Mixed-Use Property with Open
New
For Sale
$350,000
1132 E 9th St, Duluth, MN 55805
COMMERCIAL - Duluth, MN
Property Size1,891 SF
Lot Size0.16 Acres
Price / SF$185.09
Days on Market5
Property Features for 1132 E 9th St
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
1
Rooms
Basement, Bathroom 1, Bathroom 2
Basement
Block
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
USE GPS
Subdivision
LSAR
Standard status
Active
Size
1,891 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3202
Utilities
Heating system
Oil, Hot Water(Heating)
Building Details
Year built
1914
Number of units
1
Roof type
Shingle, Rubber
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Tracy Ramsay · License #40762684
(952) 829-2900
Added: Aug 7
Last Checked: Aug 11 at 3:06PM
MLS# 6127238
Copyright © 2026 Lake Superior Association of REALTORS®. 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.
This 1,891-square-foot mixed-use property combines an adaptable commercial area with additional residential-style rooms. The main level is configured with an open floor plan, kitchenette, half bath, and storage, and is currently used as a hair salon. The rear section contains two bedrooms, a living room, and a full bathroom, along with space that could be converted back to a kitchen. Newer mechanical systems support the building, which was constructed in 1914 and includes a basement.
The property occupies 0.16 acres at 1132 E 9th St in Duluth. It is near downtown, sits directly on the bus line, and provides off-street parking for four vehicles. Oil and hot-water heating serve the building, while the roof includes shingle and rubber materials.
The property occupies 0.16 acres at 1132 E 9th St in Duluth. It is near downtown, sits directly on the bus line, and provides off-street parking for four vehicles. Oil and hot-water heating serve the building, while the roof includes shingle and rubber materials.
Key Highlights
- 1,891 SF mixed‑use property on a 0.16‑acre lot
- Main level features an open floor plan, kitchenette, half bath, and storage
- Rear section includes two bedrooms, a living room, full bath, and potential kitchen conversion area
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
1,428
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial space with salon improvements, rear residential-style rooms, newer mechanicals, and parking for four vehicles.
Where is this mixed-use property located?
The property is located at 1132 E 9th St 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: 1,891 SF mixed‑use property on a 0.16‑acre lot; Main level features an open floor plan, kitchenette, half bath, and storage; Rear section includes two bedrooms, a living room, full bath, and potential kitchen conversion area
