Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Two-Tenant Retail in Duluth, MN Title is generated by Realmo AI

    4615 Grand Ave, Duluth, MN 55807

    View on Map
    Claim this Listing
    For Sale
    $2,357,000

    Two-tenant retail property with new 10-year lease in Duluth.

    Type:Retail
    Property size:
    15,631 SF
    Price / SF:
    $150/SF
    Added:
    Sep 12, 2025
    Days on Market:
    268
    Last Refresh:
    May 8 at 10:32 pm

    Property Features for 4615 Grand Ave

    General Information

    Standard status
    Active
    Size
    15,631 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1998

    We can help!

    Listing Contact
    Amy Senn

    Listing agent Amy Senn License #24923

    Listing office Top Dog Realty Group

    Listing date Sep 12, 2025

    Source Midamericagrp

    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 Top Dog Realty Group

    HighLights

    • New 10‑year lease with Goodwill signed October 2024, providing stable income.
    • Located in a desirable west Duluth neighborhood with over 30,000 residents within a 3‑mile radius.
    • High traffic location with 20,803 vehicles per day (VPD).
    • Low retail vacancy rate of 2% in Duluth, indicating high demand.
    • New silicone roof coating with a 15‑year total system warranty.
    • Duluth is the 2nd largest economy in Minnesota with a trade area exceeding 548,000 people.

    Overview

    This two-tenant retail property is located in Duluth, MN. A new 10-year lease was signed with a tenant in October 2024. The property is situated at a busy intersection with a traffic volume of 20,803 vehicles per day. It is located in the west Duluth neighborhood, which is considered a 'hidden gem' and has a population of over 30,000 within a 3-mile radius. Duluth is a college town with over 25,000 students and the second-largest economy in the state, serving a trade area of over 548,000 people. The retail vacancy rate in Duluth is low, at 2%, with high barriers to entry. One of the tenants, Goodwill True North, has a history of over 100 years and operates 11 stores across northern Minnesota and Wisconsin. The property features a new silicone roof coating with a 15-year total system warranty. The property size is 15,631 square feet.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $234.5k $15.00
    − Vacancy −$23.4k −$1.50
    EGI $211.0k $13.50
    − OpEx −$63.3k −$4.05
    NOI $147.7k $9.45
    15,631 SF · lease $15.00/SF/yr · vacancy 10.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $2.11M
    $1.85M – $2.46M (±1% cap)
    NOI $147,713 @ 7.0% cap · market cap 6.27%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $6.06M
    $5.31M – $7.07M (±1% cap)
    NOI $424,445 @ 7.0% cap · market cap 18.01%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Parsons Electric Electrical Service NUWAY - Duluth Counseling ... Medical Clinic ArchKey/Parsons Electric Duluth ... General Contractor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Garden Center — Duluth, MN 55807

    Location Insight

    • Map
    • Local Demand
    City
    Duluth
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.1604
    Latitude
    46.7456

    Nearby Similar for Sale

    • $499,900
      1,400 SF

      Renovated Retail Building in Duluth

      Turnkey retail property in Duluth's Lakeside neighborhood.
      4501 E Superior St, Duluth, MN 55804
      View Details
    • $549,900
      3,183 SF

      Duluth Duplex: Investment Opportunity

      High-performing duplex in Duluth's East Hillside neighborhood.
      1432 E 4th St, Duluth, MN 55805
      View Details
    • $535,000
      2,172 SF

      Profitable Commercial Space in Duluth

      Turnkey business opportunity with salon and shake shop.
      222 N Central Ave, Duluth, MN 55807
      View Details
    • $500,000
      2,912 SF

      Spacious Duplex with Income Potential

      High-capacity duplex with excellent income potential in Duluth, Minnesota.
      2417 Vermilion Rd, Duluth, MN 55803
      View Details
    • $225,000
      2,648 SF

      Duplex-Style Home with Detached Garage

      Two separate 2-bedroom units with a 3-car detached garage, offering flexible owner-occupant or income-using options.
      1103 99th Ave W, Duluth, MN 55808
      View Details
    • $250,000
      2,920 SF

      Corner Lot Mixed-Use Opportunity

      Value-add property with income potential in a strategic location.
      2502 W 3rd St, Duluth, MN 55806
      View Details
    • $239,900
      849 SF

      East End Investment Property

      Investment property with two separate dwellings on one lot.
      1026 E 3rd St, Duluth, MN 55805
      View Details
    • $289,900
      1,808 SF

      Updated Duplex with Two Units

      Well-kept duplex with two 2BR units, hardwood floors, updated upper kitchen and bath, plus basement laundry.
      915 W 3rd St, Duluth, MN 55806
      View Details
    • $209,900
      2,684 SF

      Well-Maintained Duplex in Duluth, MN

      Duplex with long-term tenants, renovated unit, and convenient location.
      3019 Restormel St, Duluth, MN 55806
      View Details
    • $249,000
      2,208 SF

      Duluth Duplex with Lake Views

      Centrally located Duluth duplex with income potential and lake views.
      523 N 1st Ave E, Duluth, MN 55805
      View Details
    • $550,000
      2,200 SF

      Renovated Retail Building in Duluth

      Turnkey retail property in Duluth's Lakeside neighborhood.
      4501 E Superior St, Duluth, MN 55804
      View Details
    • $240,000
      2,372 SF

      Spacious Home in Lincoln Park

      Three-story home with flexible layout options in Lincoln Park.
      2424 W 2nd St, Duluth, MN 55806
      View Details

    FAQs

    What type of property is this?
    Storefront property - Two-tenant retail property with new 10-year lease in Duluth.
    Where is this storefront property located?
    The property is located at 4615 Grand Ave Duluth, MN.
    What is the asking price?
    The asking price for this property is $2,357,000.
    What are key features of this property?
    This property features: New 10‑year lease with Goodwill signed October 2024, providing stable income.; Located in a desirable west Duluth neighborhood with over 30,000 residents within a 3‑mile radius.; High traffic location with 20,803 vehicles per day (VPD).
    (651) 983-4861
    We can help!
    Listing Contact
    Amy Senn
    Real Estate License ID: 24923
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4615 Grand Ave, Duluth, MN 55807
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!