 mi	2024-04-15	Apartment

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

Red flags and opportunities

Watch for

mediumThe 5th-unit conversion would reclassify the building as commercial, and it needs a kitchen addition. Treat it as unproven upside, not value. Listing says: converting to a 5th unit changes the property status from residential to commercial with the City of Minneapolis · AI review
mediumFour separate breaker panels in the basement with hand-labeled covers suggest each unit has its own panel, but the ages and amperage are unknown. The old wiring and the exposed ceiling in the basement need an electrician's look. Based on: photo 10 · AI review
mediumHot water heat on a 1900 building. Unclear if the owner pays for heat on one boiler or the tenants do. Based on: data: county.heat_type · AI review
low$66 in special assessments on the current tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Hennepin County parcel 3402924230070: special assessments (current) = $65.57
lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "provides added convenience. All units are on a month-to-month lease, allowing flexibility for the new owner. Exceptional"

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 195 days on market, 2 price cuts
Finished attic of 899 sq ft. A 5th unit would need a kitchen, plus city approval and a commercial reclassification. Listing says: 899 sq ft finished attic with potential to convert into a 5th unit · AI review
Month-to-month leases let a new owner reset rents toward market. Minneapolis has no rent cap. Listing says: All units are on a month-to-month lease, allowing flexibility for the new owner. · AI review
Seller has had it listed 192 days, so there should be room to negotiate. Based on: data: listing.days_on_market · AI review

Questions for the agent

What are the current rents for each unit, and what are the tenants' move-in dates?
What do the trailing-12 expenses look like, especially heat, water and trash? Who pays them?
How many boilers and meters are there? Are the electric and gas meters separate by unit?
What is the age and amperage of each panel, and is the wiring knob-and-tube or updated?
Why has it been on the market 192 days, and have there been price cuts or offers?
Is the rental license for 4 units current, and have there been any recent inspections or code orders?

Bottom line

A 4-plex with some character, but at $569,900 it loses about $864 a month, and it only starts to work at around $408K. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)	$9,571
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,870
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
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 1900: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-03-24 (195 days); down $49,100 (7.9%) from the first ask of $619,000; last sold for $319,900 on 2005-01-11.

Date	Event	Price
2026-06-29	Removed	$649,000
2026-06-29	Removed	$679,000
2026-06-09	Price changed	$569,900
2026-04-29	Price changed	$599,000
2026-03-24	Listed	$619,000
2005-01-11	Sold public record	$319,900

County record Public record

Recorded as	apartment converted
Living units	—
Year built	1900
Market value (2026)	$504,000
Property tax	$9,571
Special assessments	$66
Homestead	no
Last sale	2004-12-01 · $319,900

Source: Hennepin County parcel records.

City rental license

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

Nearest highway

I 94;MN 55, about 835 m away.

Crime in Whittier

1,136 incidents in the last 12 months (76 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).