Updated Duplex with Lake
For Sale
$500,000
60 Grove Street, Mahtomedi, MN 55115
MULTI_FAMILY - Mahtomedi, MN
Property Size2,416 SF
Lot Size0.16 Acres
Price / SF$206.95
Days on Market10
Property Features for 60 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Basement
Parking features
Driveway
Exterior features
Wood
Subdivision
Bellovista
Lot features
Irregular Lot, Tree Coverage - Medium
High school district
Mahtomedi
Directions
From I-694, take MN-36 E toward Stillwater. Exit onto Century Ave (MN-120) north, then turn right onto Stillwater Rd, left onto Mahtomedi Ave, and right onto Grove St. Property is on the right
Standard status
Active
APN
2903021210020
Size
2,416 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4496
Utilities
Heating system
Forced Air
Water front features
Lake
Water front
1
Amenities
lake access
shared dock
deck
Building Details
Year built
1901
Building materials
Brick
Roof type
Shingle
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Corey Brenner
(612) 751-9303
Added: Aug 5
Changed: Aug 13
Last Checked: Aug 14 at 11:06AM
MLS# 7104773
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 2,416-square-foot duplex at 60 Grove Street includes bright living areas, four bedrooms, three bathrooms, a basement, and a driveway. Improvements include newer carpet, updated electrical throughout, contemporary light fixtures, and a brand-new deck. The property was built in 1901 and has a shingle roof, forced-air heating, wood exterior features, and brick construction materials.
Residents have lake access to White Bear Lake along with use of a shared dock. The 0.158-acre lot includes a large backyard, providing outdoor space in addition to the deck. The property is served by the Mahtomedi School District #832 and is located in Mahtomedi, Minnesota.
Residents have lake access to White Bear Lake along with use of a shared dock. The 0.158-acre lot includes a large backyard, providing outdoor space in addition to the deck. The property is served by the Mahtomedi School District #832 and is located in Mahtomedi, Minnesota.
Key Highlights
- 2,416‑square‑foot duplex with four bedrooms, three bathrooms, and a basement
- Lake access to White Bear Lake with a shared dock
- Brand‑new deck and large backyard on a 0.158‑acre lot
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
$31,644
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
6.33%
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%
$632,880
$632.9K
Cap Rate 7%
$452,057
$452.1K
Cap Rate 9%
$351,600
$351.6K
Market Conditions
NOI Build-Up for 2,416 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
$47.8K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$45.2K $18.71/SF
− OpEx
−$13.6K −$5.61/SF
NOI
$31.6K $13.10/SF
Area
Washington County, MN
Vacancy
5.50%
Lease Rate
$19.80 /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%
$632,880
Cap Rate 7%
$452,057
Cap Rate 9%
$351,600
Alternative Uses
Best Use
Multifamily LT 5
$452.1K
$395.6K – $527.4K
NOI $31,644 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$419.8K
$367.4K – $489.8K
NOI $29,388 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$671.1K
$587.2K – $782.9K
NOI $46,976 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 55115, MN
8,880
Population
3,408
Households
2.6
Avg Household Size
45
Median Age
63%
College-Educated
98%
High-School Grad
6.1 sq mi
ZIP Area
1,456
Density / Sq Mi
$132,796
Median Household Income
$71,786
Median Earnings
$1,510
Median Rent
$481,900
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?
Duplex - Two-unit property with refreshed electrical systems, a new deck, and a spacious backyard.
Where is this duplex located?
The property is located at 60 Grove Street Mahtomedi, MN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,416‑square‑foot duplex with four bedrooms, three bathrooms, and a basement; Lake access to White Bear Lake with a shared dock; Brand‑new deck and large backyard on a 0.158‑acre lot
