5-Unit Apartment
New
For Sale
$715,000
1200 Norton Ave NE, Fridley, MN 55432
Two-bedroom homes feature updated kitchens and baths, plus garage and off-street parking.
Property Size5,000 SF
Price / SF$143
Days on Market3
Property Features for 1200 Norton Ave NE
General Information
Standard status
Active
Size
5,000 SF
Occupancy
100%
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Additional Details
Highway Access
Yes
Building Details
Year Built
1918
Listing Agency:
Exit Realty Nexus
Listed By:
Frank M D'Angelo
(612) 281-1033
Source:
Vibemn
Added: Sep 24
Last Checked: Sep 24 at 2:12PM
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 Exit Realty Nexus
Investment Insights
Based on property information with market context.
This five-unit apartment property in Fridley contains five two-bedroom, one-bath residences. Kitchens and bathrooms have been updated, and the property includes six garage stalls along with designated off-street parking. Built in 1918, the building has existing leases across all units, with some on month-to-month terms.
At 1200 Norton Avenue NE, the property offers access to major roadways, shopping, dining, parks, employment centers, and everyday services in the north metro.
At 1200 Norton Avenue NE, the property offers access to major roadways, shopping, dining, parks, employment centers, and everyday services in the north metro.
Key Highlights
- Five apartments, each with 2 bedrooms and 1 bathroom
- Six garage stalls and designated off‑street parking
- Updated kitchens and bathrooms
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
$57,065
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
7.98%
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%
$1,141,300
$1.1M
Cap Rate 7%
$815,214
$815.2K
Cap Rate 9%
$634,056
$634.1K
Market Conditions
NOI Build-Up for 5,000 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
$111.6K $22.32/SF
− Vacancy
−$7.8K −$1.57/SF
EGI
$103.8K $20.75/SF
− OpEx
−$46.7K −$9.34/SF
NOI
$57.1K $11.41/SF
Area
Anoka County, MN
Vacancy
7.03%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
45.00%
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%
$1,141,300
Cap Rate 7%
$815,214
Cap Rate 9%
$634,056
Alternative Uses
Best Use
Apartment 5plus
$815.2K
$713.3K – $951.1K
NOI $57,065 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,219 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 55432, MN
33,022
Population
13,575
Households
2.4
Avg Household Size
37
Median Age
30%
College-Educated
92%
High-School Grad
9.9 sq mi
ZIP Area
3,336
Density / Sq Mi
$77,985
Median Household Income
$48,417
Median Earnings
$1,308
Median Rent
$278,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom homes feature updated kitchens and baths, plus garage and off-street parking.
Where is this apartment building located?
The property is located at 1200 Norton Ave NE Fridley, MN.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Five apartments, each with 2 bedrooms and 1 bathroom; Six garage stalls and designated off‑street parking; Updated kitchens and bathrooms
