Renovated Duplex with Separate
For Sale
$289,900
Pending
1177 Forest St, Saint Paul, MN 55106
Updated kitchens, bathrooms, flooring, and appliances support immediate occupancy or leasing.
Property Size1,744 SF
Days on Market50
Property Features for 1177 Forest St
General Information
Standard status
Pending
Size
1,744 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1899
Listing Agency:
RE/MAX Results
(651) 274-0025
Listed By:
Nicole L Stone
Source:
Homesearchlive
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 30 at 8:39PM
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 1,744-square-foot duplex at 1177 Forest St includes two distinct residences: a three-bedroom unit on the main level and a two-bedroom unit upstairs. Renovation work includes remodeled kitchens with new appliances, refreshed bathrooms, new flooring, interior doors, fresh paint, and a replacement roof. The property was built in 1899 and combines updated interior finishes with a two-unit layout.
Each residence has separate utility service, while water is measured through one shared meter. The Saint Paul property is near shopping, dining, parks, and transportation, adding convenient access for occupants. Its current configuration supports either owner occupancy with an additional unit or use as a two-unit rental property.
Each residence has separate utility service, while water is measured through one shared meter. The Saint Paul property is near shopping, dining, parks, and transportation, adding convenient access for occupants. Its current configuration supports either owner occupancy with an additional unit or use as a two-unit rental property.
Key Highlights
- Two‑unit duplex with a 3‑bedroom main‑level residence and a 2‑bedroom upper unit
- 1,744 SF property built in 1899
- Updated kitchens include new appliances
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
$25,481
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
8.79%
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%
$509,620
$509.6K
Cap Rate 7%
$364,014
$364.0K
Cap Rate 9%
$283,122
$283.1K
Market Conditions
NOI Build-Up for 1,744 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
$38.7K $22.20/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$36.4K $20.87/SF
− OpEx
−$10.9K −$6.26/SF
NOI
$25.5K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$509,620
Cap Rate 7%
$364,014
Cap Rate 9%
$283,122
Alternative Uses
Best Use
Multifamily LT 5
$364.0K
$318.5K – $424.7K
NOI $25,481 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$334.3K
$292.6K – $390.1K
NOI $23,404 @ 7.0% cap · market cap 8.07%
Theoretical Best
Healthcare Medical
$429.2K
$375.5K – $500.7K
NOI $30,042 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
595
Businesses Nearby
Explore this area
Business Placement
Demographics for 55106, MN
60,327
Population
19,974
Households
3
Avg Household Size
30
Median Age
23%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
6,418
Density / Sq Mi
$68,601
Median Household Income
$39,834
Median Earnings
$1,230
Median Rent
$233,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated kitchens, bathrooms, flooring, and appliances support immediate occupancy or leasing.
Where is this duplex located?
The property is located at 1177 Forest St Saint Paul, MN.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom main‑level residence and a 2‑bedroom upper unit; 1,744 SF property built in 1899; Updated kitchens include new appliances
