Rebuilt Duplex with Detached
For Sale
$374,900
1235 Minnehaha Avenue E, Saint Paul, MN 55106
Residential Income, Saint Paul, MN
Property Size2,439 SF
Lot Size0.13 Acres
Price / SF$153.71
Days on Market222
Property Features for 1235 Minnehaha Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Basement, Bathroom 3
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
E C Bowens Add
Lot features
Corner Lot
High school district
St. Paul
Directions
Johnson Pkwy to Minnehaha; West on Minnehaha to home.
Standard status
Active
APN
282922440212
Size
2,439 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8931
Utilities
Heating system
Forced Air
Amenities
fenced-in yard
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 475-8000
Listed By:
Nicole L Stone
(952) 829-2900
Added: Jan 14
Changed: Aug 19
Last Checked: Aug 24 at 11:06AM
MLS# 7008940
Copyright © 2026 Northstar MLS. 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 rebuilt duplex contains 2,439 square feet on a 0.125-acre lot. The lower residence occupies the first floor and basement, with four bedrooms, two bathrooms, a living room, and a family room below grade. The upper residence adds two bedrooms and one bathroom. Each unit has its own entrance and a modern kitchen with contemporary lighting. A detached two-car garage, fenced yard, vinyl exterior, forced-air heating, and shingle roof complete the property.
Built in 1900, the home is positioned near Johnson Parkway, Lake Phalen, bus routes, shops, restaurants, and other local amenities. The separate layouts and dedicated entrances provide a clear two-unit configuration for residential income use.
Built in 1900, the home is positioned near Johnson Parkway, Lake Phalen, bus routes, shops, restaurants, and other local amenities. The separate layouts and dedicated entrances provide a clear two-unit configuration for residential income use.
Key Highlights
- 2,439‑square‑foot duplex on a 0.125‑acre lot
- Main unit includes 4 bedrooms, 2 bathrooms, first‑floor living space, and a basement family room
- Upper unit offers 2 bedrooms and 1 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
$32,731
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
8.73%
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%
$654,620
$654.6K
Cap Rate 7%
$467,586
$467.6K
Cap Rate 9%
$363,678
$363.7K
Market Conditions
NOI Build-Up for 2,439 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
$63.5K $26.04/SF
− Vacancy
−$4.0K −$1.64/SF
EGI
$59.5K $24.40/SF
− OpEx
−$26.8K −$10.98/SF
NOI
$32.7K $13.42/SF
Area
Dakota County, 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%
$654,620
Cap Rate 7%
$467,586
Cap Rate 9%
$363,678
Alternative Uses
Best Use
Multifamily LT 5
$509.1K
$445.5K – $593.9K
NOI $35,636 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$467.6K
$409.1K – $545.5K
NOI $32,731 @ 7.0% cap · market cap 8.73%
Theoretical Best
Healthcare Medical
$600.2K
$525.2K – $700.2K
NOI $42,014 @ 7.0% cap · market cap 11.21%
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
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 55106, MN
60,327
Population
19,974
Households
3
Avg Household Size
30
Median Age
23%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
6,418
Density / Sq Mi
$68,601
Median Household Income
$39,834
Median Earnings
$1,230
Median Rent
$233,000
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Duplex - Two private-entry units offer flexible occupancy and updated kitchen finishes.
Where is this duplex located?
The property is located at 1235 Minnehaha Avenue E Saint Paul, MN.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 2,439‑square‑foot duplex on a 0.125‑acre lot; Main unit includes 4 bedrooms, 2 bathrooms, first‑floor living space, and a basement family room; Upper unit offers 2 bedrooms and 1 bathroom
