Renovated Quadplex With
For Sale
$489,900
23017 60th Avenue, Saint Augusta, MN 56301
Residential Income, Saint Augusta, MN
Property Size3,074 SF
Lot Size1.47 Acres
Price / SF$159.37
Days on Market49
Property Features for 23017 60th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Basement, Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 8
Parking features
Garage - Detached, Driveway
Exterior features
Vinyl
Subdivision
Meadowbrook Estates Two
Lot features
Corner Lot, Tree Coverage - Light
High school district
St. Cloud
Directions
I 94 to MN Hwy 15 south to 230th st take a left and follow for 1 mile left on 60th
Standard status
Active
APN
81432290300
Size
3,074 SF
Lot size
1.47 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1632
Utilities
Heating system
Baseboard
Water source
Well
Amenities
fiber optic internet
keyless entry locks
shared laundry
fenced dog area
reverse osmosis water filtration
Building Details
Year built
1960
Roof type
Shingle
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Joel D. Friday · License #20538434
(763) 746-4900
Added: Jul 9
Changed: Aug 26
Last Checked: Aug 26 at 5:06PM
MLS# 7106770
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 quadplex contains four furnished residences, each with 2 bedrooms, 1 updated bathroom, and approximately 750-775 finished square feet. The 3,074-square-foot property sits on 1.47 acres and is currently operated as mid-term furnished rentals. Interior improvements include refreshed flooring, trim, paint, lighting, bathroom vanities, remodeled bathrooms, and new toilets. Nearly all windows were replaced within the last 4 years, while the roof, fascia, soffit, and gutters are approximately 4 years old.
Residents have access to shared laundry with two coin-operated washers and two coin-operated dryers, fiber optic internet, keyless Schlage Encode Plus entry locks, a fenced dog area, and Culligan reverse osmosis water filtration. Five garage stalls are included, consisting of one oversized 1.5-stall garage, along with driveway parking. The property uses baseboard heat, well water, vinyl exterior siding, and a shingle roof, and is located in a single-family neighborhood in Saint Augusta, Minnesota.
Residents have access to shared laundry with two coin-operated washers and two coin-operated dryers, fiber optic internet, keyless Schlage Encode Plus entry locks, a fenced dog area, and Culligan reverse osmosis water filtration. Five garage stalls are included, consisting of one oversized 1.5-stall garage, along with driveway parking. The property uses baseboard heat, well water, vinyl exterior siding, and a shingle roof, and is located in a single-family neighborhood in Saint Augusta, Minnesota.
Key Highlights
- Four units, each with 2 bedrooms, 1 bathroom, and approximately 750‑775 finished square feet
- 3,074‑square‑foot quadplex on 1.47 acres
- Five garage stalls, including one oversized 1.5‑stall garage
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
$37,113
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
7.58%
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%
$742,260
$742.3K
Cap Rate 7%
$530,186
$530.2K
Cap Rate 9%
$412,367
$412.4K
Market Conditions
NOI Build-Up for 3,074 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
$55.3K $18.00/SF
− Vacancy
−$2.3K −$0.75/SF
EGI
$53.0K $17.25/SF
− OpEx
−$15.9K −$5.17/SF
NOI
$37.1K $12.07/SF
Area
Stearns County, MN
Vacancy
4.18%
Lease Rate
$18.00 /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%
$742,260
Cap Rate 7%
$530,186
Cap Rate 9%
$412,367
Alternative Uses
Best Use
Multifamily LT 5
$530.2K
$463.9K – $618.6K
NOI $37,113 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$484.9K
$424.3K – $565.7K
NOI $33,942 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$673.1K
$588.9K – $785.2K
NOI $47,114 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 56301, MN
33,786
Population
13,511
Households
2.5
Avg Household Size
30
Median Age
32%
College-Educated
91%
High-School Grad
76.6 sq mi
ZIP Area
441
Density / Sq Mi
$69,725
Median Household Income
$29,226
Median Earnings
$1,103
Median Rent
$262,500
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?
Quadplex - Four furnished residences feature updated interiors, shared laundry, and access to detached garage space.
Where is this quadplex located?
The property is located at 23017 60th Avenue Saint Augusta, MN.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Four units, each with 2 bedrooms, 1 bathroom, and approximately 750‑775 finished square feet; 3,074‑square‑foot quadplex on 1.47 acres; Five garage stalls, including one oversized 1.5‑stall garage
