Remodeled Live-Work
For Sale
Contact for pricing
15 W Redwing St, Duluth, MN 55803
Completely remodeled building with office space and a rented one-bedroom apartment, plus off-street parking.
Property Size2,080 SF
Price / SF$189.90
Days on Market50
Property Features for 15 W Redwing St
General Information
Standard status
Active
Size
2,080 SF
Property subtype
RETAIL
Additional Details
Multifamily Units
1
Amenities
high ceilings
off-street parking
Listing Agency:
Greg Follmer Commercial Real Estate
(218) 310-0013
Listed By:
Greg Follmer · License #27078
(218) 310-0013
Source:
Moodyscre
Added: Jun 11
Changed: Jul 26
Last Checked: Jul 29 at 3:25PM
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 Greg Follmer Commercial Real Estate
Investment Insights
Based on property information with market context.
This remodeled live-work building offers office space along with a one-bedroom apartment. The property is described as being in excellent condition, with fresh updates throughout. Reported improvements include a new furnace with air exchange, high ceilings, and electric baseboard heating.
The apartment is currently rented month-to-month. The property also provides off-street parking as well as convenient street parking.
The building configuration supports either combined living and work or separating the two uses while generating rental income from the apartment, depending on how the space is occupied.
The apartment is currently rented month-to-month. The property also provides off-street parking as well as convenient street parking.
The building configuration supports either combined living and work or separating the two uses while generating rental income from the apartment, depending on how the space is occupied.
Key Highlights
- Completely remodeled building with office space and a rented one‑bedroom apartment
- One‑bedroom apartment is rented month‑to‑month for $950 gross
- New furnace with air exchange
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.9k | $24.96 |
| − Vacancy | −$13.4k | −$6.46 |
| EGI | $38.5k | $18.50 |
| − OpEx | −$9.6k | −$4.62 |
| NOI | $28.9k | $13.87 |
2,080 SF · lease $24.96/SF/yr · vacancy 25.90% · expense 25.00%
Alternative Uses
Best Use
Mixed Use
$672.4K
$588.3K – $784.5K
NOI $47,067 @ 7.0% cap · market cap 11.92%
Second Best
Office B
$412.2K
$360.7K – $480.9K
NOI $28,853 @ 7.0% cap · market cap 7.30%
Theoretical Best
Specialty Retail
$806.9K
$706.0K – $941.3K
NOI $56,480 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Explore this area
Business Placement
Demographics for 55803, MN
17,796
Population
8,690
Households
2
Avg Household Size
43
Median Age
49%
College-Educated
97%
High-School Grad
295.5 sq mi
ZIP Area
60
Density / Sq Mi
$104,250
Median Household Income
$58,758
Median Earnings
$1,391
Median Rent
$300,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Completely remodeled building with office space and a rented one-bedroom apartment, plus off-street parking.
Where is this live-work space located?
The property is located at 15 W Redwing St Duluth, MN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Completely remodeled building with office space and a rented one‑bedroom apartment; One‑bedroom apartment is rented month‑to‑month for $950 gross; New furnace with air exchange
