Listing Agency: RE/MAX Results d***@results.net Show Phone

Listed By: Tom Little · License #20167296 Show Phone

Source: Exprealty

Added: Aug 26 Changed: Oct 11 Last Checked: Oct 16 at 11:29AM

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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.

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 / Yr

$27,688

Cap Rate

6.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$553,760 $553.8K

Cap Rate 7%

$395,543 $395.5K

Cap Rate 9%

$307,644 $307.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,107 SF

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 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 (±1% cap)

NOI $27,688 @ 7.0% cap · market cap 6.59%

Second Best

Apartment 5plus

$363.5K

$318.1K – $424.1K (±1% cap)

NOI $25,444 @ 7.0% cap · market cap 6.06%

Theoretical Best

Specialty Retail

$1.21M

$1.05M – $1.41M (±1% cap)

NOI $84,368 @ 7.0% cap · market cap 20.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Barber Shop (Bike/Boat/Book/etc) Store Catering Service Grocery & Convenience Store Nail Salon Florist

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

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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