Updated Residential Income
New
For Sale
$300,000
241 Banfil Street, Saint Paul, MN 55102
Income-producing residential property with separate utility service, in-unit laundry, refreshed windows, and recent mechanical improvements.
Property Size1,584 SF
Price / SF$189.39
Days on Market6
Property Features for 241 Banfil Street
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Multi-Family
Amenities
in-unit laundry
Building Details
Year Built
1886
Listing Agency:
Edina Realty, Inc
Listed By:
The Antonov Group
(612) 445-4981
Source:
Theantonovgroup
Added: Aug 28
Changed: Sep 2
Last Checked: Sep 1 at 6:15PM
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 residential income property includes in-unit laundry and separate gas and electric service. The improvements include updated vinyl windows, recent subway tile shower and tub finishes, and two forced-air furnaces, both replaced within the past three years. The roof was replaced in 2020, while electrical and plumbing systems have been updated within the past 30 years.
The property is located at 241 Banfil St in Saint Paul, with Grand Casino Arena, Mancinni's, Parlour, Day by Day Cafe, and the Mississippi River within walking distance. The property size is 1,584.
The property is located at 241 Banfil St in Saint Paul, with Grand Casino Arena, Mancinni's, Parlour, Day by Day Cafe, and the Mississippi River within walking distance. The property size is 1,584.
Key Highlights
- 1,584 property size
- Two forced‑air furnaces replaced within the past 3 years
- Roof replacement completed in 2020
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
$21,257
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
7.09%
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%
$425,140
$425.1K
Cap Rate 7%
$303,671
$303.7K
Cap Rate 9%
$236,189
$236.2K
Market Conditions
NOI Build-Up for 1,584 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
$41.2K $26.04/SF
− Vacancy
−$2.6K −$1.64/SF
EGI
$38.6K $24.40/SF
− OpEx
−$17.4K −$10.98/SF
NOI
$21.3K $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%
$425,140
Cap Rate 7%
$303,671
Cap Rate 9%
$236,189
Alternative Uses
Best Use
Apartment 5plus
$303.7K
$265.7K – $354.3K
NOI $21,257 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$389.8K
$341.1K – $454.8K
NOI $27,286 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,495
Businesses Nearby
Explore this area
Business Placement
Demographics for 55102, MN
20,355
Population
11,582
Households
1.8
Avg Household Size
39
Median Age
55%
College-Educated
96%
High-School Grad
3.3 sq mi
ZIP Area
6,168
Density / Sq Mi
$74,143
Median Household Income
$54,042
Median Earnings
$1,295
Median Rent
$280,400
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?
Residential income property - Income-producing residential property with separate utility service, in-unit laundry, refreshed windows, and recent mechanical improvements.
Where is this residential income property located?
The property is located at 241 Banfil Street Saint Paul, MN.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1,584 property size; Two forced‑air furnaces replaced within the past 3 years; Roof replacement completed in 2020
