Two-Story
For Sale
$199,900
Pending
1009 E Center Street, Rochester, MN 55904
Residential Income, Rochester, MN
Property Size1,488 SF
Lot Size0.17 Acres
Days on Market250
Property Features for 1009 E Center Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Basement, Bedroom 4, Bathroom 2, Bedroom 3
Parking features
Driveway, Guest
Patio and Porch features
Deck
Subdivision
Elliott & Hoffmans
Lot features
Public Transit (w/in 6 blks)
Elementary school
Riverside Central
Middle school
Kellogg
High school
Century
High school district
Rochester
Directions
South of 7th Street NE on 11th Ave NE. Turn west into the alley just before Center Street. Property is on the left.
Standard status
Pending
APN
743634005888
Size
1,488 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3302
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Building materials
Frame
Roof type
Shingle
Listing Agency:
Larson Realty
(507) 288-2345
Listed By:
David Gibson
(507) 271-4125
Added: Jan 28
Changed: Sep 30
Last Checked: Oct 5 at 12:06PM
MLS# 7014543
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 1,488-square-foot duplex was built in 1910 and has a two-story layout. The main-level apartment is vacant and includes new egress windows and a replacement front door, along with other recent updates. The upstairs unit is occupied under a newly signed long-term lease.
The property occupies a 0.17-acre lot in Rochester, a short walk from the Mayo Clinic. Building features include frame construction, forced-air heat, a shingle roof, and a deck. Parking is available in the driveway, with guest parking also listed.
The property occupies a 0.17-acre lot in Rochester, a short walk from the Mayo Clinic. Building features include frame construction, forced-air heat, a shingle roof, and a deck. Parking is available in the driveway, with guest parking also listed.
Key Highlights
- Two residential units in a two‑story building
- 1,488 square feet on a 0.17‑acre lot
- Main‑level apartment is vacant; upstairs tenant has signed a long‑term lease
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
$16,030
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
8.02%
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%
$320,600
$320.6K
Cap Rate 7%
$229,000
$229.0K
Cap Rate 9%
$178,111
$178.1K
Market Conditions
NOI Build-Up for 1,488 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
$24.1K $16.20/SF
− Vacancy
−$1.2K −$0.81/SF
EGI
$22.9K $15.39/SF
− OpEx
−$6.9K −$4.62/SF
NOI
$16.0K $10.77/SF
Area
Rochester, MN
Vacancy
5.00%
Lease Rate
$16.20 /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%
$320,600
Cap Rate 7%
$229,000
Cap Rate 9%
$178,111
Alternative Uses
Best Use
Multifamily LT 5
$229.0K
$200.4K – $267.2K
NOI $16,030 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$201.0K
$175.9K – $234.5K
NOI $14,068 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$573.1K
$501.5K – $668.6K
NOI $40,117 @ 7.0% cap · market cap 20.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 55904, MN
29,813
Population
12,984
Households
2.3
Avg Household Size
35
Median Age
37%
College-Educated
93%
High-School Grad
60.1 sq mi
ZIP Area
496
Density / Sq Mi
$76,434
Median Household Income
$47,250
Median Earnings
$1,253
Median Rent
$237,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - The main-floor unit is vacant, while the upper residence has a recently executed long-term lease.
Where is this duplex located?
The property is located at 1009 E Center Street Rochester, MN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two residential units in a two‑story building; 1,488 square feet on a 0.17‑acre lot; Main‑level apartment is vacant; upstairs tenant has signed a long‑term lease
