Duplex with Separate
New
For Sale
$549,900
1432 E 4th St, Duluth, MN 55805
MULTI_FAMILY - Duluth, MN
Property Size3,183 SF
Lot Size0.24 Acres
Price / SF$172.76
Days on Market2
Property Features for 1432 E 4th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
10
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 9, Bedroom 7, Bedroom 5, Bedroom 3, Bathroom 2, Basement, Bathroom 1, Bedroom 8, Bedroom 10, Bedroom 2, Bedroom 6
Parking features
Driveway, Off Street
Basement
Partially Finished
View
City
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
4th St, to property.
Subdivision
LSAR
Standard status
Active
APN
010-1480-06730+ 010-1480-06720
Size
3,183 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6358
Utilities
Heating system
Natural Gas, Oil
Amenities
common laundry area
decorative fireplaces
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Jordan Decaro
(952) 829-2900
Added: Aug 18
Last Checked: Aug 19 at 6:06PM
MLS# 6127429
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1432 E 4th St in Duluth, this 3,183-square-foot duplex contains two five-bedroom units. The upper residence includes three main-level bedrooms, two additional bedrooms in a finished attic, a bathroom, two refrigerators, and a dishwasher. The lower residence places two bedrooms on the main floor and three more on the lower level, with its own bathroom, two refrigerators, and a dishwasher. Decorative, non-functional fireplaces appear in both units. Original woodwork and hardwood floors add period character, while the shingle roof is newer than the original construction.
The property occupies 0.24 acres, or approximately a lot and a half, with driveway and off-street parking. A basement laundry area serves both residences. Two separate boilers provide independent heating systems, with natural gas and oil listed as heating sources. The building dates to 1910 and is currently leased through May 19, 2027, with the current lease term beginning June 1, 2026. Its proximity to local colleges, downtown Duluth, and Lake Superior supports consideration for student housing or long-term rental use.
The property occupies 0.24 acres, or approximately a lot and a half, with driveway and off-street parking. A basement laundry area serves both residences. Two separate boilers provide independent heating systems, with natural gas and oil listed as heating sources. The building dates to 1910 and is currently leased through May 19, 2027, with the current lease term beginning June 1, 2026. Its proximity to local colleges, downtown Duluth, and Lake Superior supports consideration for student housing or long-term rental use.
Key Highlights
- Two five‑bedroom units within a 3,183‑square‑foot duplex
- 0.24‑acre site with driveway and off‑street parking
- Two separate boilers provide independent heating systems for the units
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
$28,365
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
5.16%
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%
$567,300
$567.3K
Cap Rate 7%
$405,214
$405.2K
Cap Rate 9%
$315,167
$315.2K
Market Conditions
NOI Build-Up for 3,183 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
$43.0K $13.50/SF
− Vacancy
−$2.4K −$0.77/SF
EGI
$40.5K $12.73/SF
− OpEx
−$12.2K −$3.82/SF
NOI
$28.4K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /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%
$567,300
Cap Rate 7%
$405,214
Cap Rate 9%
$315,167
Alternative Uses
Best Use
Multifamily LT 5
$405.2K
$354.6K – $472.8K
NOI $28,365 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$372.4K
$325.8K – $434.4K
NOI $26,066 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,431 @ 7.0% cap · market cap 15.72%
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
1,724
Businesses Nearby
Explore this area
Business Placement
Demographics for 55805, MN
9,731
Population
5,430
Households
1.8
Avg Household Size
31
Median Age
37%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
6,951
Density / Sq Mi
$43,077
Median Household Income
$26,309
Median Earnings
$984
Median Rent
$171,100
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 five-bedroom units feature fireplaces, hardwood floors, shared laundry, and off-street parking near downtown Duluth and local colleges.
Where is this duplex located?
The property is located at 1432 E 4th St Duluth, MN.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two five‑bedroom units within a 3,183‑square‑foot duplex; 0.24‑acre site with driveway and off‑street parking; Two separate boilers provide independent heating systems for the units
