Fourplex with Three-Car
New
For Sale
$1,200,000
1032 Portland Avenue, Saint Paul, MN 55104
Residential Income, Saint Paul, MN
Property Size6,862 SF
Lot Size0.19 Acres
Price / SF$174.88
Days on Market1
Property Features for 1032 Portland 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 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 8, Bedroom 3, Bedroom 4, Bathroom 4, Basement, Bedroom 7, Bathroom 2
Parking features
Open, Garage - Detached
Exterior features
Wood
Subdivision
Summit Park Add To, St Pa
Lot features
Public Transit (w/in 6 blks)
High school district
St. Paul
Directions
From Summit and Lexington, head east to Chatsworth St. N, take a left, go one block to Portland Ave. take left; 1032 Portland is on the left.
Standard status
Active
APN
022823230062
Size
6,862 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
18917
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1909
Building materials
Frame
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 698-8006
Listed By:
Patrick J Donohue
(952) 829-2900
Added: Aug 20
Last Checked: Aug 20 at 5:06PM
MLS# 7130662
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.
Built in 1909, this fourplex contains 6,862 square feet on a 0.188-acre parcel. The four residences feature two-bedroom, two-bath layouts, dens, large kitchens, formal dining rooms with built-in buffets, and generous living areas. Three-season front porches, original woodwork, stained-glass windows, hardwood floors, and wood-frame construction provide distinctive architectural character.
A detached three-car garage supplements open parking. The property is in Saint Paul's Summit Avenue neighborhood, with shops, restaurants, and public transportation nearby. Upper and lower portions of the building offer the possibility of expanding the existing living area or adding units, subject to applicable approvals.
A detached three-car garage supplements open parking. The property is in Saint Paul's Summit Avenue neighborhood, with shops, restaurants, and public transportation nearby. Upper and lower portions of the building offer the possibility of expanding the existing living area or adding units, subject to applicable approvals.
Key Highlights
- Fourplex with 4 two‑bedroom, two‑bath residences
- 6,862 square feet on a 0.188‑acre parcel
- Built in 1909 with original woodwork, stained glass, and hardwood floors
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 residential units feature two-bedroom, two-bath layouts with dens and formal dining rooms.
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: Fourplex with 4 two‑bedroom, two‑bath residences; 6,862 square feet on a 0.188‑acre parcel; Built in 1909 with original woodwork, stained glass, and hardwood floors
