Rebuilt Two-Unit
For Sale
$374,900
1235 Minnehaha Ave E, Saint Paul, MN 55106
Corner-lot property with separate entrances, a detached garage, and a fenced yard.
Property Size2,439 SF
Price / SF$153.71
Days on Market44
Property Features for 1235 Minnehaha Ave E
General Information
Standard status
Active
Size
2,439 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
fenced-in yard
Building Details
Year Built
1900
Listing Agency:
RE/MAX Results
(651) 274-0025
Listed By:
Nicole L Stone
Source:
Homesearchlive
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:20PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This rebuilt duplex offers two distinct residences with private entrances and updated kitchens with contemporary lighting and finishes. The primary unit occupies the first floor and basement, with 4 bedrooms, 2 bathrooms, a living room, and a lower-level family room. The upper residence includes 2 bedrooms and 1 bathroom, creating a practical two-unit configuration.
Exterior features include a detached 2-car garage and fenced yard. The property is near Johnson Parkway and Lake Phalen, with bus routes, shops, restaurants, and other everyday amenities nearby. Built in 1900, the home combines an established structure with extensively refreshed interiors.
Exterior features include a detached 2-car garage and fenced yard. The property is near Johnson Parkway and Lake Phalen, with bus routes, shops, restaurants, and other everyday amenities nearby. Built in 1900, the home combines an established structure with extensively refreshed interiors.
Key Highlights
- Two‑unit duplex with a 4‑bedroom, 2‑bath primary residence and a 2‑bedroom, 1‑bath upper unit
- Separate private entrances serve both units
- Rebuilt interiors include modern kitchens and updated lighting
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
$32,731
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
8.73%
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%
$654,620
$654.6K
Cap Rate 7%
$467,586
$467.6K
Cap Rate 9%
$363,678
$363.7K
Market Conditions
NOI Build-Up for 2,439 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
$63.5K $26.04/SF
− Vacancy
−$4.0K −$1.64/SF
EGI
$59.5K $24.40/SF
− OpEx
−$26.8K −$10.98/SF
NOI
$32.7K $13.42/SF
Area
Dakota County, MN
Vacancy
6.30%
Lease Rate
$26.04 /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%
$654,620
Cap Rate 7%
$467,586
Cap Rate 9%
$363,678
Alternative Uses
Best Use
Multifamily LT 5
$509.1K
$445.5K – $593.9K
NOI $35,636 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$467.6K
$409.1K – $545.5K
NOI $32,731 @ 7.0% cap · market cap 8.73%
Theoretical Best
Healthcare Medical
$600.2K
$525.2K – $700.2K
NOI $42,014 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
997
Businesses Nearby
Explore this area
Business Placement
Demographics for 55106, MN
60,327
Population
19,974
Households
3
Avg Household Size
30
Median Age
23%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
6,418
Density / Sq Mi
$68,601
Median Household Income
$39,834
Median Earnings
$1,230
Median Rent
$233,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot property with separate entrances, a detached garage, and a fenced yard.
Where is this duplex located?
The property is located at 1235 Minnehaha Ave E Saint Paul, MN.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Two‑unit duplex with a 4‑bedroom, 2‑bath primary residence and a 2‑bedroom, 1‑bath upper unit; Separate private entrances serve both units; Rebuilt interiors include modern kitchens and updated lighting
