Two-Unit Duplex with Updated
For Sale
$194,999
1404 N 5th Street, Mankato, MN 56001
Residential Income, Mankato, MN
Property Size1,557 SF
Lot Size0.10 Acres
Price / SF$125.24
Days on Market71
Property Features for 1404 N 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Basement, Bedroom 3, Bathroom 2
Parking features
Driveway
Subdivision
Dukes Add
High school district
Mankato
Directions
From Riverfront Drive, go SOUTH on Thompson Street. Take a LEFT on N 5th St. Property will be the 1st one on your left.
Standard status
Active
APN
R010908111018
Size
1,557 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2600
Utilities
Heating system
Forced Air
Amenities
coin-operated laundry
open porch
Building Details
Year built
1886
Listing Agency:
Bridge Realty, LLC
(952) 368-0021
Listed By:
Raice King · License #40812586
(507) 340-1523
Added: Jul 18
Changed: Sep 24
Last Checked: Sep 26 at 7:06AM
MLS# 7112014
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 1,557-square-foot duplex contains two residential units within an 1886 structure. The main-level apartment offers two bedrooms, one bathroom, and private coin-operated laundry in the basement. Upstairs, the one-bedroom, one-bath unit includes a living area, with both residences sharing access to an open porch and driveway parking. The property is being sold as-is.
Recent improvements include a roof installed in June 2023, an energy-efficient furnace added in 2022, and a water heater replaced in May 2024. The upper unit includes a stove and refrigerator, while the lower unit has a recently replaced bathtub. The 0.099-acre parcel also includes basement space and forced-air heating.
Recent improvements include a roof installed in June 2023, an energy-efficient furnace added in 2022, and a water heater replaced in May 2024. The upper unit includes a stove and refrigerator, while the lower unit has a recently replaced bathtub. The 0.099-acre parcel also includes basement space and forced-air heating.
Key Highlights
- Two residential units totaling 1,557 square feet
- Main‑level unit has 2 bedrooms and 1 bathroom
- Upper unit includes 1 bedroom 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
$12,840
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
6.58%
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%
$256,800
$256.8K
Cap Rate 7%
$183,429
$183.4K
Cap Rate 9%
$142,667
$142.7K
Market Conditions
NOI Build-Up for 1,557 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
$19.6K $12.60/SF
− Vacancy
−$1.3K −$0.82/SF
EGI
$18.3K $11.78/SF
− OpEx
−$5.5K −$3.53/SF
NOI
$12.8K $8.25/SF
Area
Blue Earth County, MN
Vacancy
6.50%
Lease Rate
$12.60 /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%
$256,800
Cap Rate 7%
$183,429
Cap Rate 9%
$142,667
Alternative Uses
Best Use
Multifamily LT 5
$183.4K
$160.5K – $214.0K
NOI $12,840 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$170.1K
$148.8K – $198.5K
NOI $11,907 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$307.7K
$269.3K – $359.0K
NOI $21,541 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
566
Businesses Nearby
Explore this area
Business Placement
Demographics for 56001, MN
50,729
Population
21,583
Households
2.4
Avg Household Size
30
Median Age
37%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
443
Density / Sq Mi
$67,224
Median Household Income
$29,122
Median Earnings
$1,088
Median Rent
$263,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with separate living spaces, basement laundry, shared porch access, and driveway parking.
Where is this duplex located?
The property is located at 1404 N 5th Street Mankato, MN.
What is the asking price?
The asking price for this property is $194,999.
What are key features of this property?
This property features: Two residential units totaling 1,557 square feet; Main‑level unit has 2 bedrooms and 1 bathroom; Upper unit includes 1 bedroom and 1 bathroom
