Mixed-Use Property with Open Floor
For Sale
$350,000
1132 E 9th Street, Duluth, MN 55805
The property combines an open commercial area with rear residential rooms and off-street parking.
Property Size1,891 SF
Days on Market13
Property Features for 1132 E 9th Street
General Information
Standard status
Active
Size
1,891 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
Business/Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,202
Amenities
kitchenette
half bath
off-street parking
Building Details
Building Size
1,891 SF
Year Built
1914
Stories
1
Units
1
Abandoned
No
Listing Agency:
RE/MAX Results
(218) 390-6747
Listed By:
Tracy L. Ramsay · License #40762684
(218) 390-6747
Source:
Ivyrealestategroup
Added: Aug 7
Changed: Aug 15
Last Checked: Aug 19 at 2:11PM
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.
This mixed-use property is currently configured as a hair salon, with an open main-level layout that includes a kitchenette, half bath, and substantial storage. The rear section adds two bedrooms, a living room, and a full bathroom, along with a room that could be converted back into a kitchen. Newer mechanical systems and off-street parking for four vehicles are also included.
Located at 1132 E 9th Street in Duluth, the property is near downtown and positioned along the bus line. Business/Commercial zoning is in place, and the building dates to 1914. The combination of commercial and residential areas creates a flexible physical layout for continued salon use or other configurations supported by the existing improvements.
Located at 1132 E 9th Street in Duluth, the property is near downtown and positioned along the bus line. Business/Commercial zoning is in place, and the building dates to 1914. The combination of commercial and residential areas creates a flexible physical layout for continued salon use or other configurations supported by the existing improvements.
Key Highlights
- Mixed‑use property at 1132 E 9th Street in Duluth, MN
- Open main level with kitchenette, half bath, and ample storage
- Rear area includes two bedrooms, living room, and full bath
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
$26,231
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
7.49%
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%
$524,620
$524.6K
Cap Rate 7%
$374,729
$374.7K
Cap Rate 9%
$291,456
$291.5K
Market Conditions
NOI Build-Up for 1,891 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
$47.2K $24.96/SF
− Vacancy
−$12.2K −$6.46/SF
EGI
$35.0K $18.50/SF
− OpEx
−$8.7K −$4.62/SF
NOI
$26.2K $13.87/SF
Area
St. Louis County, MN
Vacancy
25.90%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$524,620
Cap Rate 7%
$374,729
Cap Rate 9%
$291,456
Alternative Uses
Best Use
Mixed Use
$611.3K
$534.9K – $713.2K
NOI $42,790 @ 7.0% cap · market cap 12.23%
Second Best
Office B
$374.7K
$327.9K – $437.2K
NOI $26,231 @ 7.0% cap · market cap 7.49%
Theoretical Best
Specialty Retail
$733.5K
$641.9K – $855.8K
NOI $51,348 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 55805, MN
9,731
Population
5,430
Households
1.8
Avg Household Size
31
Median Age
37%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
6,951
Density / Sq Mi
$43,077
Median Household Income
$26,309
Median Earnings
$984
Median Rent
$171,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines an open commercial area with rear residential rooms and off-street parking.
Where is this mixed-use property located?
The property is located at 1132 E 9th Street Duluth, MN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Mixed‑use property at 1132 E 9th Street in Duluth, MN; Open main level with kitchenette, half bath, and ample storage; Rear area includes two bedrooms, living room, and full bath
