Building Details

Year Built 1890

Buildings 1

Listing Agency: eXp Realty

Listed By: Corey Brenner, Obvious Real Estate Show Phone

Source: Vibemn

Added: Jul 20 Changed: Oct 6 Last Checked: Oct 7 at 12:54PM

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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.

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 / Yr

$33,196

Cap Rate

8.30%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$663,920 $663.9K

Cap Rate 7%

$474,229 $474.2K

Cap Rate 9%

$368,844 $368.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,272 SF

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

Ramsey 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 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 (±1% cap)

NOI $33,196 @ 7.0% cap · market cap 8.30%

Second Best

Apartment 5plus

$435.6K

$381.1K – $508.2K (±1% cap)

NOI $30,490 @ 7.0% cap · market cap 7.62%

Theoretical Best

Office A

$542.1K

$474.3K – $632.4K (±1% cap)

NOI $37,944 @ 7.0% cap · market cap 9.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Bakery (Bike/Boat/Book/etc) Store Butcher Nail Salon Pet Store Pet Store & Service

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

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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 $399,999.

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