Six-Unit Apartment Building with
For Sale
$699,000
1530-1532 E 1st St, Duluth, MN 55812
MULTI_FAMILY - Duluth, MN
Property Size4,566 SF
Lot Size0.10 Acres
Price / SF$153.09
Days on Market48
Property Features for 1530-1532 E 1st St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
6
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Basement, Bathroom 4, Bedroom 2, Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 6, Bedroom 8, Bedroom 4, Bedroom 9, Bathroom 3, Bedroom 5
Patio and Porch features
Deck
Exterior features
Deck
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
go east on 1st Property is on your right
Subdivision
LSAR
Standard status
Active
APN
010-1480-01230
Size
4,566 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7594
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas, Oil
Building Details
Year built
1891
Floors in Building
3
Number of units
6
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Mark Sams · License #40913067
(952) 829-2900
Added: Jul 1
Changed: Aug 5
Last Checked: Aug 17 at 12:06AM
MLS# 6126425
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 well-maintained six-unit apartment building offers a long-term rental setup with separate electrical service for each unit, supporting straightforward utility management. The property includes a basement and is supported by natural gas heating with hot water (heating), oil, and baseboard heating. Exterior features include a deck.
Built in 1891, the building has been consistently maintained and includes recent improvements, including a newer roof with shingle roofing. Off-street parking is available and the building is described as having easy access to shopping, dining, public transportation, and local amenities in Duluth.
The building’s configuration is designed for tenants who prefer individual utility setups while maintaining day-to-day operational simplicity for an owner.
Built in 1891, the building has been consistently maintained and includes recent improvements, including a newer roof with shingle roofing. Off-street parking is available and the building is described as having easy access to shopping, dining, public transportation, and local amenities in Duluth.
The building’s configuration is designed for tenants who prefer individual utility setups while maintaining day-to-day operational simplicity for an owner.
Key Highlights
- Six‑unit apartment building
- Separate electrical service for each unit
- Recent newer shingle roof
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
$37,392
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
5.35%
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%
$747,840
$747.8K
Cap Rate 7%
$534,171
$534.2K
Cap Rate 9%
$415,467
$415.5K
Market Conditions
NOI Build-Up for 4,566 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
$72.3K $15.84/SF
− Vacancy
−$4.3K −$0.95/SF
EGI
$68.0K $14.89/SF
− OpEx
−$30.6K −$6.70/SF
NOI
$37.4K $8.19/SF
Area
St. Louis County, MN
Vacancy
6.00%
Lease Rate
$15.84 /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%
$747,840
Cap Rate 7%
$534,171
Cap Rate 9%
$415,467
Alternative Uses
Best Use
Apartment 5plus
$534.2K
$467.4K – $623.2K
NOI $37,392 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $123,986 @ 7.0% cap · market cap 17.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,447
Businesses Nearby
Explore this area
Business Placement
Demographics for 55812, MN
10,571
Population
3,954
Households
2.7
Avg Household Size
27
Median Age
60%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
5,564
Density / Sq Mi
$66,961
Median Household Income
$16,485
Median Earnings
$1,216
Median Rent
$301,600
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?
Apartment building - Well-maintained six-unit apartment building with separate electrical service per unit, off-street parking, and a deck.
Where is this apartment building located?
The property is located at 1530-1532 E 1st St Duluth, MN.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Six‑unit apartment building; Separate electrical service for each unit; Recent newer shingle roof
