Side-by-Side Duplex with Backyard
For Sale
$399,999
1515 Blair Ave, Saint Paul, MN 55104
MULTI_FAMILY - Saint Paul, MN
Property Size2,272 SF
Lot Size0.12 Acres
Price / SF$176.06
Days on Market138
Property Features for 1515 Blair Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 6, Bathroom 1, Bedroom 4, Bedroom 5
Parking features
Garage - Detached
Exterior features
Vinyl, Wood
Fencing
Chain Link, Privacy
Subdivision
Hamline Syndicate Add, No1
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
St. Paul
Directions
94 to Snelling/ N to Blair/ E to duplex
Standard status
Active
APN
342923220117
Size
2,272 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8380
Utilities
Heating system
Forced Air
Amenities
sauna
Building Details
Year built
1890
Roof type
Rubber, Shingle, Flat
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Corey Brenner
(612) 751-9303
Added: Mar 30
Changed: Aug 13
Last Checked: Aug 14 at 11:06AM
MLS# 7045155
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 updated side-by-side duplex offers two residential units with a total of three bedrooms and one full bathroom per unit. The property has been refreshed with new flooring, new countertops, and fresh paint throughout. Major exterior improvements include a newer roof installed in 2022, with gutters and windows replaced in 2023. The home features forced-air heating and exterior finishes including vinyl and wood. Outside, enjoy a spacious backyard with a sauna, along with fencing including privacy and chain link.
The detached garage supports convenient off-street parking, and the property includes a basement. Built in 1890, the duplex presents a functional layout for tenants and offers an immediately occupied setup, with both units currently occupied.
Set on a 0.118-acre lot, this duplex is positioned as a straightforward option for owner-occupants or investors seeking an income-producing residential property with completed updates and practical outdoor amenities.
The detached garage supports convenient off-street parking, and the property includes a basement. Built in 1890, the duplex presents a functional layout for tenants and offers an immediately occupied setup, with both units currently occupied.
Set on a 0.118-acre lot, this duplex is positioned as a straightforward option for owner-occupants or investors seeking an income-producing residential property with completed updates and practical outdoor amenities.
Key Highlights
- Side‑by‑side duplex with a total of three bedrooms and one full bathroom per unit
- New flooring, countertops, and fresh paint throughout
- Roof installed in 2022; gutters and windows replaced in 2023
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
$33,196
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
8.30%
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%
$663,920
$663.9K
Cap Rate 7%
$474,229
$474.2K
Cap Rate 9%
$368,844
$368.8K
Market Conditions
NOI Build-Up for 2,272 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
$50.4K $22.20/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$47.4K $20.87/SF
− OpEx
−$14.2K −$6.26/SF
NOI
$33.2K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$663,920
Cap Rate 7%
$474,229
Cap Rate 9%
$368,844
Alternative Uses
Best Use
Multifamily LT 5
$474.2K
$415.0K – $553.3K
NOI $33,196 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$435.6K
$381.1K – $508.2K
NOI $30,490 @ 7.0% cap · market cap 7.62%
Theoretical Best
Healthcare Medical
$559.1K
$489.2K – $652.3K
NOI $39,137 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,705
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated side-by-side duplex with detached garage, forced-air heat, and a fenced backyard.
Where is this duplex located?
The property is located at 1515 Blair Ave Saint Paul, MN.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Side‑by‑side duplex with a total of three bedrooms and one full bathroom per unit; New flooring, countertops, and fresh paint throughout; Roof installed in 2022; gutters and windows replaced in 2023
