Building Details

Year built 1910

Roof type Shingle

Listing Agency: Jewson Realty b***@jewsonrealty.com Show Phone

Listed By: Jay Jewson Show Phone

Added: Jun 4 Changed: Sep 24 Last Checked: Sep 28 at 12:06AM

Report an Issue

MLS# 7086020

Copyright © 2026 Northstar MLS. 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.

Built in 1910, this up-and-down duplex contains two residential units within approximately 1,510 square feet. The property includes four bedrooms, two bathrooms, a basement, stucco exterior, forced-air heating, and driveway parking. A new shingle roof adds a recent exterior improvement.

The duplex is located at 119 Main Street E in Wabasha, near local shops, restaurants, and the Mississippi riverfront. The 0.1-acre parcel provides a compact residential-income property in the community's historic downtown setting.

Key Highlights

• Two‑unit up‑and‑down duplex at 119 Main Street E, Wabasha, MN 55981
• Approximately 1,510 square feet on a 0.1‑acre parcel
• Four bedrooms, two bathrooms, and a basement

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

$12,652

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

5.62%

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%

$253,040 $253.0K

Cap Rate 7%

$180,743 $180.7K

Cap Rate 9%

$140,578 $140.6K

Market Conditions

NOI Build-Up for 1,510 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

$19.0K $12.60/SF

− Vacancy

−$951 −$0.63/SF

EGI

$18.1K $11.97/SF

− OpEx

−$5.4K −$3.59/SF

NOI

$12.7K $8.38/SF

Area

Wabasha County, MN

Vacancy

5.00%

Lease Rate

$12.60 /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%

$253,040

Cap Rate 7%

$180,743

Cap Rate 9%

$140,578

Alternative Uses

Best Use

Multifamily LT 5

$180.7K

$158.2K – $210.9K (±1% cap)

NOI $12,652 @ 7.0% cap · market cap 5.62%

Second Best

Apartment 5plus

$168.1K

$147.1K – $196.1K (±1% cap)

NOI $11,768 @ 7.0% cap · market cap 5.23%

Theoretical Best

Office A

$443.6K

$388.1K – $517.5K (±1% cap)

NOI $31,050 @ 7.0% cap · market cap 13.80%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Duplexes

Suggested Use

Top Pick Electrical Service Pharmacy Law Firm Big Box & Wholesale Store Furniture & Home Goods Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

323

Businesses Nearby

Explore this area Business Placement

Demographics for 55981, MN

3,998

Population

2,229

Households

1.8

Avg Household Size

55

Median Age

26%

College-Educated

95%

High-School Grad

50.9 sq mi

ZIP Area

79

Density / Sq Mi

$69,195

Median Household Income

$42,211

Median Earnings

$773

Median Rent

$234,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Historic 22-Room Hotel

333 Main St W, Wabasha, MN 55981

$599,000

15,385 SF

View details

Historic 22-Room Hotel

333 Main Street W, Wabasha, MN 55981

$599,000

0.42 Acres

View details

Downtown Retail Storefront

106 2nd St E, Wabasha, MN 55981

Contact for pricing

1,504 SF

View details

Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with separate living spaces, driveway parking, forced-air heat, and convenient access to downtown amenities.

Where is this duplex located?

The property is located at 119 Main Street E Wabasha, MN.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: Two‑unit up‑and‑down duplex at 119 Main Street E, Wabasha, MN 55981; Approximately 1,510 square feet on a 0.1‑acre parcel; Four bedrooms, two bathrooms, and a basement