Historic Fourplex with Three-Car
For Sale
$1,200,000
1032 Portland Avenue, Saint Paul, MN 55104
Four residences offer two-bedroom layouts, period architectural details, porches, and formal dining rooms with built-in buffets.
Property Size6,862 SF
Price / SF$174.88
Days on Market30
Property Features for 1032 Portland Avenue
General Information
Standard status
Active
Size
6,862 SF
Total Parking Spaces
3
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1909
Listing Agency:
RE/MAX Results
Listed By:
Patrick J Donohue
(952) 949-0263
Source:
C21atwood
Added: Aug 7
Changed: Sep 4
Last Checked: Sep 5 at 8:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1909, this fourplex contains four two-bedroom, two-bath residences with substantial interior living areas. Each unit includes a den, large kitchen, formal dining room, and built-in buffets, while original woodwork, stained glass, and hardwood floors retain the building’s historic character. Three-season front porches extend the usable living space, and a three-car garage provides on-site parking and storage.
The property is located on Portland Avenue in Saint Paul’s Summit Avenue neighborhood, near shops, restaurants, and public transportation. Additional space on the upper and lower levels may support expansion of the existing residences or the addition of units, subject to applicable approvals.
The property is located on Portland Avenue in Saint Paul’s Summit Avenue neighborhood, near shops, restaurants, and public transportation. Additional space on the upper and lower levels may support expansion of the existing residences or the addition of units, subject to applicable approvals.
Key Highlights
- Four 2‑bedroom, 2‑bath residences, each with a den, large kitchen, and formal dining room
- Built in 1909 with original woodwork, stained glass windows, and hardwood floors
- Three‑season front porches serve each residence
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
$100,259
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
8.35%
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%
$2,005,180
$2.0M
Cap Rate 7%
$1,432,271
$1.4M
Cap Rate 9%
$1,113,989
$1.1M
Market Conditions
NOI Build-Up for 6,862 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
$152.3K $22.20/SF
− Vacancy
−$9.1K −$1.33/SF
EGI
$143.2K $20.87/SF
− OpEx
−$43.0K −$6.26/SF
NOI
$100.3K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$2,005,180
Cap Rate 7%
$1,432,271
Cap Rate 9%
$1,113,989
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $100,259 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.53M
NOI $92,086 @ 7.0% cap · market cap 7.67%
Theoretical Best
Healthcare Medical
$1.69M
$1.48M – $1.97M
NOI $118,205 @ 7.0% cap · market cap 9.85%
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
1,204
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
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?
Quadplex - Four residences offer two-bedroom layouts, period architectural details, porches, and formal dining rooms with built-in buffets.
Where is this quadplex located?
The property is located at 1032 Portland Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four 2‑bedroom, 2‑bath residences, each with a den, large kitchen, and formal dining room; Built in 1909 with original woodwork, stained glass windows, and hardwood floors; Three‑season front porches serve each residence
