Updated Side-by-Side
For Sale
$475,000
1515 Blair Ave, Saint Paul, MN 55104
Two three-bedroom residences share a spacious backyard with a sauna and have tenants in place.
Property Size2,272 SF
Price / SF$209.07
Days on Market44
Property Features for 1515 Blair Ave
General Information
Standard status
Active
Size
2,272 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
sauna
Building Details
Year Built
1890
Buildings
1
Listing Agency:
eXp Realty
(612) 751-9303
Listed By:
Corey Brenner
Source:
Bradadamrealty
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 31 at 7:29PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 1890, this side-by-side duplex contains two residential units with matching three-bedroom, one-bath layouts. Interior improvements include refreshed flooring, countertops, and paint, while exterior work includes a roof installed in 2022 and replacement gutters and windows completed in 2023. A spacious backyard with a sauna adds outdoor amenity space.
The property is located at 1515 Blair Ave in Saint Paul, Minnesota. Both units are occupied by established renters, providing an income-producing configuration for an owner or investor. The two-unit layout and completed updates support continued residential use without relying on unfinished renovation work.
The property is located at 1515 Blair Ave in Saint Paul, Minnesota. Both units are occupied by established renters, providing an income-producing configuration for an owner or investor. The two-unit layout and completed updates support continued residential use without relying on unfinished renovation work.
Key Highlights
- Side‑by‑side duplex with two three‑bedroom, one‑bath units
- Both units occupied by established renters
- Newer roof installed in 2022
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
$33,196
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
6.99%
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%
$663,920
$663.9K
Cap Rate 7%
$474,229
$474.2K
Cap Rate 9%
$368,844
$368.8K
Market Conditions
NOI Build-Up for 2,272 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
$50.4K $22.20/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$47.4K $20.87/SF
− OpEx
−$14.2K −$6.26/SF
NOI
$33.2K $14.61/SF
Area
Dakota 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%
$663,920
Cap Rate 7%
$474,229
Cap Rate 9%
$368,844
Alternative Uses
Best Use
Multifamily LT 5
$474.2K
$415.0K – $553.3K
NOI $33,196 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$435.6K
$381.1K – $508.2K
NOI $30,490 @ 7.0% cap · market cap 6.42%
Theoretical Best
Healthcare Medical
$559.1K
$489.2K – $652.3K
NOI $39,137 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,705
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences share a spacious backyard with a sauna and have tenants in place.
Where is this duplex located?
The property is located at 1515 Blair Ave Saint Paul, MN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two three‑bedroom, one‑bath units; Both units occupied by established renters; Newer roof installed in 2022
