Building Details

Year Built 1891

Buildings 1

Listing Agency: Counselor Realty Of Victoria

Listed By: The Antonov Group Show Phone

Source: Theantonovgroup

Added: Oct 16 Changed: Oct 17 Last Checked: Oct 16 at 8:09AM

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Investment Insights

Based on property information with market context.

Built in 1891, this 2,250-square-foot triplex contains three apartments: two units with two bedrooms and one bathroom each, plus a one-bedroom, one-bathroom unit. The property requires substantial work, including siding, furnace, ceiling tile, bathroom, flooring, and cosmetic repairs. A roof replacement was completed in 2019, and the water heater was replaced in 2024; Unit A also has a newer shower surround.

The property is near downtown Duluth, area hospitals, and bus lines. Its three-unit configuration and history of occupancy accompany a renovation and repair project.

Key Highlights

• Three units: two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
• 2,250 square feet; built in 1891
• Roof replaced in 2019; water heater replaced in 2024

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,426

Cap Rate

8.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$368,520 $368.5K

Cap Rate 7%

$263,229 $263.2K

Cap Rate 9%

$204,733 $204.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,250 SF

Gross rent

$35.6K $15.84/SF

− Vacancy

−$2.1K −$0.95/SF

EGI

$33.5K $14.89/SF

− OpEx

−$15.1K −$6.70/SF

NOI

$18.4K $8.19/SF

Area

St. Louis County, MN

Vacancy

6.00%

Lease Rate

$15.84 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$368,520

Cap Rate 7%

$263,229

Cap Rate 9%

$204,733

Alternative Uses

Best Use

Multifamily LT 5

$286.4K

$250.6K – $334.2K (±1% cap)

NOI $20,051 @ 7.0% cap · market cap 9.55%

Second Best

Apartment 5plus

$263.2K

$230.3K – $307.1K (±1% cap)

NOI $18,426 @ 7.0% cap · market cap 8.78%

Theoretical Best

Specialty Retail

$872.8K

$763.7K – $1.02M (±1% cap)

NOI $61,097 @ 7.0% cap · market cap 29.11%

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

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Garden Center Nail Salon Storage Facility (Bike/Boat/Book/etc) Store Barber Shop Electrical Service

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

3

Residential units

Location Intelligence

Trade Area within ½ mile

4,712

Businesses Nearby

Explore this area Business Placement

Demographics for 55805, MN

9,731

Population

5,430

Households

1.8

Avg Household Size

31

Median Age

37%

College-Educated

93%

High-School Grad

1.4 sq mi

ZIP Area

6,951

Density / Sq Mi

$43,077

Median Household Income

$26,309

Median Earnings

$984

Median Rent

$171,100

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?

Triplex - A three-unit residential property offers a two-bedroom unit, a second two-bedroom unit, and a one-bedroom unit.

Where is this triplex located?

The property is located at 12 E 5th Street Duluth, MN.

What is the asking price?

The asking price for this property is $209,900.

What are key features of this property?

This property features: Three units: two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 2,250 square feet; built in 1891; Roof replaced in 2019; water heater replaced in 2024