Duplex with Backyard
For Sale
$399,999
Pending
1515 Blair Ave, Saint Paul, MN 55104
Residential Income, Saint Paul, MN
Property Size2,272 SF
Lot Size0.12 Acres
Days on Market186
Property Features for 1515 Blair Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 6
Parking features
Garage - Detached
Patio and Porch features
Porch, Deck
Fencing
Privacy, Chain Link
Subdivision
Hamline Syndicate Add, No1
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
St. Paul
Directions
94 to Snelling/ N to Blair/ E to duplex
Standard status
Pending
APN
342923220117
Size
2,272 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8380
Utilities
Heating system
Forced Air
Amenities
sauna
Building Details
Year built
1890
Roof type
Rubber, Flat, Shingle
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Corey Brenner
(612) 751-9303
Added: Mar 30
Changed: Oct 1
Last Checked: Oct 1 at 9:06AM
MLS# 7045155
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,272-square-foot duplex, built in 1890, contains two residences, each with three bedrooms and one full bathroom. Both are occupied. Interior work includes updated flooring, countertops, and paint; the roof was replaced in 2022, and the windows and gutters were replaced in 2023. The property also features a backyard sauna, a detached garage, a deck, and a porch.
The parcel measures 0.118 acres. Heating is forced air, and the property has privacy and chain-link fencing.
The parcel measures 0.118 acres. Heating is forced air, and the property has privacy and chain-link fencing.
Key Highlights
- Two residences, each with 3 bedrooms and 1 full bathroom
- 2,272 square feet on a 0.118‑acre lot
- Both residences are occupied
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
8.30%
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
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 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 8.30%
Second Best
Apartment 5plus
$435.6K
$381.1K – $508.2K
NOI $30,490 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$542.1K
$474.3K – $632.4K
NOI $37,944 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied and offer three-bedroom layouts, with a detached garage and outdoor deck and porch.
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: Two residences, each with 3 bedrooms and 1 full bathroom; 2,272 square feet on a 0.118‑acre lot; Both residences are occupied
