Duplex With Off-Street
New
For Sale
$419,900
119 N 7th Ave W, Duluth, MN 55806
Two-unit property with laundry in both units and additional basement storage.
Property Size3,107 SF
Price / SF$135.15
Days on Market7
Property Features for 119 N 7th Ave W
General Information
Standard status
Active
Size
3,107 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,378
Amenities
in-unit laundry
porches
semi-fenced yard
Listing Agency:
RE/MAX Results
(218) 310-3334
Listed By:
Tom Little · License #20167296
(218) 310-3334
Source:
Exprealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 30 at 11:46PM
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.
Located at 119 N 7th Ave W in Duluth, this 3107-square-foot duplex includes two residential units, two bathrooms, laundry facilities in each unit, and a functional layout. The lower unit includes basement storage, while multiple porches and a semi-fenced yard add exterior space.
Off-street parking serves the property, with access to downtown Duluth, Canal Park, shopping, dining, and other area amenities. The combination of separate living spaces, on-site laundry, storage, parking, and outdoor features supports use as a duplex residence.
Off-street parking serves the property, with access to downtown Duluth, Canal Park, shopping, dining, and other area amenities. The combination of separate living spaces, on-site laundry, storage, parking, and outdoor features supports use as a duplex residence.
Key Highlights
- 3107 SF duplex with two residential units and 2 bathrooms
- Laundry facilities available in each unit
- Lower unit includes additional basement storage
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
$27,688
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
6.59%
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%
$553,760
$553.8K
Cap Rate 7%
$395,543
$395.5K
Cap Rate 9%
$307,644
$307.6K
Market Conditions
NOI Build-Up for 3,107 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
$41.9K $13.50/SF
− Vacancy
−$2.4K −$0.77/SF
EGI
$39.6K $12.73/SF
− OpEx
−$11.9K −$3.82/SF
NOI
$27.7K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /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%
$553,760
Cap Rate 7%
$395,543
Cap Rate 9%
$307,644
Alternative Uses
Best Use
Multifamily LT 5
$395.5K
$346.1K – $461.5K
NOI $27,688 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$363.5K
$318.1K – $424.1K
NOI $25,444 @ 7.0% cap · market cap 6.06%
Theoretical Best
Specialty Retail
$1.21M
$1.05M – $1.41M
NOI $84,368 @ 7.0% cap · market cap 20.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 55806, MN
9,761
Population
4,848
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
93%
High-School Grad
3.4 sq mi
ZIP Area
2,871
Density / Sq Mi
$44,962
Median Household Income
$33,868
Median Earnings
$910
Median Rent
$156,500
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 - Two-unit property with laundry in both units and additional basement storage.
Where is this duplex located?
The property is located at 119 N 7th Ave W Duluth, MN.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 3107 SF duplex with two residential units and 2 bathrooms; Laundry facilities available in each unit; Lower unit includes additional basement storage
