Building Details

Buildings 1

Listing Agency: RE/MAX Advantage Plus D***@gmail.com Show Phone

Listed By: Donna Sylvester Show Phone

Source: Exprealty

Added: Jun 20 Changed: Aug 11 Last Checked: Aug 11 at 11:45AM

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Investment Insights

Based on property information with market context.

This 3,552-square-foot quadplex includes four residential units and has received several notable improvements. The roof was replaced in 2023, while the windows, siding, and boiler were updated in 2016. A coin-operated washer and dryer add an on-site laundry feature, and a storage shed provides space for lawn equipment and additional storage. Off-street parking is available for residents.

The property occupies a corner lot directly across from a school, park, and ball fields. Walking trails and other community amenities are located nearby. A rented Culligan water softener is installed in the utility room.

Key Highlights

• Four‑unit quadplex totaling 3,552 square feet
• Roof replacement completed in 2023
• Windows, siding, and boiler updated in 2016

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

$29,762

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

8.51%

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%

$595,240 $595.2K

Cap Rate 7%

$425,171 $425.2K

Cap Rate 9%

$330,689 $330.7K

Market Conditions

NOI Build-Up for 3,552 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

$44.8K $12.60/SF

− Vacancy

−$2.2K −$0.63/SF

EGI

$42.5K $11.97/SF

− OpEx

−$12.8K −$3.59/SF

NOI

$29.8K $8.38/SF

Area

Wabasha County, MN

Vacancy

5.00%

Lease Rate

$12.60 /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%

$595,240

Cap Rate 7%

$425,171

Cap Rate 9%

$330,689

Alternative Uses

Best Use

Multifamily LT 5

$425.2K

$372.0K – $496.0K (±1% cap)

NOI $29,762 @ 7.0% cap · market cap 8.51%

Second Best

Apartment 5plus

$395.5K

$346.0K – $461.4K (±1% cap)

NOI $27,682 @ 7.0% cap · market cap 7.91%

Theoretical Best

Office A

$1.04M

$913.0K – $1.22M (±1% cap)

NOI $73,040 @ 7.0% cap · market cap 20.87%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Building Supply Electrical Service Plumbing Service Grocery & Convenience Store HVAC Service Hair Salon

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

4

Residential units

Location Intelligence

Trade Area within ½ mile

82

Businesses Nearby

Explore this area Business Placement

Demographics for 55932, MN

1,934

Population

866

Households

2.2

Avg Household Size

39

Median Age

32%

College-Educated

96%

High-School Grad

52.4 sq mi

ZIP Area

37

Density / Sq Mi

$102,727

Median Household Income

$46,886

Median Earnings

$744

Median Rent

$288,600

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

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What type of property is this? Where is this quadplexes 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?

Quadplex - Four-unit property with roof and window updates, coin-operated laundry, off-street parking, and a storage shed.

Where is this quadplex located?

The property is located at 150 2nd Ave Sw Elgin, MN.

What is the asking price?

The asking price for this property is $349,900.

What are key features of this property?

This property features: Four‑unit quadplex totaling 3,552 square feet; Roof replacement completed in 2023; Windows, siding, and boiler updated in 2016