Two-Unit Duplex with Heated
New
For Sale
$300,000
1123 Norwood Street, Brainerd, MN 56401
Corner-lot duplex with open living areas, a heated garage, and additional storage.
Property Size2,010 SF
Price / SF$149.25
Days on Market5
Property Features for 1123 Norwood Street
General Information
Standard status
Active
Size
2,010 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
garage
storage shed
Building Details
Year Built
2020
Listing Agency:
Executive Realty Of St. Cloud
Listed By:
Jay Hancock Real Estate
(612) 916-0245
Source:
Jayhancockrealestate
Added: Sep 11
Changed: Sep 14
Last Checked: Sep 14 at 9:15AM
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 Executive Realty Of St. Cloud
Investment Insights
Based on property information with market context.
This two-unit duplex on Norwood Street in Brainerd includes matching layouts with two bedrooms and open living areas in each residence. The property also provides a two-stall garage that is both heated and insulated, along with a 10' x 20' storage shed.
Set on a corner lot, the property offers a configuration suited to two-unit residential use, with separate living spaces and substantial on-site storage and parking improvements.
Set on a corner lot, the property offers a configuration suited to two-unit residential use, with separate living spaces and substantial on-site storage and parking improvements.
Key Highlights
- Two‑unit duplex with two bedrooms in each unit
- Open living space in both units
- Two‑stall heated and insulated garage
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
$18,349
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
6.12%
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%
$366,980
$367.0K
Cap Rate 7%
$262,129
$262.1K
Cap Rate 9%
$203,878
$203.9K
Market Conditions
NOI Build-Up for 2,010 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
$27.7K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.2K $13.04/SF
− OpEx
−$7.9K −$3.91/SF
NOI
$18.3K $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 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%
$366,980
Cap Rate 7%
$262,129
Cap Rate 9%
$203,878
Alternative Uses
Best Use
Multifamily LT 5
$262.1K
$229.4K – $305.8K
NOI $18,349 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$234.1K
$204.8K – $273.1K
NOI $16,384 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$426.7K
$373.4K – $497.8K
NOI $29,870 @ 7.0% cap · market cap 9.96%
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
794
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
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with open living areas, a heated garage, and additional storage.
Where is this duplex located?
The property is located at 1123 Norwood Street Brainerd, MN.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms in each unit; Open living space in both units; Two‑stall heated and insulated garage
