Licensed Triplex With Basement
For Sale
$359,900
1511 E 4th St, Duluth, MN 55812
Three rental units provide flexible occupancy options, shared laundry access, and off-street parking near major local activity centers.
Property Size2,900 SF
Price / SF$124.10
Days on Market14
Property Features for 1511 E 4th St
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
laundry facilities
Building Details
Year Built
1905
Listing Agency:
RE/MAX Results
(952) 829-2900
Listed By:
Jordan DeCaro · License #40286367|WI79981-94
Source:
Js-realty
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 29 at 11:52AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 2,900 SF triplex contains three licensed rental units and dates to 1905. Two units are vacant, creating options for new leasing or owner occupancy, while the third is leased through July 30, 2027. The property also has a current rental license and documented rental histories for all three units.
Residents have access to off-street parking and a full basement with shared laundry facilities. Entry to the basement is provided through a secure coded exterior door. The property is located at 1511 E 4th St in Duluth, near local colleges, medical centers, downtown amenities, and major employment hubs.
Residents have access to off-street parking and a full basement with shared laundry facilities. Entry to the basement is provided through a secure coded exterior door. The property is located at 1511 E 4th St in Duluth, near local colleges, medical centers, downtown amenities, and major employment hubs.
Key Highlights
- Three licensed rental units in a triplex configuration
- 2,900 SF property built in 1905
- Unit 2 leased through July 30, 2027
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
$25,843
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
7.18%
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%
$516,860
$516.9K
Cap Rate 7%
$369,186
$369.2K
Cap Rate 9%
$287,144
$287.1K
Market Conditions
NOI Build-Up for 2,900 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
$39.2K $13.50/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$36.9K $12.73/SF
− OpEx
−$11.1K −$3.82/SF
NOI
$25.8K $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%
$516,860
Cap Rate 7%
$369,186
Cap Rate 9%
$287,144
Alternative Uses
Best Use
Multifamily LT 5
$369.2K
$323.0K – $430.7K
NOI $25,843 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$339.3K
$296.9K – $395.8K
NOI $23,749 @ 7.0% cap · market cap 6.60%
Theoretical Best
Specialty Retail
$1.12M
$984.3K – $1.31M
NOI $78,747 @ 7.0% cap · market cap 21.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
Explore this area
Business Placement
Demographics for 55812, MN
10,571
Population
3,954
Households
2.7
Avg Household Size
27
Median Age
60%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
5,564
Density / Sq Mi
$66,961
Median Household Income
$16,485
Median Earnings
$1,216
Median Rent
$301,600
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?
Triplex - Three rental units provide flexible occupancy options, shared laundry access, and off-street parking near major local activity centers.
Where is this triplex located?
The property is located at 1511 E 4th St Duluth, MN.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Three licensed rental units in a triplex configuration; 2,900 SF property built in 1905; Unit 2 leased through July 30, 2027
