4-Unit Apartment Property with
New
For Sale
$570,000
1229-1231 Jefferson Street, Alexandria, MN 56308
Residential Income, Alexandria, MN
Property Size3,800 SF
Lot Size0.90 Acres
Price / SF$150
Days on Market2
Property Features for 1229-1231 Jefferson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 7, Bedroom 5, Bedroom 6, Bedroom 10, Bedroom 9, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 11, Bathroom 2, Bedroom 1, Bathroom 4, Laundry Room, Bathroom 1, Bedroom 8, Basement
Parking features
Garage - Detached
Subdivision
Jefferson Condo 102
Lot features
Tree Coverage - Light
High school district
Alexandria
Directions
From Broadway head west on 10th Ave and right onto Jefferson at and follow down to property on left.
Standard status
Active
APN
631591100
Size
3,800 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5872
Utilities
Heating system
Oil
Amenities
in-unit laundry
Building Details
Year built
1966
Building materials
Frame
Listing Agency:
Central MN Realty LLC
(320) 363-4363
Listed By:
Fatima Holm
(320) 420-1295
Added: Oct 15
Changed: Oct 16
Last Checked: Oct 16 at 4:06PM
MLS# 7160511
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,800-square-foot, four-unit apartment property was built in 1966 on a 0.9-acre lot. The unit mix includes three apartments with three bedrooms and one bathroom each, plus one two-bedroom, one-bathroom apartment. Every unit has in-unit laundry, and two detached two-stall garages serve the property. The building and garages have new roofs, and the kitchens in both lower-level apartments have been renovated.
Oil heat, a boiler, water heaters, and a water softener are among the property’s mechanical features. The rental inspection was passed in August, with approval valid for four years.
Oil heat, a boiler, water heaters, and a water softener are among the property’s mechanical features. The rental inspection was passed in August, with approval valid for four years.
Key Highlights
- Four apartments: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- 3,800 square feet on a 0.9‑acre lot
- 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
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - A fully occupied residential property offers private laundry in every apartment and detached garage parking.
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 on a 0.9‑acre lot; 100% occupancy
