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2621 2nd Ave S

5 units · 5 units: 3 bed / 1 bath ×2 and 2 bed / 1 bath ×3 unit split estimated · 3,836 sq ft

Minneapolis, MN · Whittier · View the listing ↗

Cash flows
12 photos
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Photos courtesy of NRT-Minnesota (CB Burnet), 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
$550,000
5 units · $110K per unit
Monthly cash flow
$865
at 20% down, 7%
Estimated rent
$7,700/mo
medium confidence
Break-even price
$712,453
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a brick 4-plex (the county counts 5 units) in Whittier, listed at $550K, well below the $750K the seller paid in 2020. Our underwriting shows about $865/mo cash flow and an 8.3% cap at the ask, with a break-even price of $712K. Those numbers lean on our rent estimates, because the listing gives no actual rents, so get the rent roll and leases first. The photos show separate meters, separate boilers and a clean basement, which is a plus, but the 4-versus-5 unit gap and the Tier 2 license need answers before anything else. After 104 days on market there is room to negotiate. It's worth a showing if the unit count and licensing check out.

Things to consider

  1. Rents are unverified Cash flow of $865/mo rests on our estimates, not actual rents. Below-market leases would hurt the numbers.
  2. 4 vs 5 unit legality An unlicensed unit can't be counted on for income and may mean fines or required changes. Lenders and insurers may count it differently.
  3. Tier 2 license and property taxes Expect more inspections and repair orders. Taxes are $12.9K plus $2.5K in special assessments, which weighs on net income.
  4. Aging boilers Separate boilers save the owner on utilities but multiply replacement cost. Budget a capital reserve.From photo 7
  5. Negotiating room 104 days on market and a price well under the 2020 sale give leverage, especially if the unit count or rents disappoint.

From the photos

Listing photo 2
1 of 8Plus

Solid brick exterior in good shape, with newer-looking windows and a covered entry. It looks well kept from the street.

Listing photo 5
2 of 8Check

Five electric meters and five breaker boxes on one wall, which supports separate electric per unit and also hints at the fifth unit.

Listing photo 7
3 of 8Concern

Several separate gas boilers in the basement, some with visible rust and an older look. Ask about age and service records.

Listing photo 9
4 of 8Plus

Two water heaters appear newer than the boilers, with tags still attached.

Listing photo 8
5 of 8Plus

Coin-style laundry machines in the basement could give ancillary income. Confirm who owns them.

Listing photo 6
6 of 8Check

Unfinished basement with old wood joists, painted brick walls and a lot of exposed piping. No obvious water staining or standing water in the photos.

Listing photo 1
7 of 8Check

No interior unit photos, no roof shot and no parking lot shot. Unit condition and the flat roof can't be judged.

Listing photo 10
8 of 8Check

Storage lockers numbered 1 to 3 suggest at least three units use them. Check how they are assigned.

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

Condition and repairs

  • doneNewer windows, roof and soffitsListing says: Newer windows/roof/soffits - all brick building

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

Down payment %
Offer $
Management
Interest rate %
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
$550,000
Cash to close
$126,500
Price per unit
$110,000
GRM
6.0

Each month

Cash flow
$865/mo
Cash-on-cash
8.2%
Cap rate
8.3%
DSCR
1.30×

Break-even

Price that breaks even
$712,453
Rent that breaks even
$6,562/mo

Long run

Year 30: property vs stocks
$3.65M vs $963K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$7,700
Vacancy (6%)−$462
Collected$7,238
Property tax Public record−$1,075
Insurance Estimate−$500
Water, sewer, trash Estimate−$425
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$693
Capital reserve (9% of rent)−$693
Net operating income$3,792
Mortgage (principal + interest)−$2,927
Cash flow$865
Principal paid down (equity, not cash)$372

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$3,645,378
Your equity when you sell
$1,254,894

Sells for $1,334,994 (value up 3% a year), minus 6% selling cost ($80,100). Rent paid down $440,000 of loan.

Rental profits, invested at 7%
$2,390,483

$1,010,967 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$962,950
Cash to close, invested at 7%
$962,950

$126,500 put into an index fund instead of the down payment and closing costs.

The building comes out $2,682,428 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 $3.65M, stocks $963K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-02. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1 bath estimate $1,900/mo · range $1,600–$2,200

AddressRentBd / BaSq ftDistanceListedMatch
2111 2nd Ave S, Unit B1, Minneapolis 55404 off market $1,850 3 / 1 — 0.5 mi 2026-06-05 93%
2023 2nd Ave S, Minneapolis 55404 off market $1,799 3 / 1 — 0.5 mi 2026-03-03 93%
2315 Pleasant Ave, Minneapolis 55404 off market $1,765 3 / 1 — 0.5 mi 2026-05-29 93%
2450 Blaisdell Ave S, Unit 2, Minneapolis 55404 off market $2,350 3 / 1 2,000 0.4 mi 2026-07-24 88%
2821 1st Ave S, Minneapolis 55408 $1,600 3 / 1 1,743 0.3 mi 2026-06-17 87%
200 E 27th St, Minneapolis 55408 $1,835 3 / 1 1,400 0.1 mi 2026-09-15 85%
202 E 27th St, Minneapolis 55408 off market $1,590 3 / 1 1,400 0.0 mi 2026-07-09 85%
17 E 27th St, Apt 2, Minneapolis 55408 off market $1,200 2 / 1 — 0.2 mi 2026-08-27 84%
2723 Portland Ave S, Minneapolis 55407 $1,536 2 / 1 — 0.3 mi 2026-07-17 84%
2835 Park Ave, Minneapolis 55407 $1,255 2 / 1 — 0.5 mi 2026-07-17 84%

