Two-Unit Duplex with Three-Stall
For Sale
$190,000
219 3rd Avenue, Bovey, MN 55709
Two residential units offer separate kitchens and full bathrooms, plus supplemental solar power and additional basement utility space.
Property Size1,620 SF
Price / SF$117.28
Days on Market8
Property Features for 219 3rd Avenue
General Information
Standard status
Active
Size
1,620 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
solar panels
Building Details
Year Built
1989
Buildings
1
Stories
2
Listing Agency:
Counselor Realty Detroit Lakes
(612) 445-4981
Listed By:
The Antonov Group
(612) 445-4981
Source:
Theantonovgroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 26 at 12:57PM
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 Counselor Realty Detroit Lakes
Investment Insights
Based on property information with market context.
Located at 219 3rd Avenue in Bovey, Minnesota, this 1,620-square-foot duplex was built in 1989 and contains two residential units. The upper apartment includes two bedrooms, one bathroom, a large kitchen, and a combined living and dining area. The main-level unit also has two bedrooms and one full bathroom, with an eat-in kitchen.
A three-stall garage provides substantial storage capacity and may support additional income-producing use. The basement includes an additional bathroom and kitchen area. Solar panels supplement much of the electricity used by the occupants. The owner covers sewer and water through a flat arrangement, while tenants pay the remaining utilities.
A three-stall garage provides substantial storage capacity and may support additional income-producing use. The basement includes an additional bathroom and kitchen area. Solar panels supplement much of the electricity used by the occupants. The owner covers sewer and water through a flat arrangement, while tenants pay the remaining utilities.
Key Highlights
- Two‑unit duplex with 1,620 square feet of property size
- Both units offer two bedrooms and one full bathroom
- Three‑stall garage adds substantial storage capacity
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
$7,480
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
3.94%
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%
$149,600
$149.6K
Cap Rate 7%
$106,857
$106.9K
Cap Rate 9%
$83,111
$83.1K
Market Conditions
NOI Build-Up for 1,620 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
$12.8K $7.92/SF
− Vacancy
−$2.1K −$1.32/SF
EGI
$10.7K $6.60/SF
− OpEx
−$3.2K −$1.98/SF
NOI
$7.5K $4.62/SF
Area
Itasca County, MN
Vacancy
16.72%
Lease Rate
$7.92 /SF/Yr
Expense Ratio
30.00%
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%
$149,600
Cap Rate 7%
$106,857
Cap Rate 9%
$83,111
Alternative Uses
Best Use
Multifamily LT 5
$106.9K
$93.5K – $124.7K
NOI $7,480 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$91.9K
$80.4K – $107.2K
NOI $6,431 @ 7.0% cap · market cap 3.38%
Theoretical Best
Specialty Retail
$156.2K
$136.7K – $182.2K
NOI $10,933 @ 7.0% cap · market cap 5.75%
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
Explore this area
Business Placement
Demographics for 55709, MN
4,199
Population
2,479
Households
1.7
Avg Household Size
46
Median Age
20%
College-Educated
96%
High-School Grad
223.9 sq mi
ZIP Area
19
Density / Sq Mi
$71,163
Median Household Income
$41,020
Median Earnings
$925
Median Rent
$206,300
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 - Two residential units offer separate kitchens and full bathrooms, plus supplemental solar power and additional basement utility space.
Where is this duplex located?
The property is located at 219 3rd Avenue Bovey, MN.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,620 square feet of property size; Both units offer two bedrooms and one full bathroom; Three‑stall garage adds substantial storage capacity
