5-Unit Apartment
1426 - 1428 E 1st Street Duluth, MN 55805
For Sale
$500,000
Five fully rented units with recently replaced roof; mix includes studios plus one- and three-bedroom apartments.
Property Size4,828 SF
Price / SF$103.56
Days on Market468
Property Features for 1426 - 1428 E 1st Street
General Information
- Standard status
- Active
- Size
- 4,828 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1893
Listing Agency:
Edina Realty, Inc.
(218) 340-0400
Listed By:
Duluth
(218) 340-0400
Source:
Xome
Added: Apr 13, 2025
Changed: Jul 22
Last Checked: Jul 24 at 5:18AM
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 Edina Realty, Inc.
Investment Insights
Based on property information with market context.
This 5-unit apartment building offers a simple, income-producing mix of three studio units, one one-bedroom unit, and one three-bedroom unit. The apartments feature hardwood floors and range in size from 444 to 1,090 square feet. All units are currently rented, and the roof has been recently replaced. Total monthly rents are $5,400, and the owner pays utilities.
The property is located near the Lake Superior boardwalk and in Duluth’s East End, close to the University of Minnesota Duluth and the College of St. Scholastica. The remarks also note proximity to Leif Erikson Park/Duluth Rose Garden, Lakewalk and Downtown, as well as very near Chester Creek and its hiking opportunities.
For buyers seeking a small multifamily asset with an in-place tenancy and a recently updated roof, this property provides a clear unit breakdown and current rental figures.
The property is located near the Lake Superior boardwalk and in Duluth’s East End, close to the University of Minnesota Duluth and the College of St. Scholastica. The remarks also note proximity to Leif Erikson Park/Duluth Rose Garden, Lakewalk and Downtown, as well as very near Chester Creek and its hiking opportunities.
For buyers seeking a small multifamily asset with an in-place tenancy and a recently updated roof, this property provides a clear unit breakdown and current rental figures.
Key Highlights
- 5‑unit apartment complex near the Lake Superior boardwalk with all units rented
- Recently replaced roof
- Unit mix: three studio units, one 1‑bedroom, and one 3‑bedroom apartment
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $76.5k | $15.84 |
| − Vacancy | −$4.6k | −$0.95 |
| EGI | $71.9k | $14.89 |
| − OpEx | −$32.3k | −$6.70 |
| NOI | $39.5k | $8.19 |
4,828 SF · lease $15.84/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$564.8K
$494.2K – $659.0K
NOI $39,538 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.87M
$1.64M – $2.19M
NOI $131,100 @ 7.0% cap · market cap 26.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Five fully rented units with recently replaced roof; mix includes studios plus one- and three-bedroom apartments.
Where is this apartment building located?
The property is located at 1426 - 1428 E 1st Street Duluth, MN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 5‑unit apartment complex near the Lake Superior boardwalk with all units rented; Recently replaced roof; Unit mix: three studio units, one 1‑bedroom, and one 3‑bedroom apartment
