Two-Unit Duplex with Basement
For Sale
$220,000
306 10th Ave NE, Rochester, MN 55906
Up-and-down rental property with distinct living spaces and convenient access to public transportation.
Property Size1,430 SF
Price / SF$153.85
Days on Market42
Property Features for 306 10th Ave NE
General Information
Standard status
Active
Size
1,430 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
require cosmetic updates
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Harbor Realty & Management Gro
(507) 722-2804
Listed By:
Alex Brainard
Source:
Chrisfritchteam
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 30 at 8:52PM
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 Harbor Realty & Management Gro
Investment Insights
Based on property information with market context.
This 1,430-square-foot duplex, built in 1920, is arranged as separate main-level and upper-level residences. The lower unit includes two bedrooms, one bathroom, private basement access, and a washer and dryer. Its kitchen is equipped with a dishwasher, microwave, range, and refrigerator. The upper residence provides one bedroom and one bathroom, with a refrigerator and oven included.
The upper unit has a long-term occupant whose rent is covered by a local nonprofit, and continued occupancy is anticipated. Cosmetic work involving paint, flooring, and cabinets may be needed when that unit turns over. The property is located at 306 10th Ave NE in Rochester, near the city bus line and area amenities.
The upper unit has a long-term occupant whose rent is covered by a local nonprofit, and continued occupancy is anticipated. Cosmetic work involving paint, flooring, and cabinets may be needed when that unit turns over. The property is located at 306 10th Ave NE in Rochester, near the city bus line and area amenities.
Key Highlights
- 1,430‑square‑foot duplex built in 1920
- Up‑and‑down layout with 2‑bedroom and 1‑bedroom units
- Main‑level unit includes private basement access, washer, and dryer
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
$15,405
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
7.00%
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%
$308,100
$308.1K
Cap Rate 7%
$220,071
$220.1K
Cap Rate 9%
$171,167
$171.2K
Market Conditions
NOI Build-Up for 1,430 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
$23.2K $16.20/SF
− Vacancy
−$1.2K −$0.81/SF
EGI
$22.0K $15.39/SF
− OpEx
−$6.6K −$4.62/SF
NOI
$15.4K $10.77/SF
Area
Rochester, MN
Vacancy
5.00%
Lease Rate
$16.20 /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%
$308,100
Cap Rate 7%
$220,071
Cap Rate 9%
$171,167
Alternative Uses
Best Use
Multifamily LT 5
$220.1K
$192.6K – $256.8K
NOI $15,405 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$193.1K
$169.0K – $225.3K
NOI $13,520 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,554 @ 7.0% cap · market cap 17.52%
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
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 55906, MN
19,559
Population
8,798
Households
2.2
Avg Household Size
41
Median Age
53%
College-Educated
95%
High-School Grad
61.5 sq mi
ZIP Area
318
Density / Sq Mi
$104,146
Median Household Income
$54,380
Median Earnings
$1,152
Median Rent
$350,000
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 - Up-and-down rental property with distinct living spaces and convenient access to public transportation.
Where is this duplex located?
The property is located at 306 10th Ave NE Rochester, MN.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 1,430‑square‑foot duplex built in 1920; Up‑and‑down layout with 2‑bedroom and 1‑bedroom units; Main‑level unit includes private basement access, washer, and dryer
