Occupied
For Sale
$240,000
1103 Mill Ave, Brainerd, MN 56401
All three apartments are occupied under month-to-month leases.
Property Size2,054 SF
Price / SF$116.85
Days on Market10
Property Features for 1103 Mill Ave
General Information
Standard status
Active
Size
2,054 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,091
Listing Agency:
NextHome Horizons
(218) 454-2870
Listed By:
Laura Bement
(218) 251-0559
Source:
Exprealty
Added: Oct 8
Changed: Oct 16
Last Checked: Oct 16 at 2:04PM
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 NextHome Horizons
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Investment Insights
Based on property information with market context.
This three-unit residential property contains 2,054 square feet and is located at 1103 Mill Ave in Brainerd. Each apartment is occupied, with leases now month to month. The property is offered in as-is condition as part of a probate sale. Estate counsel requires a minimum 14-day market exposure period before the administrator may accept or negotiate offers.
Key Highlights
- Three‑unit property with 2,054 square feet
- All apartments occupied on month‑to‑month leases
- Probate sale with a 14‑day minimum market exposure period before offers may be accepted or negotiated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,750
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$375,000
$375.0K
Cap Rate 7%
$267,857
$267.9K
Cap Rate 9%
$208,333
$208.3K
Market Conditions
NOI Build-Up for 2,054 SF
Gross rent
$28.3K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$26.8K $13.04/SF
− OpEx
−$8.0K −$3.91/SF
NOI
$18.8K $9.13/SF
Area
Crow Wing County, MN
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$375,000
Cap Rate 7%
$267,857
Cap Rate 9%
$208,333
Alternative Uses
Best Use
Multifamily LT 5
$267.9K
$234.4K – $312.5K
NOI $18,750 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$239.2K
$209.3K – $279.0K
NOI $16,742 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$436.1K
$381.6K – $508.7K
NOI $30,524 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 56401, MN
30,632
Population
16,038
Households
1.9
Avg Household Size
40
Median Age
24%
College-Educated
94%
High-School Grad
322.6 sq mi
ZIP Area
95
Density / Sq Mi
$70,269
Median Household Income
$40,172
Median Earnings
$918
Median Rent
$237,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments are occupied under month-to-month leases.
Where is this triplex located?
The property is located at 1103 Mill Ave Brainerd, MN.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Three‑unit property with 2,054 square feet; All apartments occupied on month‑to‑month leases; Probate sale with a 14‑day minimum market exposure period before offers may be accepted or negotiated
