Mixed-Use Property with Open Floor
For Sale
$350,000
1132 E 9th St, Duluth, MN 55805
COMMERCIAL, Duluth, MN
Property Size1,891 SF
Lot Size0.16 Acres
Price / SF$185.09
Days on Market18
Property Features for 1132 E 9th St
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 2, Basement, Bathroom 1
Basement
Block
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
USE GPS
Subdivision
LSAR
Standard status
Active
Size
1,891 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3202
Utilities
Heating system
Oil, Hot Water(Heating)
Building Details
Year built
1914
Number of units
1
Roof type
Shingle, Rubber
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Tracy Ramsay · License #40762684
(952) 829-2900
Added: Aug 7
Changed: Aug 19
Last Checked: Aug 24 at 1:06AM
MLS# 6127238
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,891-square-foot mixed-use property, built in 1914, is currently configured for a hair salon. The main level provides an open layout with a kitchenette, half bath, and substantial storage. The rear section contains two bedrooms, a living room, and a full bathroom, along with space that could be converted back into a kitchen. Newer mechanical systems, a basement, and four off-street parking spaces add practical utility.
Located near downtown Duluth in the Chester Park area, the property is positioned directly on the bus line. Its existing salon configuration and combination of commercial-style workspace with residential rooms support continued salon use or adaptation for office, retail, studio, or wellness purposes as appropriate.
Located near downtown Duluth in the Chester Park area, the property is positioned directly on the bus line. Its existing salon configuration and combination of commercial-style workspace with residential rooms support continued salon use or adaptation for office, retail, studio, or wellness purposes as appropriate.
Key Highlights
- 1,891‑square‑foot mixed‑use property on a 0.16‑acre lot
- Main level configured with an open layout, kitchenette, half bath, and storage
- Rear section includes two bedrooms, a living room, and a full bathroom
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
$17,870
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
5.11%
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%
$357,400
$357.4K
Cap Rate 7%
$255,286
$255.3K
Cap Rate 9%
$198,556
$198.6K
Market Conditions
NOI Build-Up for 1,891 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
$28.4K $15.00/SF
− Vacancy
−$2.8K −$1.50/SF
EGI
$25.5K $13.50/SF
− OpEx
−$7.7K −$4.05/SF
NOI
$17.9K $9.45/SF
Area
St. Louis County, MN
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$357,400
Cap Rate 7%
$255,286
Cap Rate 9%
$198,556
Alternative Uses
Best Use
Mixed Use
$611.3K
$534.9K – $713.2K
NOI $42,790 @ 7.0% cap · market cap 12.23%
Second Best
Retail
$255.3K
$223.4K – $297.8K
NOI $17,870 @ 7.0% cap · market cap 5.11%
Theoretical Best
Specialty Retail
$733.5K
$641.9K – $855.8K
NOI $51,348 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,400
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 49%
Toppers Pizza
Dining
1,934 visits/mo
0.1 miles
Cenex
Shops & Services
1,848 visits/mo
0.1 miles
Demographics for 55805, MN
9,731
Population
5,430
Households
1.8
Avg Household Size
31
Median Age
37%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
6,951
Density / Sq Mi
$43,077
Median Household Income
$26,309
Median Earnings
$984
Median Rent
$171,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - The main level combines flexible workspace with a kitchenette, half bath, storage, and off-street parking.
Where is this mixed-use property located?
The property is located at 1132 E 9th St Duluth, MN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,891‑square‑foot mixed‑use property on a 0.16‑acre lot; Main level configured with an open layout, kitchenette, half bath, and storage; Rear section includes two bedrooms, a living room, and a full bathroom
