Building Details

Year Built 1959

Construction brick

Listing Agency: RE/MAX Advantage Plus

Listed By: Mark D. Reiland · License #20282987 Show Phone

Source: Chrisfritchteam

Added: Sep 5 Last Checked: Sep 5 at 3:12PM

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Investment Insights

Based on property information with market context.

This 1,600-square-foot duplex at 214 1st Ave NW features an all-brick exterior and a side-by-side layout with separate entrances for each unit. Both sides provide main-level living, while the property also includes a concrete driveway and a two-car garage.

Each basement is unfinished and offers space for future completion. The building dates to 1959 and is positioned in an in-town setting in New Prague, Minnesota, with a configuration suited to separate occupancy on each side.

Key Highlights

• 1,600‑square‑foot side‑by‑side duplex
• All‑brick building constructed in 1959
• Separate entrances and main‑level living for each unit

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

$23,377

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

6.88%

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%

$467,540 $467.5K

Cap Rate 7%

$333,957 $334.0K

Cap Rate 9%

$259,744 $259.7K

Market Conditions

NOI Build-Up for 1,600 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

$35.5K $22.20/SF

− Vacancy

−$2.1K −$1.33/SF

EGI

$33.4K $20.87/SF

− OpEx

−$10.0K −$6.26/SF

NOI

$23.4K $14.61/SF

Area

Scott County, MN

Vacancy

5.98%

Lease Rate

$22.20 /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%

$467,540

Cap Rate 7%

$333,957

Cap Rate 9%

$259,744

Alternative Uses

Best Use

Multifamily LT 5

$334.0K

$292.2K – $389.6K (±1% cap)

NOI $23,377 @ 7.0% cap · market cap 6.88%

Second Best

Apartment 5plus

$306.7K

$268.4K – $357.9K (±1% cap)

NOI $21,472 @ 7.0% cap · market cap 6.32%

Theoretical Best

Office A

$381.7K

$334.0K – $445.4K (±1% cap)

NOI $26,721 @ 7.0% cap · market cap 7.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Carpet & Flooring Store Electrical Service Home Appliance Store Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

468

Businesses Nearby

Explore this area Business Placement

Demographics for 56071, MN

12,913

Population

4,773

Households

2.7

Avg Household Size

38

Median Age

33%

College-Educated

97%

High-School Grad

85.9 sq mi

ZIP Area

150

Density / Sq Mi

$109,672

Median Household Income

$54,600

Median Earnings

$1,183

Median Rent

$373,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with separate entrances, main-level living, a concrete driveway, and a two-car garage.

Where is this duplex located?

The property is located at 214 1st Ave NW New Prague, MN.

What is the asking price?

The asking price for this property is $339,900.

What are key features of this property?

This property features: 1,600‑square‑foot side‑by‑side duplex; All‑brick building constructed in 1959; Separate entrances and main‑level living for each unit