4-Unit Apartment Building with
For Sale
$570,000
1229-1231 Jefferson Street, Alexandria, MN 56308
All four apartments include in-unit laundry, with a mix of two- and three-bedroom layouts.
Property Size3,800 SF
Price / SF$150
Days on Market16
Property Features for 1229-1231 Jefferson Street
General Information
Standard status
Active
Size
3,800 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
3 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,872
Amenities
in-unit laundry
Building Details
Building Size
3,800 SF
Year Built
1966
Buildings
1
Stories
2
Units
4
Listing Agency:
Central MN Realty LLC
(320) 363-4363
Listed By:
Fatima Holm
(320) 491-8372
Source:
Homecrownrealty
Added: Oct 15
Changed: Oct 28
Last Checked: Oct 29 at 10:04PM
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 Central MN Realty LLC
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Investment Insights
Based on property information with market context.
This 3,800-square-foot quadplex contains four apartments: three with three bedrooms and one with two bedrooms, each configured with one bathroom. Every unit has in-unit laundry. Two two-stall garages serve the property, and the building and garages have new roofs. The lower-level apartments, Units 1 and 4, have renovated kitchens. A central utility room contains the boiler, water heaters, and water softener.
Built in 1966, the property was fully occupied at 100% occupancy. It passed a city rental inspection in August, with approval valid for four years under the new HUD NSPIRE inspection criteria model.
Built in 1966, the property was fully occupied at 100% occupancy. It passed a city rental inspection in August, with approval valid for four years under the new HUD NSPIRE inspection criteria model.
Key Highlights
- Four apartments: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- 3,800 square feet; built in 1966
- 100% occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,060
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$861,200
$861.2K
Cap Rate 7%
$615,143
$615.1K
Cap Rate 9%
$478,444
$478.4K
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$64.8K $17.04/SF
− Vacancy
−$3.2K −$0.85/SF
EGI
$61.5K $16.19/SF
− OpEx
−$18.5K −$4.86/SF
NOI
$43.1K $11.33/SF
Area
Douglas County, MN
Vacancy
5.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$861,200
Cap Rate 7%
$615,143
Cap Rate 9%
$478,444
Alternative Uses
Best Use
Multifamily LT 5
$615.1K
$538.3K – $717.7K
NOI $43,060 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$550.9K
$482.0K – $642.7K
NOI $38,562 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,868 @ 7.0% cap · market cap 14.71%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
Explore this area
Business Placement
Demographics for 56308, MN
26,391
Population
14,350
Households
1.8
Avg Household Size
44
Median Age
33%
College-Educated
96%
High-School Grad
155.9 sq mi
ZIP Area
169
Density / Sq Mi
$76,831
Median Household Income
$43,999
Median Earnings
$921
Median Rent
$307,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - All four apartments include in-unit laundry, with a mix of two- and three-bedroom layouts.
Where is this quadplex located?
The property is located at 1229-1231 Jefferson Street Alexandria, MN.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Four apartments: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; 3,800 square feet; built in 1966; 100% occupancy
