Triplex Apartment Building with Private
For Sale
$334,900
155 SW 4th, Perham, MN 56573
Residential Income, Perham, MN
Property Size2,412 SF
Lot Size0.26 Acres
Price / SF$138.85
Days on Market27
Property Features for 155 SW 4th
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Residential-Multi-Family
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1, Bedroom 1
Parking features
Garage - Attached, Garage - Detached
Exterior features
Vinyl
Lot features
Corner Lot
High school district
Perham-Dent
Directions
From Main Street. Behind United Community Bank in Perham
Standard status
Active
APN
77000990686000
Size
2,412 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3532
Utilities
Heating system
Hot Water(Heating), Oil
Amenities
off-street parking
Building Details
Year built
1886
Building materials
Frame
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Stephen Sweere
(612) 751-9303
Added: Jul 31
Changed: Aug 19
Last Checked: Aug 26 at 8:06PM
MLS# 7119012
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 triplex apartment building offers three separate units, and each unit features its own private entrance. The property includes dedicated off-street parking to support everyday convenience for tenants. Constructed with frame exterior construction and vinyl exterior features, the building was built in 1886. Heating is provided via hot water heat with oil as the fuel source.
Located in downtown Perham, the property is positioned for convenient, walkable access to local shops, restaurants, services, and employers. The downtown setting is described as supporting steady year-round rental demand.
Configured as a basement-level and unit space arrangement, the building provides a straightforward setup for tenants seeking independent entry while sharing the overall property location and amenities.
Located in downtown Perham, the property is positioned for convenient, walkable access to local shops, restaurants, services, and employers. The downtown setting is described as supporting steady year-round rental demand.
Configured as a basement-level and unit space arrangement, the building provides a straightforward setup for tenants seeking independent entry while sharing the overall property location and amenities.
Key Highlights
- Three‑unit apartment building with private entrances for each unit
- 0.26‑acre lot
- 2,412 SF building size
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
$20,210
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
6.03%
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%
$404,200
$404.2K
Cap Rate 7%
$288,714
$288.7K
Cap Rate 9%
$224,556
$224.6K
Market Conditions
NOI Build-Up for 2,412 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
$30.4K $12.60/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$28.9K $11.97/SF
− OpEx
−$8.7K −$3.59/SF
NOI
$20.2K $8.38/SF
Area
Otter Tail County, MN
Vacancy
5.00%
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%
$404,200
Cap Rate 7%
$288,714
Cap Rate 9%
$224,556
Alternative Uses
Best Use
Multifamily LT 5
$288.7K
$252.6K – $336.8K
NOI $20,210 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$267.1K
$233.7K – $311.7K
NOI $18,699 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$524.0K
$458.5K – $611.3K
NOI $36,678 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 56573, MN
7,066
Population
3,632
Households
1.9
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
137.5 sq mi
ZIP Area
51
Density / Sq Mi
$68,080
Median Household Income
$44,945
Median Earnings
$805
Median Rent
$256,900
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?
Triplex - Three-unit apartment building with each unit having a private entrance and dedicated off-street parking in downtown Perham.
Where is this triplex located?
The property is located at 155 SW 4th Perham, MN.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: Three‑unit apartment building with private entrances for each unit; 0.26‑acre lot; 2,412 SF building size