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

AddressRentBd / BaSq ftDistanceListedMatch
17 E 27th St, Apt 2, Minneapolis 55408 off market $1,200 2 / 1 — 0.2 mi 2026-08-27 94%
2723 Portland Ave S, Minneapolis 55407 $1,536 2 / 1 — 0.3 mi 2026-07-17 94%
2835 Park Ave, Minneapolis 55407 $1,255 2 / 1 — 0.5 mi 2026-07-17 93%
2021 3rd Ave S, Apt B1, Minneapolis 55404 off market $1,150 2 / 1 — 0.5 mi 2025-12-03 93%
1917 Stevens Ave, Apt 4, Minneapolis 55403 off market $1,400 2 / 1 — 0.6 mi 2025-02-22 93%
2424 Chicago Ave S, Minneapolis 55404 off market $1,400 2 / 1 — 0.6 mi 2025-10-15 93%
205 27th St E, Minneapolis 55408 $1,250 1 / 1 — 0.1 mi 2026-09-30 84%
17 E 27th St, Apt 4, Minneapolis 55408 off market $830 1 / 1 — 0.2 mi 2023-10-08 84%
2725 Pleasant Ave, Apt 301, Minneapolis 55408 off market $1,100 1 / 1 — 0.5 mi 2026-07-12 84%
2111 2nd Ave S, Unit B1, Minneapolis 55404 off market $1,850 3 / 1 — 0.5 mi 2026-06-05 84%

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: 2621 2ND AVE S, units=4
  • highUnit count mismatch: the county counts 5 units, the rental license covers 4, and the listing says 4-plex. A fifth unit may be unlicensed or not legal. Based on: data: city.rental_license · AI review
  • mediumRental license Tier 2: the city has flagged more violations than typical; expect more frequent inspections and repair orders. Public record: Minneapolis Active Rental Licenses: 2621 2ND AVE S, grade/tier=Tier 2, status=Active
  • mediumFlat roof per the city assessor on a stucco building: get its age and a moisture inspection. Public record: Hennepin County parcel 3402924420233: roof=Flat, exterior=STUCCO
  • medium$2,524 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 3402924420233: special assessments (current) = $2,524.11
  • mediumOld boilers show rust and corrosion in the basement. Replacement could be costly if several units have their own. Based on: photo 7 · AI review
  • mediumShowings are restricted at first: only the lot and common areas can be seen, so unit condition and occupancy are unknown. Listing says: Lot and COMMON AREAS ONLY FOR FIRST SHOWING · AI review
  • lowHighway about 163 m away (I-35W) means noise, which can affect rents and tenant turnover. Based on: data: highway · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 107 days on market
  • Rents can be pushed after updates; Minneapolis has no rent cap. Listing says: room to enhance and update units to command higher rents · AI review
  • Large paved lot is a rare asset in this neighborhood and could support rent premiums. Listing says: Extra large paved parking lot for up to 8 cars · AI review
  • Price is far below the 2020 sale price and the county market value, and the listing has been sitting. Based on: data: county.last_sale_price · AI review

Questions for the agent

  • What are the current rents, lease terms and move-in dates for each unit? Can you send the rent roll?
  • Is the fifth unit legal and licensed? Why does the rental license show only 4 units?
  • What are the special assessments for, and does the seller pay them at closing?
  • How old are the boilers and water heaters, and are they separate for every unit?
  • What was the roof age, and is it flat? What are the trailing-12 expenses?
  • Which unit is open in August, and why is the owner selling?

Bottom line

Priced well under the last sale and the numbers look good on paper, but get the real rents and settle the 4-versus-5 unit licensing question before you get excited. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$12,895
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$6,005
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 1914: +1 pt capital reserve; 12 bedrooms: +1 pt repairs for wear9% / 9%

Price history Realtor.com

On the market since 2026-06-20 (107 days); last sold for $750,000 on 2020-08-21; listed for rent at $1,100/mo on 2023-02-17.

DateEventPrice
Listed$550,000
Removed—
Listed for rent$1,100/mo
Removed$233,900
Removed$349,000
Sold$750,000
Price changed$775,000
Listed$800,000
Sold public record$465,000
Removed$399,900
Listed$399,900
Removed$399,000
Removed$233,900
Rental removed$1,000/mo
Listed for rent$1,000/mo
Sold public record$261,167
Listed$399,000
Sold$261,170
Listed$226,900
Listed$233,900
Removed$349,000
Listed$349,000
Sold public record$512,900
Sold public record$87,000
Sold public record$87,000

County record Public record

Recorded asapartment 4 or 5 unit
Living units5
Year built1914
Market value (2026)$679,000
Property tax$12,895
Special assessments$2,524
Homesteadno
Last sale2020-08-01 · $750,000

Source: Hennepin County parcel records.

City rental license

CHOWN: 4 unit(s), Tier 2, status active, renews 2027-03-01.

Nearest highway

I 35W, about 163 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).